REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st January 2024 |
for |
Motormouth Media Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st January 2024 |
for |
Motormouth Media Limited |
Motormouth Media Limited (Registered number: 10568938) |
Contents of the Financial Statements |
for the Year Ended 31st January 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
Motormouth Media Limited (Registered number: 10568938) |
Balance Sheet |
31st January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Motormouth Media Limited (Registered number: 10568938) |
Balance Sheet - continued |
31st January 2024 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Motormouth Media Limited (Registered number: 10568938) |
Notes to the Financial Statements |
for the Year Ended 31st January 2024 |
1. | COMPANY INFORMATION |
Motormouth Media Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. |
Revenue from contracts for the provision of advertising services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. |
Intangible assets |
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. |
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity. |
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Web and App Development - 20% Straight Line |
Motormouth Media Limited (Registered number: 10568938) |
Notes to the Financial Statements - continued |
for the Year Ended 31st January 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss. |
Going concern |
The company manages its day to day working capital requirements through it's banking facilities. In addition, the company retains the support of its shareholders and directors who have committed to continuing this support for the foreseeable future. |
The directors feel there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This is supported by the fact that the software app the company has been developing is now live and revenues are being generated. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Motormouth Media Limited (Registered number: 10568938) |
Notes to the Financial Statements - continued |
for the Year Ended 31st January 2024 |
4. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1st February 2023 |
and 31st January 2024 |
AMORTISATION |
At 1st February 2023 |
Amortisation for year |
At 31st January 2024 |
NET BOOK VALUE |
At 31st January 2024 |
At 31st January 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1st February 2023 |
Additions |
At 31st January 2024 |
DEPRECIATION |
At 1st February 2023 |
Charge for year |
At 31st January 2024 |
NET BOOK VALUE |
At 31st January 2024 |
At 31st January 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Amounts owed by associates |
S455 recoverable | 5,391 | 3,633 |
Directors' current accounts | 15,974 | 10,765 |
VAT |
Called up share capital not paid |
Motormouth Media Limited (Registered number: 10568938) |
Notes to the Financial Statements - continued |
for the Year Ended 31st January 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to associates | 3,583 | 433 |
s455 payable | 5,391 | 3,633 |
VAT | - | 892 |
Other creditors |
Accrued expenses |
The bounce back loan is backed by the government and interest is charged at 2.5% for the loan term, which is up to a maximum of 6 years. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans - 2-5 years |
9. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 31.1.24 | 31.1.23 |
value: | £ | £ |
Share capital 1 | 1 | 1,425 | 1,425 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31st January 2024 and 31st January 2023: |
31.1.24 | 31.1.23 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
11. | RELATED PARTY DISCLOSURES |
During the year, the company operated a loan account with Silvey Sports Limited, a related party by common ownership. The company was advanced £3,150 (2023: £Nil) and made repayments totalling £Nil (2023: £Nil) during the year. At the balance sheet date, the company owed £3,583 (2023: £433) to Silvey Sports Limited. |
The company also operated another loan account with Silvey & Squires Limited, another related party by common ownership. Silvey Squires Ltd advanced £Nil (2023: £Nil) and repaid £Nil (2023: £2,000) during the year. At the balance sheet date the company was owed £2,550 (£2,550) from Silvey & Squires Limited. These loans are interest free and are repayable on demand. |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is the directors. |