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Registered number: 08737720
Contego Media Ltd
Unaudited Financial Statements
For The Year Ended 30 October 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08737720
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 344 2,136
344 2,136
CURRENT ASSETS
Debtors 5 60,555 99,136
Cash at bank and in hand 47,439 83,380
107,994 182,516
Creditors: Amounts Falling Due Within One Year 6 (109,900 ) (112,388 )
NET CURRENT ASSETS (LIABILITIES) (1,906 ) 70,128
TOTAL ASSETS LESS CURRENT LIABILITIES (1,562 ) 72,264
NET (LIABILITIES)/ASSETS (1,562 ) 72,264
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account (1,662 ) 72,164
SHAREHOLDERS' FUNDS (1,562) 72,264
Page 1
Page 2
For the year ending 30 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr John Bailey
Director
16 July 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Contego Media Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08737720 . The registered office is First Floor St. Augustines Court, St. Augustines Place, Bristol, BS1 4XP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Significant judgements and estimations
In the application of the company’s accounting policies, the director is required to make judgements, estimates and
assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The
estimates and associated assumptions are based on historical experience and other factors that are considered to be
relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of
the revision and future periods where the revision affects both current and future periods.
2.4. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 33.33%
Computer Equipment 33.33%
2.6. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.7. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other
Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the
contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a
legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to
realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price
including transaction costs and are subsequently carried at amortised cost using the effective interest method unless
the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the
future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not
amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements
entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after
...CONTINUED
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2.7. Financial Instruments - continued
deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that
are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing
transaction, where the debt instrument is measured at the present value of the future payments discounted at a
market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business
from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not,
they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and
subsequently measured at amortised cost using the effective interest method.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
2.9. Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.
2.10. Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends
payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 November 2022 5,768 1,952 7,720
As at 30 October 2023 5,768 1,952 7,720
Depreciation
As at 1 November 2022 3,827 1,757 5,584
Provided during the period 1,597 195 1,792
As at 30 October 2023 5,424 1,952 7,376
Net Book Value
As at 30 October 2023 344 - 344
As at 1 November 2022 1,941 195 2,136
Page 4
Page 5
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors - 38,581
Due after more than one year
Amounts owed by group undertakings 18,000 18,000
Amounts owed by participating interests 42,555 42,555
60,555 60,555
60,555 99,136
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors (1 ) 1,413
Other creditors 55,803 36,019
Taxation and social security 54,098 74,956
109,900 112,388
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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