Own Media Group Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 12966444

Own Media Group Ltd

Filleted Unaudited Financial Statements

31 December 2024

Own Media Group Ltd

Financial Statements

Year ended 31 December 2024

Contents	Page

Balance sheet	1

Notes to the financial statements	3

Own Media Group Ltd

Balance Sheet

31 December 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Intangible assets	5	167,061	74,145
Tangible assets	6	35,033	39,657
		---------	---------
		202,094	113,802

Current assets

Stocks		44,433	2,046
Debtors	7	308,028	287,727
Cash at bank and in hand		1,904	16,135
		---------	---------
		354,365	305,908

Creditors: amounts falling due within one year	8	( 570,762)		( 72,040)
		---------		---------
Net current (liabilities)/assets			( 216,397)		233,868
			---------		---------
Total assets less current liabilities			( 14,303)		347,670
			--------		---------
Net (liabilities)/assets			( 14,303)		347,670
			--------		---------

Own Media Group Ltd

Balance Sheet (continued)

31 December 2024

	2024		2023
Note	£	£	£	£

Capital and reserves

Called up share capital	135	125
Share premium account	3,019,611	2,144,620
Profit and loss account	( 3,034,049)	( 1,797,075)
	------------	------------
Shareholders (deficit)/funds	( 14,303)	347,670
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 29 September 2025 , and are signed on behalf of the board by:

Mr M A Murray
Director

Company registration number: 12966444

Own Media Group Ltd

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 Wenlock Road, London, N1 7GU.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.

Going concern

The director acknowledges the loss for the year. This is as expected for the start-up phase of the business. The director has reviewed the company's current liquid resources, access to capital through new investors, and other future support through its shareholders. The company has raised £485,000 in new equity investment since the year end and is currently raising further investment though a number of interested parties. Based on that review the director has concluded that the company will have adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements. Accordingly he continues to adopt the going concern basis in preparing these financial statements.

Share based payments

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.

Research and development expenditure

Research expenditure is written off in the period in which it is incurred.

Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:

- It is technically feasible to complete the intangible asset so that it will be available for use or sale;

- There is the intention to complete the intangible asset and use or sell it;

- There is the ability to use or sell the intangible asset;

- The use or sale of the intangible asset will generate probable future economic benefits;

- There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and

- The expenditure attributable to the intangible asset during its development can be measured reliably.

Expenditure that does not meet the above criteria is expensed as incurred.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Website	-	25% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Short leasehold property	-	Over the lease term
Equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Pension plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2023: 2 ).

5. Intangible assets

	Website	Online marketplace	Total
	£	£	£
Cost
At 1 January 2024	95,886	–	95,886
Additions	8,492	109,361	117,853
	---------	---------	---------
At 31 December 2024	104,378	109,361	213,739
	---------	---------	---------
Amortisation
At 1 January 2024	21,741	–	21,741
Charge for the year	24,937	–	24,937
	---------	---------	---------
At 31 December 2024	46,678	–	46,678
	---------	---------	---------
Carrying amount
At 31 December 2024	57,700	109,361	167,061
	---------	---------	---------
At 31 December 2023	74,145	–	74,145
	---------	---------	---------

6. Tangible assets

	Short leasehold property	Equipment	Custom sneaker art	Total
	£	£	£	£
Cost
At 1 January 2024	–	16,117	32,328	48,445
Additions	74,706	15,105	–	89,811
Disposals	–	( 4,316)	( 13,360)	( 17,676)
	--------	--------	--------	---------
At 31 December 2024	74,706	26,906	18,968	120,580
	--------	--------	--------	---------
Depreciation
At 1 January 2024	–	8,788	–	8,788
Charge for the year	2,485	4,107	–	6,592
Disposals	–	( 2,054)	–	( 2,054)
Impairment losses	72,221	–	–	72,221
	--------	--------	--------	---------
At 31 December 2024	74,706	10,841	–	85,547
	--------	--------	--------	---------
Carrying amount
At 31 December 2024	–	16,065	18,968	35,033
	--------	--------	--------	---------
At 31 December 2023	–	7,329	32,328	39,657
	--------	--------	--------	---------

7. Debtors

	2024	2023
	£	£
Trade debtors	96,195	–
Other debtors	211,833	287,727
	---------	---------
	308,028	287,727
	---------	---------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	30,244	30,244
Trade creditors	177,978	10,948
Social security and other taxes	34,359	16,265
Other creditors	328,181	14,583
	---------	--------
	570,762	72,040
	---------	--------

9. Director's advances, credits and guarantees

During the year, the director had an unsecured, interest-free, repayable on demand loan with the company. At the start of the year the director owed the company £117,516. Total advances to the director were £134,009. The director repaid a total of £175,997, being £1,160 in cash, £35,837 in undrawn wages, and £139,000 in settling his own personal shares in exchange for services provided to the company worth £139,000. At the end of the year the director owed the company £75,528. After the year end the director repaid a further £75,000 in settling his own personal shares in exchange for services provided to the company worth £75,000.