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Registered number: 07128484


BLACK SQUARE MEDIA LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
BLACK SQUARE MEDIA LTD
REGISTERED NUMBER: 07128484

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,566
575

  
1,566
575

Current assets
  

Debtors: amounts falling due after more than one year
 5 
699,904
699,904

Debtors: amounts falling due within one year
 5 
196,158
402,165

Cash at bank and in hand
 6 
1,326,249
990,965

  
2,222,311
2,093,034

Creditors: amounts falling due within one year
 7 
(100,106)
(61,648)

Net current assets
  
 
 
2,122,205
 
 
2,031,386

Total assets less current liabilities
  
2,123,771
2,031,961

  

Net assets
  
2,123,771
2,031,961


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
2,123,671
2,031,861

  
2,123,771
2,031,961


Page 1

 
BLACK SQUARE MEDIA LTD
REGISTERED NUMBER: 07128484
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
D Denissenko
Director

Date: 28 October 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
BLACK SQUARE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Black Square Media Ltd is a private limited company limited by share capital, incorporated in England and Wales, registration number 07128484. 
The address of the registered office is Kemp House, 124 City Road, London, United Kingdom, EC1V 2NX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
BLACK SQUARE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
over 4 years
Computer equipment
-
over 4 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
BLACK SQUARE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Average Number of Employees
4
4

Page 5

 
BLACK SQUARE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 February 2023
5,534
7,334
12,868


Additions
-
1,254
1,254



At 31 January 2024

5,534
8,588
14,122



Depreciation


At 1 February 2023
5,534
6,759
12,293


Charge for the year on owned assets
-
263
263



At 31 January 2024

5,534
7,022
12,556



Net book value



At 31 January 2024
-
1,566
1,566



At 31 January 2023
-
575
575

Page 6

 
BLACK SQUARE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
699,904
699,904

699,904
699,904


2024
2023
£
£

Due within one year

Trade debtors
50,336
108,880

Other debtors
19,817
-

Prepayments and accrued income
126,005
293,285

196,158
402,165



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,326,249
990,965

1,326,249
990,965



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,294
-

Corporation tax
80,010
30,824

Other taxation and social security
14,772
27,056

Other creditors
550
438

Accruals and deferred income
3,480
3,330

100,106
61,648


Page 7

 
BLACK SQUARE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


8.


Pension commitments

The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administrered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £18,634 (2023: £300,605). Contributions totalling £549 (2023: £255) were payable to the fund at the balance sheet date and are included in creditors. 


9.


Related party transactions

The company was under the control of Mr Dimitrij Denissenko throughout the current period and previous year.
At the date of the balance sheet, included within debtors due within 1 year is a balance of £9,817 (2023: £183 due to D Denissenko) due from D Denissenko, one of the directors of the company. 
At the date of the balance sheet, included within debtors due within 1 year is a balance of £10,000 (2023: £Nil) due from J Medford, one of the directors of the company. 
At the date of the balance sheet, included within debtors due more than 1 year is a balance of £699,905 (2023: £699,905) due to Black Square Portfolio Limited, a company under the common control of the shareholders of Black Square Media Limited.

 
Page 8