Kode Media Ltd - Period Ending 2018-05-31
Kode Media Ltd - Period Ending 2018-05-31
Registration number:
Kode Media Ltd
for the Year Ended 31 May 2018
Chartered Accountants
The Counting House
9 High Street
Tring
Herts
HP23 5TE
Kode Media Ltd
Contents
Company Information |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
Kode Media Ltd
Company Information
Directors |
M Fleming A J Harman N P Killham J W Goodwin E Williams |
Registered office |
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Accountants |
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Page 1 |
Kode Media Ltd
(Registration number: 08083250)
Abridged Balance Sheet as at 31 May 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Investments |
- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
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Provisions for liabilities |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
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Total equity |
( |
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Page 2 |
Kode Media Ltd
(Registration number: 08083250)
Abridged Balance Sheet as at 31 May 2018
For the financial year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the Board on
E Williams
Director
Page 3 |
Kode Media Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 May 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales .
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.There were no material departures from that standard.
Basis of preparation
These abridged 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.
Going concern
Although the company has net liabilities of £190,562 (2017:£668 credit) the financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. Included within other debtors is £241,400 of loans to the directors of the company.The directors have agreed to continue their support of the company to enable it to continue its trading activities.
Prior period adjustments
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 and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Page 4 |
Kode Media Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 May 2018
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 statement of financial position 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 |
Equipment |
15% reducing balance & 33% straight line |
Fixtures and fittings |
15% reducing balance |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Page 5 |
Kode Media Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 May 2018
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 6 |
Kode Media Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 May 2018
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 June 2017 |
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Additions |
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At 31 May 2018 |
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Depreciation |
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At 1 June 2017 |
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Charge for the year |
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At 31 May 2018 |
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Carrying amount |
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At 31 May 2018 |
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At 31 May 2017 |
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Investments |
Total |
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Cost or valuation |
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At 1 June 2017 |
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Disposals |
( |
At 31 May 2018 |
- |
Provision |
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Carrying amount |
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At 31 May 2018 |
- |
At 31 May 2017 |
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Page 7 |
Kode Media Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 May 2018
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2018 |
2017 |
Subsidiary undertakings |
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151 Kent Avenue, Suite 205
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Ordinary |
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United States of America |
Page 8 |
Kode Media Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 May 2018
Related party transactions |
Transactions with directors |
2018 |
At 1 June 2017 |
Advances to directors |
At 31 May 2018 |
E Williams |
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A loan from the company which is repayable on demand |
23,120 |
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A J Harman |
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A loan from the company which is repayable on demand |
23,120 |
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J W Goodwin |
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A loan from the company which is repayable on demand |
23,120 |
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N P Killham |
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A loan from the company which is repayable on demand |
23,120 |
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M Fleming |
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A loan from the company which is repayable on demand |
23,120 |
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Page 9 |
Kode Media Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 May 2018
Dividends paid to directors |
2018 |
2017 |
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E Williams |
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Interim dividend paid |
- |
8,500 |
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A J Harman |
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Interim dividend paid |
- |
8,500 |
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J W Goodwin |
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Interim dividend paid |
- |
8,500 |
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N P Killham |
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Interim dividend paid |
- |
8,500 |
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M Fleming |
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Interim dividend paid |
- |
8,500 |
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Summary of transactions with entities with joint control or significant interest
The company was dissolved on 9 April 2018 due to insolvency.
The value of the investment in shares amounting to £21,865 has been disposed of, and the loan to made to the company totalling £200,059 has been written off as unrecoverable.
Page 10 |