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COMPANY REGISTRATION NUMBER: 13817295
Boom Media Ltd
Filleted Unaudited Financial Statements
For the period ended
31 December 2023
Boom Media Ltd
Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Boom Media Ltd
Officers and Professional Advisers
The board of directors
Mr A Chavez-Munoz
Ms G Hewitt
Registered office
48 Cecil Avenue
Bournemouth
Dorset
United Kingdom
BH8 9EJ
Accountants
Clay Shaw Thomas Ltd
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
Boom Media Ltd
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Boom Media Ltd
Year ended 31 December 2023
Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Boom Media Ltd You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Clay Shaw Thomas Ltd
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
26 September 2024
Boom Media Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
2,723
820
Current assets
Debtors
6
39,193
25,922
Cash at bank and in hand
82,389
98,116
---------
---------
121,582
124,038
Creditors: amounts falling due within one year
7
46,776
56,600
---------
---------
Net current assets
74,806
67,438
--------
--------
Total assets less current liabilities
77,529
68,258
--------
--------
Net assets
77,529
68,258
--------
--------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
77,429
68,158
--------
--------
Shareholders funds
77,529
68,258
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Boom Media Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
Mr A Chavez-Munoz
Director
Company registration number: 13817295
Boom Media Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 48 Cecil Avenue, Bournemouth, Dorset, BH8 9EJ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 January 2023
981
981
Additions
2,583
2,583
-------
-------
At 31 December 2023
3,564
3,564
-------
-------
Depreciation
At 1 January 2023
161
161
Charge for the year
680
680
-------
-------
At 31 December 2023
841
841
-------
-------
Carrying amount
At 31 December 2023
2,723
2,723
-------
-------
At 31 December 2022
820
820
-------
-------
6. Debtors
2023
2022
£
£
Trade debtors
9,600
25,200
Other debtors
29,593
722
--------
--------
39,193
25,922
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Social security and other taxes
38,804
50,550
Other creditors
7,972
6,050
--------
--------
46,776
56,600
--------
--------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
90
90
90
90
Ordinary B shares of £ 1 each
10
10
10
10
----
----
----
----
100
100
100
100
----
----
----
----
9. Directors' advances, credit and guarantees
Included within debtors are directors advances of £29,593. There is no fixed terms of repayment or interest charged.
10. Related party transactions
During the period the company made sales of £159,078 (2022: £232,726) and incurred purchases of £538 (2022: £64) to/ from Wild Vision Ltd. At the period end £9,600 (2022: £25,200) was owed to the company. Wild Vision Limited is a company in which Mr A F Chavez-Munoz is a director and person of significant influence.
11. Controlling party
The company is under the ultimate control of Mr A F Chavez-Munoz, by virtue of him owning 90% of the issued share capital of the company.