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REGISTERED NUMBER: 03586959 (England and Wales)















I T Media (Norwich) Limited

Unaudited Financial Statements

For The Year Ended

30th June 2024






I T Media (Norwich) Limited (Registered number: 03586959)

Contents of the Financial Statements
For The Year Ended 30th June 2024










Page

Balance Sheet 1 to 2

Notes to the Financial Statements 3 to 5


I T Media (Norwich) Limited (Registered number: 03586959)

Balance Sheet
30th June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 27,295 32,621

CURRENT ASSETS
Stocks 6,210 12,861
Debtors 5 2,766 3,850
Cash at bank 15,081 21,383
24,057 38,094
CREDITORS
Amounts falling due within one year 6 39,212 32,262
NET CURRENT (LIABILITIES)/ASSETS (15,155 ) 5,832
TOTAL ASSETS LESS CURRENT LIABILITIES 12,140 38,453

PROVISIONS FOR LIABILITIES 5,530 5,530
NET ASSETS 6,610 32,923

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 6,510 32,823
SHAREHOLDERS' FUNDS 6,610 32,923

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

I T Media (Norwich) Limited (Registered number: 03586959)

Balance Sheet - continued
30th June 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17th June 2025 and were signed on its behalf by:





P A Ward - Director


I T Media (Norwich) Limited (Registered number: 03586959)

Notes to the Financial Statements
For The Year Ended 30th June 2024


1. STATUTORY INFORMATION

I T Media (Norwich) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03586959

Registered office: 2 Ashdown
Taverham
Norwich
Norfolk
NR8 6UF

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - 10% reducing balance
Fixtures and fittings - 25% on cost
Computer equipment - 15% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 balance sheet date.


I T Media (Norwich) Limited (Registered number: 03586959)

Notes to the Financial Statements - continued
For The Year Ended 30th June 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1st July 2023 29,921 6,469 20,737 57,127
Additions - - 334 334
At 30th June 2024 29,921 6,469 21,071 57,461
DEPRECIATION
At 1st July 2023 11,997 4,625 7,884 24,506
Charge for year 1,793 629 3,238 5,660
At 30th June 2024 13,790 5,254 11,122 30,166
NET BOOK VALUE
At 30th June 2024 16,131 1,215 9,949 27,295
At 30th June 2023 17,924 1,844 12,853 32,621

I T Media (Norwich) Limited (Registered number: 03586959)

Notes to the Financial Statements - continued
For The Year Ended 30th June 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 2,050 3,850
Prepayments 716 -
2,766 3,850

Within other debtors there is a loan balance amounting to £2,050 (2023: £3,850). This is a interest free loan and there are no fixed repayment terms.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Corporation tax 25,125 13,036
Social security and other taxes 38 38
VAT 11,020 9,824
Credit cards 363 5,225
Directors' current accounts 474 2,111
Accrued expenses 2,192 2,028
39,212 32,262