Company registration number 06753171 (England and Wales)
MEDIA DRIVE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MEDIA DRIVE LIMITED
COMPANY INFORMATION
Director
Mr S G Bale
Company number
06753171
Registered office
310 Stafford Road
Croydon
CR0 4NH
Accountants
Bells Accountants
310 Stafford Road
Croydon
CR0 4NH
MEDIA DRIVE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MEDIA DRIVE LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,836
4,054
Current assets
Debtors
4
381,487
323,096
Investments
5
88,949
86,719
Cash at bank and in hand
339,812
268,789
810,248
678,604
Creditors: amounts falling due within one year
6
(327,792)
(224,529)
Net current assets
482,456
454,075
Total assets less current liabilities
486,292
458,129
Creditors: amounts falling due after more than one year
7
(3,344)
(3,344)
Provisions for liabilities
(1,014)
(1,014)
Net assets
481,934
453,771
Capital and reserves
Called up share capital
1,349
1,222
Capital redemption reserve
1
1
Profit and loss reserves
480,584
452,548
Total equity
481,934
453,771
MEDIA DRIVE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -

For the financial year ended 30 November 2023 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 of its financial statements for the year in question in accordance with section 476.

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.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 13 September 2024
Mr S G Bale
Director
Company registration number 06753171 (England and Wales)
MEDIA DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information

Media Drive Limited is a private company limited by shares incorporated in England and Wales. The registered office is 310 Stafford Road, Croydon, CR0 4NH.

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. Monetary amounts in these financial statements are rounded to the nearest £.

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

 

Going concern

The financial statements are prepared on the going concern basis, which assumes the ability of the company to continue its activities for the foreseeable future, being a period of not less than twelve months from the approval of these accounts.

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, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Turnover is recognised based on the service delivery date of when goods and services are delivered to the customer, such that the risks and rewards of ownership have passed to them.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Fixtures and fittings
20% on cost
Computers
25% on cost
1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.5
Taxation

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

MEDIA DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 profit and loss account, 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.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

MEDIA DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
11
12
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022
15,274
Additions
2,082
At 30 November 2023
17,356
Depreciation and impairment
At 1 December 2022
11,220
Depreciation charged in the year
2,300
At 30 November 2023
13,520
Carrying amount
At 30 November 2023
3,836
At 30 November 2022
4,054
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
301,651
276,920
Other debtors
40,402
29,869
342,053
306,789
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
39,434
16,307
Total debtors
381,487
323,096
MEDIA DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
5
Current asset investments
2023
2022
£
£
Other investments
88,949
86,719
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
196,430
123,912
Corporation tax
-
0
51,931
Other taxation and social security
82,787
23,751
Other creditors
48,575
24,935
327,792
224,529
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
3,344
3,344
8
Operating lease commitments
Lessee

The operating lease relates to property.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
31,728
68,609
9
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
2.00
11,055
(11,055)
-
11,055
(11,055)
-
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