REGISTERED NUMBER: |
Financial Statements for the Period 1 January 2024 to 31 October 2024 |
for |
Media.net EU Support Ltd |
REGISTERED NUMBER: |
Financial Statements for the Period 1 January 2024 to 31 October 2024 |
for |
Media.net EU Support Ltd |
Media.net EU Support Ltd (Registered number: 11874532) |
Contents of the Financial Statements |
for the Period 1 January 2024 to 31 October 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Media.net EU Support Ltd |
Company Information |
for the Period 1 January 2024 to 31 October 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
71-75 Shelton Street |
Covent Garden |
London |
WC2H 9JQ |
Media.net EU Support Ltd (Registered number: 11874532) |
Balance Sheet |
31 October 2024 |
31.10.24 | 31.12.23 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings | 7 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Media.net EU Support Ltd (Registered number: 11874532) |
Notes to the Financial Statements |
for the Period 1 January 2024 to 31 October 2024 |
1. | STATUTORY INFORMATION |
Media.Net EU Support Ltd ("the company") is a private limited company incorporated (Company No. 11874532) in England in the United Kingdom. |
Principal place of business |
The registered office of the company is C/O Tax Partners, 60 Grays Inn Road, London, England, WC1X 8AQ. |
Presentation currency |
The financial statements are presented in Sterling which is the functional currency of the company. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Cash flow statement |
In accordance with Financial Reporting Standard 102, there is no requirement for the company to prepare a cash flow statement. |
Going concern |
The financial statements have been prepared on the breakup basis, reflecting the Directors' decision to perform an orderly winding down of the Company's operations. |
The Company has ceased its primary trading activities and has laid off its staff as part of the planned closure process. The Directors have assessed the Company's financial position and confirm that sufficient resources are available to meet the liabilities as they fall due during the wind-down period. |
Turnover |
Turnover represents the amounts receivable, on an accruals basis, in respect of support services provided to the parent company under the terms of an inter-company service agreement. |
Taxation |
Taxation for the period comprises current 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 or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Media.net EU Support Ltd (Registered number: 11874532) |
Notes to the Financial Statements - continued |
for the Period 1 January 2024 to 31 October 2024 |
2. | ACCOUNTING POLICIES - continued |
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 substantively enacted by the period 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.24 | 31.12.23 |
£ | £ |
Amounts owed by group undertakings |
Media.net EU Support Ltd (Registered number: 11874532) |
Notes to the Financial Statements - continued |
for the Period 1 January 2024 to 31 October 2024 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.24 | 31.12.23 |
£ | £ |
Tax |
Accrued expenses |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.24 | 31.12.23 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
7. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2024 |
Profit for the period |
Dividends | ( |
) |
At 31 October 2024 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
As disclosed in note 2 top the financial statements the financial statements have been prepared on the breakup basis, reflecting the Directors' decision to perform an orderly winding down of the Company's operations. |
The Company has ceased its primary trading activities and has laid off its staff as part of the planned closure process. The Directors have assessed the Company's financial position and confirm that sufficient resources are available to meet the liabilities as they fall due during the wind-down period. |
for and on behalf of |
Media.net EU Support Ltd (Registered number: 11874532) |
Notes to the Financial Statements - continued |
for the Period 1 January 2024 to 31 October 2024 |
9. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
10. | ULTIMATE CONTROLLING PARTY |
The company is a wholly owned subsidiary of Media.net Advertising FZ - LLC, a company incorporated in the United Arab Emirates. |
The ultimate controlling party is Mr Divyank Turakhia. |