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Registration number: 04433802

Beat Media Group Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2024

 

Beat Media Group Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Beat Media Group Limited

(Registration number: 04433802)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

9,905

16,405

Tangible assets

5

155,639

171,303

 

165,544

187,708

Current assets

 

Debtors

6

1,354,457

1,086,632

Cash at bank and in hand

 

374,368

184,602

 

1,728,825

1,271,234

Creditors: Amounts falling due within one year

7

(1,329,881)

(866,505)

Net current assets

 

398,944

404,729

Total assets less current liabilities

 

564,488

592,437

Creditors: Amounts falling due after more than one year

7

(162,737)

(260,765)

Provisions for liabilities

(22,475)

(19,565)

Net assets

 

379,276

312,107

Capital and reserves

 

Called up share capital

600

600

Profit and loss account

378,676

311,507

Shareholders' funds

 

379,276

312,107

For the financial 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

 

Beat Media Group Limited

(Registration number: 04433802)
Statement of Financial Position as at 31 March 2024

.........................................
J Parsons
Director

.........................................
J D Toney
Company secretary and director

 

Beat Media Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY, United Kingdom.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Beat Media Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

20% on cost

Plant and machinery

25% on cost

Fixtures and fittings

20% on cost

Office equipment

25% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over seven years

Development costs

Straight line over three years

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

 

Beat Media Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 43 (2023 - 54).

 

Beat Media Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 April 2023

100,000

18,000

118,000

At 31 March 2024

100,000

18,000

118,000

Amortisation

At 1 April 2023

85,095

16,500

101,595

Amortisation charge

5,000

1,500

6,500

At 31 March 2024

90,095

18,000

108,095

Carrying amount

At 31 March 2024

9,905

-

9,905

At 31 March 2023

14,905

1,500

16,405

5

Tangible assets

Leasehold improvements
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

140,281

18,368

443,911

602,560

Additions

15,250

3,391

22,869

41,510

Disposals

(4,413)

-

-

(4,413)

At 31 March 2024

151,118

21,759

466,780

639,657

Depreciation

At 1 April 2023

53,699

13,710

363,848

431,257

Charge for the year

14,986

4,021

34,195

53,202

Eliminated on disposal

(441)

-

-

(441)

At 31 March 2024

68,244

17,731

398,043

484,018

Carrying amount

At 31 March 2024

82,874

4,028

68,737

155,639

At 31 March 2023

86,582

4,658

80,063

171,303

 

Beat Media Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

2024
£

2023
£

Trade debtors

591,614

572,375

Other debtors

448,136

338,049

Prepayments

62,045

60,654

Accrued income

252,662

115,554

1,354,457

1,086,632

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

8

98,027

85,401

Trade creditors

 

36,091

106,923

Taxation and social security

 

450,416

249,462

Accruals and deferred income

 

718,767

404,738

Other creditors

 

26,580

19,981

 

1,329,881

866,505

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

8

162,737

260,765

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

162,737

260,765

2024
£

2023
£

Current loans and borrowings

Bank borrowings

98,027

85,401

 

Beat Media Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Related party transactions

The following loans to directors subsisted during the years ended 31 March 2024 and 31 March 2023, the loans are unsecured and bear no interest.

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

J D Toney

112,652

38,929

151,581

       
     

J Parsons

88,355

38,890

127,245

       
     

D R Parsons

91,969

39,509

131,478

       
     

 

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

J D Toney

112,331

321

112,652

       
     

J Parsons

88,034

321

88,355

       
     

D R Parsons

91,648

321

91,969