Major Tom Media Limited
Financial Statements
For the year ended 31 May 2024
For Filing with Registrar
Company Registration No. 06668046 (England and Wales)
Major Tom Media Limited
Company Information
Director
J Studholme
Secretary
M Sneade
(Appointed 14th August 2024)
Company number
06668046
Registered office
Charlotte Building
17 Gresse Street
London
W1T 1QL
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Business address
377 Camden Road
London
United Kingdom
N7 0SH
Major Tom Media Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
Major Tom Media Limited
Balance Sheet
As at 31 May 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
14,211
14,388
Current assets
Debtors
5
192,298
208,336
Cash at bank and in hand
212,197
295,880
404,495
504,216
Creditors: amounts falling due within one year
6
(251,604)
(329,208)
Net current assets
152,891
175,008
Total assets less current liabilities
167,102
189,396
Capital and reserves
Called up share capital
8
10
10
Profit and loss reserves
167,092
189,386
Total equity
167,102
189,396
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
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 January 2025
J Studholme
Director
Company Registration No. 06668046
Major Tom Media Limited
Statement of Changes in Equity
For the year ended 31 May 2024
Page 2
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 June 2022
10
188,237
188,247
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
1,149
1,149
Balance at 31 May 2023
10
189,386
189,396
Year ended 31 May 2024:
Loss and total comprehensive income for the year
-
(22,294)
(22,294)
Balance at 31 May 2024
10
167,092
167,102
Major Tom Media Limited
Notes to the Financial Statements
For the year ended 31 May 2024
Page 3
1
Accounting policies
Company information
Major Tom Media Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, W1T 1QL. The principal place of business is Unit 1 Tramways House, 377 Camden Road, London, N7 0SH.
1.1
Accounting convention
These financial statements have been prepared in accordance with section 1A of 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
The company made a loss for the year of £22,294 (2023: £1,149 profit) and as at the balance sheet date has net assets of £167,102 (2023: 189,396). The directors are confident, based on forecasts, that they have the ability to respond effectively to continued uncertainty and as a result, the directors believe that the company will be able to continue to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue is recognised at point of sale for track sales, and invoiced on the same date. Therefore there is no accrued or deferred income in relation to track sales. Royalties are forecasted and accrued as such, based on the contract split of income which is usually on a 50:50 basis.
1.4
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 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
50% straight line
Fixtures, fittings & equipment
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Major Tom Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
Page 4
1.5
Impairment of fixed assets
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.6
Work in progress
Work in progress represents costs incurred on post year end projects and is valued at the lower of cost and net realisable value.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
Major Tom Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
Page 5
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Major Tom Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 6
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Revenue recognition
Management judgement is required in determining the point at which revenue should be recognised. Revenue is recognised in respect of each production from the point at which the Company has completed the production period of the job. No profit element is recognised until the Company is able to estimate the profit on the production reliably.
Depreciation
The annual depreciation charge for plant and machinery, and fixtures and fittings, is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values and re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
3
Major Tom Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 7
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023
287,596
Additions
638
Disposals
(15,286)
At 31 May 2024
272,948
Depreciation and impairment
At 1 June 2023
273,208
Depreciation charged in the year
815
Eliminated in respect of disposals
(15,286)
At 31 May 2024
258,737
Carrying amount
At 31 May 2024
14,211
At 31 May 2023
14,388
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
139,897
147,197
Amounts owed by group undertakings
35,009
35,009
Other debtors
-
22,652
Prepayments and accrued income
3,462
2,025
178,368
206,883
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
13,930
1,453
Total debtors
192,298
208,336
Major Tom Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 8
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
39,456
15,366
Amounts owed to group undertakings
63,511
177,880
Taxation and social security
1,019
Accruals and deferred income
147,618
135,962
251,604
329,208
7
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Assets
Assets
2024
2023
Balances:
£
£
ACAs
13,930
1,453
2024
Movements in the year:
£
Asset at 1 June 2023
(1,453)
Credit to profit or loss
(12,477)
Asset at 31 May 2024
(13,930)
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10
10
10
10
The shares have full voting, dividend and capital distribution rights and do not confer any rights of redemption.
9
Related party transactions
Major Tom Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
9
Related party transactions
(Continued)
Page 9
The company has taken the exemption available under FRS 102 section 33 and not disclosed transactions with 100% group companies.
During the year the company had purchases of £426,098 (2023: £433,044) and sales of £1,000 (2023: £nil) with Blink Productions Limited, a fellow subsidiary of Zingiber London Limited. As at 31 May 2024 there are amounts outstanding of £63,511 (2023: £177,880) due to Blink Productions Limited in respect of these transactions.
10
Parent company
The company's immediate and ultimate parent company is Zingiber London Limited.
The ultimate controlling party is J Studholme by virtue of a majority shareholding in the company's ultimate parent company Zingbiber London Limited.
The smallest and largest group financial statements into which the company is consolidated are those of Zingiber London Limited. These financial statements are available from Companies House.