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COMPANY REGISTRATION NUMBER: 5362180
White Spider Media Ltd
Filleted Financial Statements
For the year ended
31 December 2023
White Spider Media Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
20,861
49,726
Current assets
Debtors
6
2,092,540
1,056,118
Cash at bank and in hand
1,324,972
2,305,589
------------
------------
3,417,512
3,361,707
Creditors: amounts falling due within one year
7
3,444,655
2,922,335
------------
------------
Net current (liabilities)/assets
( 27,143)
439,372
--------
---------
Total assets less current liabilities
( 6,282)
489,098
Creditors: amounts falling due after more than one year
8
23,192
-------
---------
Net (liabilities)/assets
( 6,282)
465,906
-------
---------
Capital and reserves
Called up share capital
10
10,060
10,060
Share premium account
1,440
1,440
Profit and loss account
( 17,782)
454,406
--------
---------
Shareholders (deficit)/funds
( 6,282)
465,906
--------
---------
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 income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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:
I Prickett
G Duckworth
Director
Director
Company registration number: 5362180
White Spider 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 194 Stanley Road, Teddington, Middlesex, TW11 8UE.
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.
Going concern
The directors have prepared the financial statements on a going concern basis. At the balance sheet date there are net liabilities of £29,475 however the business is profitable, generating positive cashflows and the directors have no reason to suggest they company cannot continue to trade and meet liabilities as they fall due for payment. For these reasons the financial statements have been prepared on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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. Revenue from the sale of services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 material 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25 % reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2022: 16 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
39,854
98,667
19,793
158,314
Disposals
( 43,600)
( 43,600)
--------
--------
--------
---------
At 31 December 2023
39,854
55,067
19,793
114,714
--------
--------
--------
---------
Depreciation
At 1 January 2023
31,143
58,300
19,145
108,588
Charge for the year
2,916
12,422
228
15,566
Disposals
( 30,301)
( 30,301)
--------
--------
--------
---------
At 31 December 2023
34,059
40,421
19,373
93,853
--------
--------
--------
---------
Carrying amount
At 31 December 2023
5,795
14,646
420
20,861
--------
--------
--------
---------
At 31 December 2022
8,711
40,367
648
49,726
--------
--------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 December 2023
23,226
--------
At 31 December 2022
40,367
--------
6. Debtors
2023
2022
£
£
Trade debtors
1,577,301
816,696
Amounts owed by group undertakings and undertakings in which the company has a participating interest
137,500
Other debtors
377,739
239,422
------------
------------
2,092,540
1,056,118
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,346,495
1,184,487
Social security and other taxes
251,373
434,556
Sundry creditors and accruals
686,831
1,259,101
Other creditors
159,956
44,191
------------
------------
3,444,655
2,922,335
------------
------------
Included within other creditors are hire purchase agreements which are secured against the assets to which they relate.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
23,192
----
--------
Included within other creditors are hire purchase agreements which are secured against the assets to which they relate.
9. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2023
2022
£
£
Not later than 1 year
23,226
26,225
Later than 1 year and not later than 5 years
23,192
--------
--------
23,226
49,417
--------
--------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
Ordinary Class 2 shares of £ 0.01 each
6,000
60
6,000
60
--------
--------
--------
--------
16,000
10,060
16,000
10,060
--------
--------
--------
--------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
68,823
19,709
Later than 1 year and not later than 5 years
218,983
---------
--------
287,806
19,709
---------
--------
12. Summary audit opinion
The auditor's report dated 26 September 2024 was unqualified .
The senior statutory auditor was Jonathan Day , for and on behalf of Streets Audit LLP .
13. Controlling party
The ultimate and immediate parent company is White Spider Media (Holdings) Limited, a company registered in England and Wales. The company has taken advantage from the exemption available to it under FRS102 from reporting transactions with wholly owned members of the same group.