REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31st December 2024 |
for |
VERSION TWO MEDIA LTD |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31st December 2024 |
for |
VERSION TWO MEDIA LTD |
VERSION TWO MEDIA LTD (REGISTERED NUMBER: 11747287) |
Contents of the Financial Statements |
for the year ended 31st December 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
VERSION TWO MEDIA LTD |
Company Information |
for the year ended 31st December 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditor |
Office: Croydon - TC SWP |
3rd Floor, Suffolk House |
George Street |
Croydon |
CR0 0YN |
VERSION TWO MEDIA LTD (REGISTERED NUMBER: 11747287) |
Statement of Financial Position |
31st December 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
VERSION TWO MEDIA LTD (REGISTERED NUMBER: 11747287) |
Notes to the Financial Statements |
for the year ended 31st December 2024 |
1. | STATUTORY INFORMATION |
Version Two Media Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of online advertising services. |
Turnover from a contract to provide services is recognised in the period in which the services are provided when all of the following conditions are satisfied: |
- | the amount of turnover can be measure reliably |
- | it is probable that the company will receive the consideration due under the contract; and |
- | the stage of completion of the service at the end of the reporting period can be measured reliably. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
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. |
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis: |
Fixtures and fittings | - 20% straight line |
Computer equipment | - 33% straight line |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amounts and are recognised in the Statement of Comprehensive Income. |
VERSION TWO MEDIA LTD (REGISTERED NUMBER: 11747287) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income. |
For financial assets measured at cost less impairment, the impairment loss is measured at the difference between an asset's carrying amount and the best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the statement of financial position date. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
VERSION TWO MEDIA LTD (REGISTERED NUMBER: 11747287) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2024 |
2. | ACCOUNTING POLICIES - continued |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
Additions |
At 31st December 2024 |
NET BOOK VALUE |
At 31st December 2024 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1st January 2024 |
Additions |
At 31st December 2024 |
DEPRECIATION |
At 1st January 2024 |
Charge for year |
At 31st December 2024 |
NET BOOK VALUE |
At 31st December 2024 |
At 31st December 2023 |
VERSION TWO MEDIA LTD (REGISTERED NUMBER: 11747287) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 43,433 | 3,501 |
Other creditors |
Accruals and deferred income |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.24 | 31.12.23 |
£ | £ |
Within one year |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
value: | £ | £ |
Ordinary | 0.01 | 10,000 | 10,000 |
10. | AUDITOR'S INFORMATION |
The audit report provided to the members of Version Two Media Ltd on the financial statements for the year ended 31st December 2024 was not qualified. |
The audit report was signed by Alasdair Weaks (Senior Statutory Auditor) for and on behalf of Simpson Wreford & Partners, Chartered Accountants and Statutory Auditor. |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company is Supergroup Performance Ltd, a company registered in England and Wales. |
Supergroup Performance Ltd prepares consolidated financial statements and copies can be obtained from the company's registered office at 103 Farringdon Road, London, EC1R 3BS. |