Company registration number SC577173 (Scotland)
Media Surgery Limited
Unaudited financial statements
for the year ended 31 December 2023
Pages for filing with registrar
Media Surgery Limited
Chartered Accountants' report to the director on the preparation of the
unaudited statutory financial statements of Media Surgery Limited
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Media Surgery Limited for the year ended 31 December 2023 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the director of Media Surgery Limited, as a body, in accordance with the terms of our engagement letter dated 28 May 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Media Surgery Limited and state those matters that we have agreed to state to the director of Media Surgery Limited in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Media Surgery Limited and its director, for our work or for this report.

It is your duty to ensure that Media Surgery Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Media Surgery Limited. You consider that Media Surgery Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Media Surgery Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
24 September 2024
Media Surgery Limited
Statement of financial position
As at 31 December 2023
2
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,165
-
0
Current assets
Debtors
271
90
Cash at bank and in hand
860
2,910
1,131
3,000
Creditors: amounts falling due within one year
(2,565)
(2,108)
Net liabilities
(1,434)
892
Net (liabilities)/assets
(269)
892
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(270)
891
Total equity
(269)
892

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The director of the company has elected not to include a copy of the income statement within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Media Surgery Limited
Statement of financial position (continued)
As at 31 December 2023
3
The financial statements were approved and signed by the director and authorised for issue on 23 September 2024
John Macpherson
Director
Company Registration No. SC577173
Media Surgery Limited
Notes to the financial statements
for the year ended 31 December 2023
4
1
Accounting policies
Company information

Media Surgery Limited is a private company limited by shares incorporated in Scotland. The registered office is 214 Union Street, Aberdeen, AB10 1TL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Media Surgery Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies (continued)
5
1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Tangible fixed assets
Total
£
Cost
At 1 January 2023
-
0
Additions
1,750
At 31 December 2023
1,750
Depreciation and impairment
At 1 January 2023
-
0
Depreciation charged in the year
585
At 31 December 2023
585
Carrying amount
At 31 December 2023
1,165
At 31 December 2022
-
0
Media Surgery Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
6
3
Going concern

The company has net liabilities of £269, but included in creditors is the sum of £1,929 owed to the director. The director has confirmed that he will not call in this amount for as long as necessary to ensure the ongoing viability of the company. The director therefore considers it to be appropriate for the accounts to be prepared on the going concern basis.

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