Registered number
05189922
Wickens Media Services Limited
Filleted Accounts
31 July 2024
Wickens Media Services Limited
Registered number: 05189922
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 1,302
Tangible assets 4 14,417 18,719
14,417 20,021
Current assets
Debtors 5 13,123 17,627
Cash at bank and in hand 8,287 20,200
21,410 37,827
Creditors: amounts falling due within one year 6 (20,848) (32,719)
Net current assets 562 5,108
Total assets less current liabilities 14,979 25,129
Creditors: amounts falling due after more than one year 7 (17,044) (20,808)
Net (liabilities)/assets (2,065) 4,321
Capital and reserves
Called up share capital 100 100
Profit and loss account (2,165) 4,221
Shareholders' funds (2,065) 4,321
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.
Mr S D Wickens
Director
Approved by the board on 1 December 2024
Wickens Media Services Limited
Notes to the Accounts
for the year ended 31 July 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 25% straight line
Goodwill 5% straight line
Motor Vehicle 25% 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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 2 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2023 25,774
At 31 July 2024 25,774
Amortisation
At 1 August 2023 24,472
Provided during the year 1,302
At 31 July 2024 25,774
Net book value
At 31 July 2024 -
At 31 July 2023 1,302
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2023 39,592 34,174 73,766
Additions 503 - 503
At 31 July 2024 40,095 34,174 74,269
Depreciation
At 1 August 2023 40,095 14,952 55,047
Charge for the year - 4,805 4,805
At 31 July 2024 40,095 19,757 59,852
Net book value
At 31 July 2024 - 14,417 14,417
At 31 July 2023 (503) 19,222 18,719
5 Debtors 2024 2023
£ £
Trade debtors 12,923 17,427
Other debtors 200 200
13,123 17,627
6 Creditors: amounts falling due within one year 2024 2023
£ £
Directors' loan account 3,912 3,760
Bank loans and overdrafts 265 265
Obligations under finance lease and hire purchase contracts 5,364 5,364
Trade creditors - 1,344
Taxation and social security costs 10,506 21,186
Other creditors 801 800
20,848 32,719
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 17,044 20,808
8 Related party transactions
The directors charged the company rent of £1,800 for use of the home office.
9 Controlling party
Mr S D Wickens is the beneficial owner of 50% of the issued share capital and his wife Mrs F B Wickens is the beneficial owner of the remaining 50% of the issued share capital.
10 Other information
Wickens Media Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
33 Crosby Hill Drive
Camberley
Surrey
GU15 3TZ
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