Registered number
12581369
Onelink Media Ltd
Filleted Accounts
31 December 2023
Onelink Media Ltd
Registered number: 12581369
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 23,039 14,245
23,039 14,245
Current assets
Debtors 4 51,477 75,409
Cash at bank and in hand 85,261 119,510
136,738 194,919
Creditors: amounts falling due within one year 5 (87,071) (144,124)
Net current assets 49,667 50,795
Total assets less current liabilities 72,706 65,040
Provisions for liabilities (4,897) (2,707)
Net assets 67,809 62,333
Capital and reserves
Called up share capital 100 100
Profit and loss account 67,709 62,233
Shareholders' funds 67,809 62,333
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J R Barker
Director
Approved by the board on 2 September 2024
Onelink Media Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold improvements over the lease term
Fixtures and fittings 15% reducing balance
Computer equipment 33% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 6
3 Tangible fixed assets
Leasehold improvements Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 1 January 2023 - 5,664 13,221 18,885
Additions 3,987 1,533 8,812 14,332
Disposals - (309) (4,110) (4,419)
At 31 December 2023 3,987 6,888 17,923 28,798
Depreciation
At 1 January 2023 - 740 3,900 4,640
Charge for the year 147 509 2,480 3,136
On disposals - (102) (1,915) (2,017)
At 31 December 2023 147 1,147 4,465 5,759
Net book value
At 31 December 2023 3,840 5,741 13,458 23,039
At 31 December 2022 - 4,924 9,321 14,245
4 Debtors 2023 2022
£ £
Trade debtors 51,058 74,026
Other debtors 419 1,383
51,477 75,409
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts - 25
Trade creditors 3,034 1,583
Taxation and social security costs 44,555 76,442
Other creditors 39,482 66,074
87,071 144,124
Obligations under finance lease and hire purchase contracts of £nil (2022: £25), due within one year, are secured by the company.
6 Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the company in an independently adminstered fund. At the balance sheet date unpaid contributions of £701 (2022: £585) were due to the fund. This amount is included within other creditors.
7 Other information
Onelink Media Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Aldrich House
Vicarage Farm Road
Peterborough
PE1 5TP
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