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Registration number: 10564639

Rork Media Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Rork Media Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Rork Media Limited

Company Information

Directors

Mr R Arnold

Mr M Evans

Registered office

71-75 Shelton Street
London
Covent Garden
WC2H 9JQ

Accountants

Clever Accounts Limited
Brookfield Court
Selby Road
Leeds
LS25 1NB

 

Rork Media Limited

(Registration number: 10564639)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

32,000

36,000

Tangible assets

5

45,389

4,141

 

77,389

40,141

Current assets

 

Debtors

69,571

144,401

Cash at bank and in hand

 

17,513

11,820

 

87,084

156,221

Creditors: Amounts falling due within one year

(89,284)

(123,637)

Net current (liabilities)/assets

 

(2,200)

32,584

Total assets less current liabilities

 

75,189

72,725

Creditors: Amounts falling due after more than one year

(73,188)

(64,320)

Net assets

 

2,001

8,405

Capital and reserves

 

Called up share capital

6

2,000

2,000

Retained earnings

1

6,405

Shareholders' funds

 

2,001

8,405

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Rork Media Limited

(Registration number: 10564639)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 15 January 2025 and signed on its behalf by:
 

.........................................

Mr R Arnold
Director

 

Rork Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
71-75 Shelton Street
London
Covent Garden
WC2H 9JQ

These financial statements were authorised for issue by the Board on 15 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Rork Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% straight line

Fixtures and fittings

33% reducing balance

Motor Vehicle

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

 

Rork Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Rork Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 4).

 

Rork Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

40,000

40,000

At 31 March 2024

40,000

40,000

Amortisation

At 1 April 2023

4,000

4,000

Amortisation charge

4,000

4,000

At 31 March 2024

8,000

8,000

Carrying amount

At 31 March 2024

32,000

32,000

At 31 March 2023

36,000

36,000

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

32,109

-

32,109

Additions

-

48,537

48,537

At 31 March 2024

32,109

48,537

80,646

Depreciation

At 1 April 2023

21,603

-

21,603

Charge for the year

1,520

12,134

13,654

At 31 March 2024

23,123

12,134

35,257

Carrying amount

At 31 March 2024

8,986

36,403

45,389

At 31 March 2023

4,141

-

4,141

 

Rork Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A Shares of £1 each

500

500

500

500

Ordinary B Shares of £1 each

500

500

500

500

Ordinary C Shares of £1 each

500

500

500

500

Ordinary D Shares of £1 each

500

500

500

500

2,000

2,000

2,000

2,000

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

28,122

Other borrowings

73,188

36,198

73,188

64,320

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

21,728

3,814

8

Related party transactions

 

Rork Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Summary of transactions with other related parties

Rork Media ANZ
 At the balance sheet date, an amount of £38,041.23 was owed to Rork Media Ltd from a related company Rork Media ANZ.
 

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

38,041

38,041

At end of period

38,041

38,041

2023

Other related parties
£

Total
£

At start of period

38,041

38,041

At end of period

38,041

38,041