Thought Library Media Limited

(Registration number: 10396482)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	1	8
Current assets
Stocks	5	467	467
Debtors	6	-	1,235
Cash at bank and in hand		1,323	1,917
		1,790	3,619
Creditors: Amounts falling due within one year	7	(27,455)	(20,388)
Net current liabilities		(25,665)	(16,769)
Total assets less current liabilities		(25,664)	(16,761)
Creditors: Amounts falling due after more than one year	7	(520)	(1,286)
Net liabilities		(26,184)	(18,047)
Reserves
Retained earnings		(26,184)	(18,047)
Deficit		(26,184)	(18,047)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Thought Library Media Limited

(Registration number: 10396482)
Balance Sheet as at 31 December 2024

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 September 2025
 

......................................... Mrs M A Eikli Company secretary and director

Thought Library Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a company limited by guarantee, incorporated in England and Wales, 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.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue to trade in operational existence for the foreseeable future. At 31 December 2024, the company had net current liabilities of £25,665 (2023 - £16,769) and net liabilities of£26,184 (2023 - £18,047). The director has considered the position of the company with respect to its obligations to ensure the business can continue in operational existence for the foreseeable future. She has indicated that she will continue to support the company and confirms her approval to adopt the going concern basis for preparing the accounts.

Thought Library Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2	Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer equipment	33% Straight line

Thought Library Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2	Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.
 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

Thought Library Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Tangible assets

	Computer equipment £	Total £
Cost or valuation
At 1 January 2024	2,545	2,545
At 31 December 2024	2,545	2,545
Depreciation
At 1 January 2024	2,537	2,537
Charge for the year	7	7
At 31 December 2024	2,544	2,544
Carrying amount
At 31 December 2024	1	1
At 31 December 2023	8	8

Thought Library Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Stocks

	2024 £	2023 £
Stock	467	467

6

Debtors

Current	2024 £	2023 £
Trade debtors	-	294
Other debtors	-	941
	-	1,235

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	8	575	560
Taxation and social security		624	510
Accruals and deferred income		4,295	2,737
Other creditors		21,961	16,581
		27,455	20,388

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	8	520	1,286

Thought Library Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	520	1,286

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	575	560