| Little Gem Media Limited |
| Registered number: |
08832440 |
| Balance Sheet |
| as at 31 March 2025 |
|
| Notes |
|
|
2025 |
|
|
2024 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
4 |
|
|
1,302 |
|
|
596 |
|
| Current assets |
| Debtors |
5 |
|
52,744 |
|
|
72,313 |
| Cash at bank and in hand |
|
|
26,304 |
|
|
102,077 |
|
|
|
79,048 |
|
|
174,390 |
|
| Creditors: amounts falling due within one year |
6 |
|
(123,559) |
|
|
(148,551) |
|
| Net current (liabilities)/assets |
|
|
|
(44,511) |
|
|
25,839 |
|
| Total assets less current liabilities |
|
|
|
(43,209) |
|
|
26,435 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(15,000) |
|
|
(25,000) |
|
|
|
| Net (liabilities)/assets |
|
|
|
(58,209) |
|
|
1,435 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
200 |
|
|
200 |
| Share premium |
|
|
|
279,940 |
|
|
279,940 |
| Profit and loss account |
|
|
|
(338,349) |
|
|
(278,705) |
|
| Shareholders' funds |
|
|
|
(58,209) |
|
|
1,435 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Ben Gale |
| Director |
| Approved by the board on 29 May 2025 |
|
| Little Gem Media Limited |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover and attributable profit are recognised in accordance with the company's right to receive revenue based on the contracted position, mainly on the delivery of completed programmes. Provision is made for overspends/losses as soon as they are identified. Revenues on programmes distributed to third parties and other ancillary revenue are recognised once the company has been notified of such sums due to it. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
20% - 33% straight line |
|
Fixtures, fittings, tools and equipment |
20% - 33% straight line |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Going Concern |
|
|
The financial statements have been prepared on a going concern basis, despite the fact that the company's liabilities exceed its assets. The director has reviewed the company's financial position and future prospects and is confident that the company will continue to operate for the foreseeable future. The director has secured financial support from shareholders and lenders, ensuring sufficient liquidity should be available to meet the Company's obligations as they fall due. Additionally, the company has implemented strategic measures to improve profitability and cash flow. Based on these factors, the director believes that the going concern basis remains appropriate. |
|
|
| 3 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
|
Average number of persons employed by the company |
6 |
|
6 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 April 2024 |
43,758 |
|
Additions |
1,814 |
|
At 31 March 2025 |
45,572 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2024 |
43,162 |
|
Charge for the year |
1,108 |
|
At 31 March 2025 |
44,270 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2025 |
1,302 |
|
At 31 March 2024 |
596 |
|
|
| 5 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade debtors |
27,027 |
|
6,746 |
|
Other debtors |
25,717 |
|
65,567 |
|
|
|
|
|
|
52,744 |
|
72,313 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade creditors |
42,550 |
|
11,471 |
|
Other taxes and social security costs |
17,858 |
|
75,625 |
|
Other creditors |
63,151 |
|
61,455 |
|
|
|
|
|
|
123,559 |
|
148,551 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Bank loans |
15,000 |
|
25,000 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Related party transactions |
|
|
Directors were repaid loans made to the company during the year of £21,245. The balance outstanding at the year end owed to the company was £4,672 (2024: (£25,917)). Loans are interest bearing at a variable commercial rate.
|
|
|
| 9 |
Other information |
|
|
Little Gem Media Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
42 Oaklands Grove |
|
London |
|
W12 0JA |