Registered number
07543788
RGB Media Ltd
Filleted Accounts
29 February 2024
RGB Media Ltd
Registered number: 07543788
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 7,882 5,848
Current assets
Work in progress 2,328 2,685
Debtors 4 12,588 8,584
Cash at bank and in hand 9,206 1,057
24,122 12,326
Creditors: amounts falling due within one year 5 (19,938) (5,437)
Net current assets 4,184 6,889
Total assets less current liabilities 12,066 12,737
Creditors: amounts falling due after more than one year 6 (10,075) (11,203)
Provisions for liabilities (1,497) (1,170)
Net assets 494 364
Capital and reserves
Called up share capital 10 10
Profit and loss account 484 354
Shareholders' funds 494 364
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A H Wimpenny
Director
Approved by the board on 26 November 2024
RGB Media Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
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).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any forseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 2
3 Tangible fixed assets
Equipment
£
Cost
At 1 March 2023 17,191
Additions 4,005
At 29 February 2024 21,196
Depreciation
At 1 March 2023 11,343
Charge for the year 1,971
At 29 February 2024 13,314
Net book value
At 29 February 2024 7,882
At 28 February 2023 5,848
4 Debtors 2024 2023
£ £
Trade debtors - 4,584
Other debtors 12,588 4,000
12,588 8,584
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 1,900 2,700
Trade creditors 275 275
Other taxes and social security costs 4,473 2,462
Other creditors including directors loan account 13,290 -
19,938 5,437
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,075 11,203
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mrs I Wimpenny
Advanced 2,000 6,294 (2,000) 6,294
Mr A H Wimpenny
Advanced 2,000 6,294 (2,000) 6,294
4,000 12,588 (4,000) 12,588
8 Other information
RGB Media Ltd is a private company limited by shares and incorporated in England. Its registered office is:
2 Post Office
Sunniside
Sunderland
Tyne and Wear
SR1 1BH
RGB Media Ltd 07543788 false 2023-03-01 2024-02-29 2024-02-29 VT Final Accounts July 2024 A H Wimpenny No description of principal activity 07543788 2022-03-01 2023-02-28 07543788 core:WithinOneYear 2023-02-28 07543788 core:AfterOneYear 2023-02-28 07543788 core:ShareCapital 2023-02-28 07543788 core:RetainedEarningsAccumulatedLosses 2023-02-28 07543788 2023-03-01 2024-02-29 07543788 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 07543788 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 07543788 bus:Director40 2023-03-01 2024-02-29 07543788 1 2023-03-01 2024-02-29 07543788 2 2023-03-01 2024-02-29 07543788 core:PlantMachinery 2023-03-01 2024-02-29 07543788 bus:Director1 2023-03-01 2024-02-29 07543788 bus:Director1 1 2023-03-01 2024-02-29 07543788 bus:Director2 2023-03-01 2024-02-29 07543788 bus:Director2 1 2023-03-01 2024-02-29 07543788 countries:England 2023-03-01 2024-02-29 07543788 bus:FRS102 2023-03-01 2024-02-29 07543788 bus:FilletedAccounts 2023-03-01 2024-02-29 07543788 2024-02-29 07543788 core:WithinOneYear 2024-02-29 07543788 core:AfterOneYear 2024-02-29 07543788 core:ShareCapital 2024-02-29 07543788 core:RetainedEarningsAccumulatedLosses 2024-02-29 07543788 core:PlantMachinery 2024-02-29 07543788 bus:Director1 1 2024-02-29 07543788 bus:Director2 1 2024-02-29 07543788 2023-02-28 07543788 core:PlantMachinery 2023-02-28 07543788 bus:Director1 1 2023-02-28 07543788 bus:Director2 1 2023-02-28 iso4217:GBP xbrli:pure