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Registration number: 04336767

Netmagmedia Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Netmagmedia Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Netmagmedia Limited

Company Information

Directors

S J M Reed

S Collyer

A E D Parker

Registered office

163 Herne Hill
London
SE24 9LR

Accountants

Innovi Advisors Ltd
Chartered Certified Accountants163 Herne Hill
London
SE24 9LR

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Netmagmedia Limited
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Netmagmedia Limited for the year ended 31 May 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Netmagmedia Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Netmagmedia Limited and state those matters that we have agreed to state to the Board of Directors of Netmagmedia Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Netmagmedia Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Netmagmedia Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Netmagmedia Limited. You consider that Netmagmedia Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Netmagmedia Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Innovi Advisors Ltd
Chartered Certified Accountants
163 Herne Hill
London
SE24 9LR

27 February 2025

 

Netmagmedia Limited

(Registration number: 04336767)
Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

47,103

42,963

Tangible assets

5

131,272

126,896

 

178,375

169,859

Current assets

 

Debtors

7

849,326

389,070

Other financial assets

6

-

177,424

Cash at bank and in hand

 

358,619

670,989

 

1,207,945

1,237,483

Creditors: Amounts falling due within one year

8

(218,718)

(348,312)

Net current assets

 

989,227

889,171

Total assets less current liabilities

 

1,167,602

1,059,030

Creditors: Amounts falling due after more than one year

8

(11,667)

(21,667)

Provisions for liabilities

(15,783)

(10,357)

Net assets

 

1,140,152

1,027,006

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,140,052

1,026,906

Shareholders' funds

 

1,140,152

1,027,006

For the financial year ending 31 May 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.

 

Netmagmedia Limited

(Registration number: 04336767)
Statement of Financial Position as at 31 May 2024 (continued)

These financial statements have been prepared and 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 director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 27 February 2025 and signed on its behalf by:
 

S J M Reed
Director

   
     
 

Netmagmedia Limited

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

1

General information

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

The address of its registered office is:
163 Herne Hill
London
SE24 9LR
England

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.

The presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.

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.

Tax

The tax expense for the period comprises current and deferred 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.

 

Netmagmedia Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Furniture and fittings

20% Reducing balance

Motor vehicles

25% Reducing balance

Office equipment

33.33% Reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

Database

33.33% Reducing balance

Web Development

20% Reducing balance

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.

 

Netmagmedia Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

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 income statement 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.

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.

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.

 

Netmagmedia Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 19).

4

Intangible assets

Web Development
£

Database Asset
£

Total
£

Cost or valuation

At 1 June 2023

59,979

141,487

201,466

Additions acquired separately

6,336

12,451

18,787

At 31 May 2024

66,315

153,938

220,253

Amortisation

At 1 June 2023

46,058

112,445

158,503

Amortisation charge

3,560

11,087

14,647

At 31 May 2024

49,618

123,532

173,150

Carrying amount

At 31 May 2024

16,697

30,406

47,103

At 31 May 2023

13,921

29,042

42,963

 

Netmagmedia Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 June 2023

113,582

50,602

92,187

20,295

Additions

-

3,646

5,551

-

At 31 May 2024

113,582

54,248

97,738

20,295

Depreciation

At 1 June 2023

-

43,409

86,435

19,926

Charge for the year

-

1,759

2,970

92

At 31 May 2024

-

45,168

89,405

20,018

Carrying amount

At 31 May 2024

113,582

9,080

8,333

277

At 31 May 2023

113,582

7,193

5,752

369

Total
£

Cost or valuation

At 1 June 2023

276,666

Additions

9,197

At 31 May 2024

285,863

Depreciation

At 1 June 2023

149,770

Charge for the year

4,821

At 31 May 2024

154,591

Carrying amount

At 31 May 2024

131,272

At 31 May 2023

126,896

Included within the net book value of land and buildings above is £113,582 (2023 - £113,582) in respect of freehold land and buildings.
 

 

Netmagmedia Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

6

Other financial assets (current and non-current)

2024
£

2023
£

Current financial assets

Financial assets at fair value through profit and loss

-

177,424

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

At 1 June 2023

177,424

177,424

Additions

7,227

7,227

Disposals

(184,651)

(184,651)

At 31 May 2024

-

-

Impairment

Carrying amount

At 31 May 2024

-

-

At 31 May 2023

177,424

177,424

7

Debtors

Current

2024
£

2023
£

Trade debtors

208,088

335,305

Prepayments

11,493

6,224

Other debtors

629,745

47,541

 

849,326

389,070

 

Netmagmedia Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,000

10,000

Trade creditors

 

69,129

94,045

Taxation and social security

 

119,734

174,494

Accruals and deferred income

 

17,160

67,362

Other creditors

 

2,695

2,411

 

218,718

348,312

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

11,667

21,667

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

11,667

21,667

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000