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Registered number: 12543955
Seven Lions Media Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
iLex Accountancy Services Ltd
41 Brunswick Road
Gloucester
GL1 1JS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12543955
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 71,002 13,413
Investments 5 400,000 400,000
471,002 413,413
CURRENT ASSETS
Debtors 6 1,009,489 1,938
Cash at bank and in hand 987,359 891,886
1,996,848 893,824
Creditors: Amounts Falling Due Within One Year 7 (438,286 ) (386,315 )
NET CURRENT ASSETS (LIABILITIES) 1,558,562 507,509
TOTAL ASSETS LESS CURRENT LIABILITIES 2,029,564 920,922
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,571 ) (2,367 )
NET ASSETS 2,026,993 918,555
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 2,026,893 918,455
SHAREHOLDERS' FUNDS 2,026,993 918,555
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Ari Freidman
Director
01/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Seven Lions Media Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12543955 . The registered office is 41 Brunswick Road, Gloucester, GL1 1JS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0%
Plant & Machinery Straight line Across Useful Life
Fixtures & Fittings 20% Straight Line
Computer Equipment 20% Straight Line
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 May 2023 - 7,995 1,124 8,987 18,106
Additions 59,938 - 1,019 - 60,957
As at 30 April 2024 59,938 7,995 2,143 8,987 79,063
Depreciation
As at 1 May 2023 - 1,142 356 3,195 4,693
Provided during the period - 1,142 429 1,797 3,368
As at 30 April 2024 - 2,284 785 4,992 8,061
Net Book Value
As at 30 April 2024 59,938 5,711 1,358 3,995 71,002
As at 1 May 2023 - 6,853 768 5,792 13,413
5. Investments
Unlisted
£
Cost
As at 1 May 2023 400,000
As at 30 April 2024 400,000
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 400,000
As at 1 May 2023 400,000
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 1,964 1,938
Intercompany Shtaub and Friedman 1,002,738 -
HMRC CT Interest Due Back 4,787 -
1,009,489 1,938
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 7,740 86,452
Corporation tax 396,930 212,290
Accruals and deferred income 33,615 -
Directors' loan accounts 1 87,573
438,286 386,315
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5