Ready Media Limited
Unaudited Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 09943807 (England and Wales)
Ready Media Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Ready Media Limited
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
682
1,003
Tangible assets
4
94,435
129,517
Current assets
Work in progress
213,608
145,232
Debtors
5
551,850
788,838
Cash at bank and in hand
1,079,226
914,962
1,844,684
1,849,032
Creditors: amounts falling due within one year
6
(1,269,958)
(1,049,095)
Net current assets
574,726
799,937
Total assets less current liabilities
669,843
930,457
Provisions for liabilities
(20,317)
(27,344)
Net assets
649,526
903,113
Capital and reserves
Called up share capital
7
100
100
Share premium account
19,955
19,955
Profit and loss reserves
629,471
883,058
Total equity
649,526
903,113
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Ready Media Limited
Balance Sheet (Continued)
As at 31 March 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 1 December 2024 and are signed on its behalf by:
D Fraser
Director
Company Registration No. 09943807
Ready Media Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 3
1
Accounting policies
Company information
Ready Media Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, United Kingdom, W1T 1QL.
1.1
Accounting convention
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 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.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors believe that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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.
Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
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:
Patents and licences
10% Straight line basis
Ready Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 4
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation 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:
Leasehold improvements
20% Straight line basis
Fixtures and fittings
25% Straight line basis
Computer equipment
33% Straight line basis
1.6
Work in progress
Work in progress is stated at the lower of cost and net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of work in progress over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Ready Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 5
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Foreign exchange
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
37
32
Ready Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 6
3
Intangible fixed assets
Patents and licences
£
Cost
At 1 April 2023 and 31 March 2024
3,206
Amortisation and impairment
At 1 April 2023
2,203
Amortisation charged for the year
321
At 31 March 2024
2,524
Carrying amount
At 31 March 2024
682
At 31 March 2023
1,003
4
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2023
121,948
18,344
58,025
198,317
Additions
2,301
7,824
10,125
Disposals
(1,124)
(1,124)
At 31 March 2024
121,948
20,645
64,725
207,318
Depreciation and impairment
At 1 April 2023
25,804
8,100
34,896
68,800
Depreciation charged in the year
24,547
3,825
16,474
44,846
Eliminated in respect of disposals
(763)
(763)
At 31 March 2024
50,351
11,925
50,607
112,883
Carrying amount
At 31 March 2024
71,597
8,720
14,118
94,435
At 31 March 2023
96,144
10,244
23,129
129,517
Ready Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 7
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
385,928
526,802
Other debtors
115,838
213,210
Prepayments and accrued income
50,084
48,826
551,850
788,838
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
125,219
141,827
Corporation tax
164,759
95,858
Other taxation and social security
214,441
206,206
Accruals and deferred income
765,539
605,204
1,269,958
1,049,095
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
8,600
8,600
86
86
A Ordinary shares of 1p each
1,400
1,400
14
14
10,000
10,000
100
100
The share classes rank pari passu in all aspects other than that the directors reserve the right to declare dividends to either class at the exception of the other class.
Ready Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 8
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
140,700
140,700
Between two and five years
269,675
410,375
410,375
551,075
9
Related party transactions
During the year, the company made purchases of £12,000 (2023: £10,000) from Brands2Life Limited. Brands2Life Limited is a related party by virtue of common directorship.
During the year, the company loaned £nil (2023: £171,000) to Twogee & L Limited, a related party by virtue of its shareholding in the company. The company paid dividends of £98,000 (2023: £nil) to Twogee & L Limited. The company owed £73,000 (2023: £171,000) to Twogee & L Limited at the year end.
During the year, the company paid dividends of £602,000 (2023: £125,000) to its directors.
10
Control
David Fraser is the ultimate controlling party by virtue of his majority shareholding.