Company Registration No. 08754090 (England and Wales)
ITCH MEDIA LIMITED
ABRIDGED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
ITCH MEDIA LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ITCH MEDIA LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
64,116
99,094
Current assets
Debtors
5
456,265
389,296
Cash at bank and in hand
2,059,307
1,703,279
2,515,572
2,092,575
Creditors: amounts falling due within one year
6
(484,588)
(327,665)
Net current assets
2,030,984
1,764,910
Total assets less current liabilities
2,095,100
1,864,004
Provisions for liabilities
7
(16,029)
(24,774)
Net assets
2,079,071
1,839,230
Capital and reserves
Called up share capital
1
1
Capital redemption reserve
1
1
Profit and loss reserves
2,079,069
1,839,228
Total equity
2,079,071
1,839,230
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 29 November 2024
G C Owen
Director
Company Registration No. 08754090
ITCH MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Itch Media Limited is a private company limited by shares incorporated in England and Wales. The registered office is Balfour House, Suite 206, 741 High Road, North Finchley, London, N12 0BP.
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
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 provided at the following annual rates in order to write off each asset over its estimated useful life.
Filming and photographic equipment
25% on cost
Furniture, fixtures & fittings
25% on cost
Computer equipment
25% on cost
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
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.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantially enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
ITCH MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Pension costs and other post-retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees and Directors
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
25
20
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax
155,723
113,080
Deferred tax
Deferred tax charge/(credit)
(8,745)
13,442
Total tax charge
146,978
126,522
4
Tangible fixed assets
Filming and photographic equipment
Furniture, fixtures & fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 October 2023
97,003
8,331
157,733
263,067
Additions
6,110
1,800
6,872
14,782
Disposals
(24,332)
(2,416)
(26,748)
At 30 September 2024
78,781
10,131
162,189
251,101
Depreciation and impairment
At 1 October 2023
63,701
4,992
95,280
163,973
Depreciation charged in the year
9,771
2,083
24,129
35,983
Eliminated in respect of disposals
(12,971)
(12,971)
At 30 September 2024
60,501
7,075
119,409
186,985
Carrying amount
At 30 September 2024
18,280
3,056
42,780
64,116
At 30 September 2023
33,302
3,339
62,453
99,094
ITCH MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
411,273
363,396
Other debtors
33,209
24,300
Prepayments
11,783
1,600
456,265
389,296
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
60,395
35,775
Other creditors
6,558
10,614
Corporation tax
155,623
113,080
Other taxation and social security
63,589
117,036
Directors' current accounts
46,000
41,000
Accruals
152,423
10,160
484,588
327,665
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
16,029
24,774