Registered number
08832440
Little Gem Media Limited
Filleted Accounts
31 March 2024
Little Gem Media Limited
Registered number: 08832440
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 596 1,884
Current assets
Debtors 4 72,313 246,405
Cash at bank and in hand 102,077 44,438
174,390 290,843
Creditors: amounts falling due within one year 5 (148,551) (284,424)
Net current assets 25,839 6,419
Total assets less current liabilities 26,435 8,303
Creditors: amounts falling due after more than one year 6 (25,000) (35,000)
Net assets/(liabilities) 1,435 (26,697)
Capital and reserves
Called up share capital 200 200
Share premium 279,940 279,940
Profit and loss account (278,705) (306,837)
Shareholders' funds 1,435 (26,697)
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.
Ben Gale
Director
Approved by the board on 14 May 2024
Little Gem Media Limited
Notes to the Accounts
for the year ended 31 March 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 and attributable profit are recognised in accordance with the company's right to receive revenue based on the contracted position, mainly on the delivery of completed programmes. Provision is made for overspends/losses as soon as they are identified. Revenues on programmes distributed to third parties and other ancillary revenue are recognised once the company has been notified of such sums due to it.
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:
Plant and machinery 20% - 33% straight line
Fixtures, fittings, tools and equipment 20% - 33% straight line
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.
Foreign currency translation
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 10
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 43,758
At 31 March 2024 43,758
Depreciation
At 1 April 2023 41,874
Charge for the year 1,288
At 31 March 2024 43,162
Net book value
At 31 March 2024 596
At 31 March 2023 1,884
4 Debtors 2024 2023
£ £
Trade debtors 6,746 220,525
Other debtors 65,567 25,880
72,313 246,405
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 11,471 96,672
Other taxes and social security costs 75,625 50,857
Other creditors 61,455 136,895
148,551 284,424
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 25,000 35,000
7 Related party transactions
Directors were rapid loans made to the company during the year of £91,884. The company made loans to Directors in the year of £25,917. The balance outstanding at the year end owed to the company was £25,917 (2023: (£91,884)). Loans are interest bearing at a variable commercial rate.
8 Other information
Little Gem Media Limited is a private company limited by shares and incorporated in England. Its registered office is:
42 Oaklands Grove
London
W12 0JA
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