CONTENT PLANET LIMITED |
Notes to the Accounts |
for the year ended 31 May 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes where applicable. Turnover is generated by licencing TV and film recordings for limited time use by media clients. Revenue is recognised in the accounts on the date the service is provided. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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 where material. 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. |
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Foreign currency translation |
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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. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
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- |
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3 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Trade debtors |
14,075 |
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38,637 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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2,231 |
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5,934 |
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Other debtors |
8,379 |
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39,432 |
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24,685 |
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84,003 |
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4 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Bank loans and overdrafts |
20,757 |
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30,748 |
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Trade creditors |
29,968 |
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22,086 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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- |
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70,780 |
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Other creditors |
750 |
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1,000 |
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51,475 |
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124,614 |
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5 |
Controlling party |
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The controlling party is Mr. D Williamsn by virtue of his 100% shareholding |
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6 |
Other information |
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CONTENT PLANET LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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SUITE F |
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1-3 CANFIELD PLACE |
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LONDON |
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NW6 3BT |