Registered number
12417388
AKITA MEDIA LTD
Filleted Accounts
31 January 2024
AKITA MEDIA LTD
Registered number: 12417388
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 10,337 10,158
Tangible assets 4 135,889 25,250
146,226 35,408
Current assets
Stocks 625 625
Debtors 5 5,159 -
Cash at bank and in hand 150,088 337,696
155,872 338,321
Creditors: amounts falling due within one year 6 (9,526) (14,458)
Net current assets 146,346 323,863
Net assets 292,572 359,271
Capital and reserves
Called up share capital 100 100
Profit and loss account 292,472 359,171
Shareholders' funds 292,572 359,271
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Brian Gerrish
Director
Approved by the board on 18 October 2024
AKITA MEDIA LTD
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% Reducing Balance
Leasehold improvements Over the term of the lease
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 13,544
Additions 4,753
At 31 January 2024 18,297
Amortisation
At 1 February 2023 3,386
Provided during the year 4,574
At 31 January 2024 7,960
Net book value
At 31 January 2024 10,337
At 31 January 2023 10,158
Website development is being written off in equal annual instalments over its estimated economic life of 4 years.
4 Tangible fixed assets
Leasehold improvements Plant and machinery etc Total
£ £ £
Cost
At 1 February 2023 - 46,847 46,847
Additions 122,939 15,434 138,373
At 31 January 2024 122,939 62,281 185,220
Depreciation
At 1 February 2023 - 21,597 21,597
Charge for the year 17,563 10,171 27,734
At 31 January 2024 17,563 31,768 49,331
Net book value
At 31 January 2024 105,376 30,513 135,889
At 31 January 2023 - 25,250 25,250
5 Debtors 2024 2023
£ £
Other debtors 5,159 -
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 4,010 12,684
Other creditors 5,516 1,774
9,526 14,458
7 Other information
AKITA MEDIA LTD is a private company limited by shares and incorporated in England. Its registered office is:
2 Frederick Street
Kings Cross
London
WC1X 0ND
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