Under New Mgmt Ltd 11582738 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is literary agent Digita Accounts Production Advanced 6.30.9574.0 true true 11582738 2023-01-01 2023-12-31 11582738 2023-12-31 11582738 core:CurrentFinancialInstruments 2023-12-31 11582738 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 11582738 core:FurnitureFittingsToolsEquipment 2023-12-31 11582738 bus:SmallEntities 2023-01-01 2023-12-31 11582738 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 11582738 bus:FilletedAccounts 2023-01-01 2023-12-31 11582738 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11582738 bus:RegisteredOffice 2023-01-01 2023-12-31 11582738 bus:Director1 2023-01-01 2023-12-31 11582738 bus:Director2 2023-01-01 2023-12-31 11582738 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11582738 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 11582738 core:OfficeEquipment 2023-01-01 2023-12-31 11582738 countries:UnitedKingdom 2023-01-01 2023-12-31 11582738 2022-12-31 11582738 core:FurnitureFittingsToolsEquipment 2022-12-31 11582738 2022-01-01 2022-12-31 11582738 2022-12-31 11582738 core:CurrentFinancialInstruments 2022-12-31 11582738 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 11582738 core:FurnitureFittingsToolsEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 11582738

Under New Mgmt Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Under New Mgmt Ltd

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 6

 

Under New Mgmt Ltd

Company Information

Directors

J E D Kirkham

M P Kirkham

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Under New Mgmt Ltd

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,548

7,534

Current assets

 

Debtors

5

9,008

359

Cash at bank and in hand

 

15,070

110,715

 

24,078

111,074

Creditors: Amounts falling due within one year

6

(47,303)

(52,840)

Net current (liabilities)/assets

 

(23,225)

58,234

Net (liabilities)/assets

 

(17,677)

65,768

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(17,777)

65,668

Shareholders' (deficit)/funds

 

(17,677)

65,768

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 13 September 2024 and signed on its behalf by:
 

.........................................

M P Kirkham

Director

Company registration number: 11582738

 

Under New Mgmt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of a talent agent.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a loss for the year ended 31 December 2023 and had a net deficit of assets at that date of £17,677.

The directors have considered the effect of the recently ended writers' strike within the industry and it is the directors' view that while this impacted on the results for the year, there will be no further effect. At 31 December 2023 an amount of £35,478 was due to the directors who have agreed to not call for repayment until such time as the company has sufficient working capital.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the commission received or receivable in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises commission income at the point the company's client becomes contractually entitled to the underlying income.

 

Under New Mgmt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Under New Mgmt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 2 (2022 - 1).

 

Under New Mgmt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

12,231

12,231

Additions

619

619

At 31 December 2023

12,850

12,850

Depreciation

At 1 January 2023

4,697

4,697

Charge for the year

2,605

2,605

At 31 December 2023

7,302

7,302

Carrying amount

At 31 December 2023

5,548

5,548

At 31 December 2022

7,534

7,534

5

Debtors

2023
£

2022
£

Other debtors

9,008

359

9,008

359

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Taxation and social security

5,074

31,900

Accruals and deferred income

6,376

6,313

Other creditors

35,853

14,627

47,303

52,840