Company registration number: 04387708
BALANCE SHEET
AS AT 31 DECEMBER 2024
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BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
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.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 6 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors have pleasure in presenting their report and financial statements for the year ended 31 December 2023.
2.Accounting policies
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:
Media Smart has successfully transitioned as a subsidiary within the Advertising Association group, benefiting from enhanced commercial support for member recruitment and operational development. The company achieved a £24k surplus in 2024, demonstrating improved financial performance and operational efficiency. While budgeted to breakeven in 2025, the organisation maintains flexibility to manage costs effectively as required, supported by its integration within the AA group structure. The company continues to attract new members and benefits from established educational partnerships, providing a stable operational foundation. Current financial planning indicates sufficient resources and support mechanisms to sustain operations for the next 12 months, with no material concerns regarding Media Smart's capacity to continue as a going concern.
Turnover represents funding for the period receivable from members. Funding is invoiced on renewal and credited to the income and expenditure account in the financial year to which it relates and adjusted for accrued and deferred income.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The company is deemed to be under the joint control of its members. The members consider there to be no ultimate controlling party.
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