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COMPANY REGISTRATION NUMBER: 14412020
Sovereignty Media Limited
Filleted Unaudited Financial Statements
31 October 2023
Sovereignty Media Limited
Financial Statements
Period from 11 October 2022 to 31 October 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Sovereignty Media Limited
Statement of Financial Position
31 October 2023
31 Oct 23
Note
£
£
Current assets
Debtors
5
3,410,878
Cash at bank and in hand
100
------------
3,410,978
Creditors: amounts falling due within one year
6
11,640,330
-------------
Net current liabilities
8,229,352
------------
Total assets less current liabilities
( 8,229,352)
------------
Net liabilities
( 8,229,352)
------------
Capital and reserves
Called up share capital
100
Other reserves
( 8,145,122)
Profit and loss account
( 84,330)
------------
Shareholders deficit
( 8,229,352)
------------
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 period ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act 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 11 October 2024 , and are signed on behalf of the board by:
E Lebedev
Director
Company registration number: 14412020
Sovereignty Media Limited
Notes to the Financial Statements
Period from 11 October 2022 to 31 October 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 Alphabeta, 14-18 Finsbury Square, London, EC2A 1AH, England.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis, based on the ongoing support of the director and majority shareholder.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of employees including directors during the period amounted to 1.
5. Debtors
31 Oct 23
£
Other debtors
3,410,878
------------
The debtors above include the following amounts falling due after more than one year:
31 Oct 23
£
Other debtors
3,410,878
------------
6. Creditors: amounts falling due within one year
31 Oct 23
£
Other creditors
11,640,330
-------------
7. Related party transactions
During the year, the company granted loans totalling £11,556,000 to two companies related through common control. The loans are interest free. The loan balances have been remeasured in the accounts to fair value using a discount rate deemed appropriate by the Director. At the balance sheet date, the carrying amount due to the company was £3,410,878. At the balance sheet date, the company owed £11,556,000 to a Trust, of which both the company and Director are Trustees and a potential beneficiary.