Clarity Media Ltd
Registered number: 05465221
Statement of Financial Position
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,091 1,234
Financial assets 261,239 171,907
262,330 173,141
Current assets
Debtors 4 19,150 35,081
Financial assets 349,122 171,797
Cash at bank and in hand 635,321 699,998
1,003,593 906,876
Creditors: amounts falling due within one year 5 (77,765) (55,440)
Net current assets 925,828 851,436
Total assets less current liabilities 1,188,158 1,024,577
Provisions for liabilities (273) (234)
Net assets 1,187,885 1,024,343
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,187,785 1,024,243
Shareholders' funds 1,187,885 1,024,343
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 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.
D Moore
Director
Approved by the board on 2 January 2025
Clarity Media Ltd
Notes to the Accounts
for the period from 26 May 2023 to 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
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.
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% reducing balance
Investments
Listed investments are measured at fair value.
Changes in fair value/Impairment losses are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction 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. 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.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 6 5
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 26 May 2023 1,645
Additions 358
At 31 May 2024 2,003
Depreciation
At 26 May 2023 411
Charge for the period 501
At 31 May 2024 912
Net book value
At 31 May 2024 1,091
At 25 May 2023 1,234
4 Debtors 2024 2023
£ £
Trade debtors 19,150 34,749
Other debtors - 332
19,150 35,081
5 Creditors: amounts falling due within one year 2024 2023
£ £
Accruals 1,260 1,200
Corporation tax 62,928 45,985
Other taxes and social security costs 10,874 7,349
Other creditors 2,703 906
77,765 55,440
6 Other information
Clarity Media Ltd is a private company limited by shares and incorporated in England. Its registered office is:
139 Prospect Road
Farnborough
Hampshire
GU14 8JY
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