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Registered number: 08108432
Ft Media Limited
Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 08108432
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 766 4,803
766 4,803
CURRENT ASSETS
Debtors 5 6,880 6,370
Cash at bank and in hand 733 4,988
7,613 11,358
Creditors: Amounts Falling Due Within One Year 6 (7,571 ) (14,521 )
NET CURRENT ASSETS (LIABILITIES) 42 (3,163 )
TOTAL ASSETS LESS CURRENT LIABILITIES 808 1,640
PROVISIONS FOR LIABILITIES
Deferred Taxation (146 ) (913 )
NET ASSETS 662 727
CAPITAL AND RESERVES
Called up share capital 7 1 1
Profit and Loss Account 661 726
SHAREHOLDERS' FUNDS 662 727
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr P I Wakeman
Director
13 March 2025
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Ft Media Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08108432 . The registered office is 550 Valley Rd, Basford, Nottingham, NG5 1JJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 33.33% straight line
Computer Equipment 33.33% straight line
2.4. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
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4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 July 2023 10,438 6,364 16,802
As at 30 June 2024 10,438 6,364 16,802
Depreciation
As at 1 July 2023 6,192 5,807 11,999
Provided during the period 3,480 557 4,037
As at 30 June 2024 9,672 6,364 16,036
Net Book Value
As at 30 June 2024 766 - 766
As at 1 July 2023 4,246 557 4,803
5. Debtors
2024 2023
£ £
Due within one year
Director's loan account 6,880 6,370
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 6,851 5,801
Accruals and deferred income 720 8,720
7,571 14,521
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
8. Directors Advances, Credits and Guarantees
The following loan was outstanding at the balance sheet date. This was repaid within 9 months of the balance sheet date
As at 1 July 2023 Amounts advanced Amounts repaid Amounts written off As at 30 June 2024
£ £ £ £ £
Mr Paul Wakeman 6,370 51,370 50,860 - 6,880
The above loan is unsecured, interest free and repayable on demand.
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