Registered number: SC449456
HEX MEDIA LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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HEX MEDIA LTD
REGISTERED NUMBER: SC449456
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
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HEX MEDIA LTD
REGISTERED NUMBER: SC449456
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2025.
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HEX MEDIA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Hex Media Ltd is a private company limited by shares and registered in Scotland. The address of its registered office and principal place of business is 106 Harriet Street, Kirkcaldy, KY1 2AG.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
At the Statement of Financial Position date the company had net liabilities of £272,985 and is dependent on the support of its creditors who have confirmed their intention to support the company. As a result the director believes it is appropriate to prepare the accounts on the going concern basis.
Revenue comprises distribution revenue receivable and sale of merchandise. Revenue is recognised in the statement of income and retained earnings in the period it is contractually due.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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HEX MEDIA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Stocks comprise film production costs, which are recorded as a current asset. Film production costs are amortised to the statement of income and retained earnings over the period in which rights to the relevant film are being exploited by the Company.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Interest income is recognised in profit or loss using the effective interest method.
Tax is recognised in the statement of income and retained earnings. 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 income.
The Company is eligible to claim a tax credit on film production costs. The tax credit comprises relief based on total net costs and an additional deduction for enhanceable expenditure. The Company claims a payment based on the amount of enhanceable expenditure and carries losses arising from total net costs forward against future profits.
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HEX MEDIA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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The average monthly number of employees, including directors, during the year was 1 (2023 - 1).
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Charge for the year on owned assets
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HEX MEDIA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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HEX MEDIA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Related party transactions
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At the reporting date £18,205 (2023: £11,935) was due to L Brewster, the director and sole shareholder of the company. The loan is repayable on demand and not interest bearing.
At the reporting date £38,373 (2023: £38,373) was due to Pathhead Studios Ltd, a company of which L Brewster is also a director. The loan is repayable on demand and not interest bearing.
At the reporting date £Nil (2022: £11,810) was due from Black Church Productions Ltd, a company of which L Brewster was also a director. The loan is repayable on demand and not interest bearing.
At the reporting date £4,250 (2023: £19,800) was due from Green Hotel Movie Ltd, a company of which L Brewster was also a director. The loan is repayable on demand and not interest bearing.
At the reporting date £10,000 (2023: £Nil) was due from Medical Macabre Ltd, a company of which L Brewster was also a director. The loan is repayable on demand and not interest bearing.
At the reporting date £Nil (2023: £113,000) was due from Dark Tales Ltd, a company of which L Brewster was also a director. The loan is repayable on demand and not interest bearing.
At the reporting date £214,440 (2023: £79,000) was due to Church Films Post Production Ltd, a company of which L Brewster was also a director. The loan is repayable on demand and not interest bearing.
At the reporting date £Nil (2023: £5,000) was due to Hellion Pictures Ltd, a company of which L Brewster was also a director. The loan is repayable on demand and not interest bearing.
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Throughout the current and preceeding year, the company was under the control of L Brewster, the sole director of the company, by virtue of his shareholding.
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