2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 29,677 27,843 1,834 29,677 1,834 xbrli:pure xbrli:shares iso4217:GBP 06199299 2023-04-01 2024-03-31 06199299 2024-03-31 06199299 2023-03-31 06199299 2022-04-01 2023-03-31 06199299 2023-03-31 06199299 2022-03-31 06199299 bus:Director1 2023-04-01 2024-03-31 06199299 bus:Director2 2023-04-01 2024-03-31 06199299 core:WithinOneYear 2024-03-31 06199299 core:WithinOneYear 2023-03-31 06199299 core:ShareCapital 2024-03-31 06199299 core:ShareCapital 2023-03-31 06199299 core:RetainedEarningsAccumulatedLosses 2024-03-31 06199299 core:RetainedEarningsAccumulatedLosses 2023-03-31 06199299 bus:SmallEntities 2023-04-01 2024-03-31 06199299 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06199299 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06199299 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06199299 bus:FullAccounts 2023-04-01 2024-03-31 06199299 core:ComputerEquipment 2023-04-01 2024-03-31 06199299 core:ComputerEquipment 2024-03-31 06199299 core:ComputerEquipment 2023-03-31 06199299 1 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 06199299
TEAM MEDIA PRODUCTION LIMITED
Filleted Unaudited Financial Statements
31 March 2024
TEAM MEDIA PRODUCTION LIMITED
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,834
Current assets
Debtors
6
107,000
748
Cash at bank and in hand
4,479
1,339
---------
-------
111,479
2,087
Creditors: amounts falling due within one year
7
90,792
43,585
---------
--------
Net current assets/(liabilities)
20,687
( 41,498)
--------
--------
Total assets less current liabilities
20,687
( 39,664)
--------
--------
Net assets/(liabilities)
20,687
( 39,664)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
20,587
( 39,764)
--------
--------
Shareholder funds/(deficit)
20,687
( 39,664)
--------
--------
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.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has 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 .
These financial statements were approved by the board of directors and authorised for issue on 18 October 2024 , and are signed on behalf of the board by:
Mr M R J AYRES
Mrs I Tocci
Director
Director
Company registration number: 06199299
TEAM MEDIA PRODUCTION LIMITED
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Carburton House, London,, England,, W1W 5AN, UK.
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 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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
-
25% 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2023 and 31 March 2024
29,677
29,677
--------
--------
Depreciation
At 1 April 2023
27,843
27,843
Charge for the year
1,834
1,834
--------
--------
At 31 March 2024
29,677
29,677
--------
--------
Carrying amount
At 31 March 2024
--------
--------
At 31 March 2023
1,834
1,834
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
102,000
Other debtors
5,000
748
---------
----
107,000
748
---------
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
14,667
Amounts owed to group undertakings and undertakings in which the company has a participating interest
75,000
26,339
Social security and other taxes
15,792
Other creditors
2,579
--------
--------
90,792
43,585
--------
--------
8. Directors' advances, credits and guarantees
Mr Ayers, a director of the company, advanced interest free loan to the company. The loan balance outstanding at the year-end amounted to 2024 - £NIL (2023 - £1,079).
9. Related party transactions
The company was under the control of Mr M R J Ayres throughout the current and previous year. Mr M R J Ayres is the managing director. During the year, the company received £48,661 from Team Pictures Limited the parent company. Mr M Ayres is also a director of Team Pictures Limited. At the balance sheet date, the amount outstanding on the loan owed to Team Pictures Limited was £75,000 (2023 - £26,339).
10. Controlling party
Team Pictures Ltd is the parent company whose registered address is 5 Carburton House, London, England, W1W 5AN and the ultimate controlling party is Mr M Ayres