REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
Red Lantern Digital Media Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
Red Lantern Digital Media Limited |
Red Lantern Digital Media Limited (Registered number: 08295439) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
Red Lantern Digital Media Limited (Registered number: 08295439) |
Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Red Lantern Digital Media Limited (Registered number: 08295439) |
Balance Sheet - continued |
30 April 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Red Lantern Digital Media Limited (Registered number: 08295439) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Red Lantern Digital Media Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of services, excluding VAT. Turnover comprises of commissions earned, and is recognised in the financial statements in the period to which it relates. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Patents and licences are being amortised at 33.33% on reducing balance over their estimated useful life. |
Tangible fixed assets |
Computer equipment | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
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 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. |
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. |
Red Lantern Digital Media Limited (Registered number: 08295439) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
AMORTISATION |
At 1 May 2023 |
Amortisation for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Red Lantern Digital Media Limited (Registered number: 08295439) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to associates | 13 | 46,564 |
Taxation and social security |
Other creditors |
8. | RELATED PARTY DISCLOSURES |
Amounts owed by related parties as at the balance sheet date: | 2024 | 2023 |
£ | £ |
1,412,129 | 548,494 |
Amounts owed to related parties as at the balance sheet date: |
2024 | 2023 |
£ | £ |
(13 | ) | (46,564 | ) |
These balances were outstanding as at 30 April 2024 which are included in the amounts owed by group undertakings and amounts owed to associates. |
9. | CONTROLLING PARTY |
During the financial year, the ultimate controlling party were the shareholders of March Sports Ltd by virtue of their majority shareholding. |