Preferred Media Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 02974071 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

FOR

PREFERRED MEDIA LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

J P E Armytage

A Binley

SECRETARY:

A Binley

REGISTERED OFFICE:

White Hart House

Silwood Road

Ascot

Berkshire

SL5 0PY

REGISTERED NUMBER:

02974071 (England and Wales)

ACCOUNTANTS:

Wentworths & Associates Limited

White Hart House

Silwood Road

Ascot

Berkshire

SL5 0PY

CURRENT ASSETS

Debtors

22,347

35,453

Cash at bank and in hand

15,644

2,341

37,991

37,794

CREDITORS

Amounts falling due within one year

143,093

133,556

NET CURRENT LIABILITIES

(105,102

)

(95,762

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(105,102

)

(95,762

)

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

(105,202

)

(95,862

)

SHAREHOLDERS' FUNDS

(105,102

)

(95,762

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 4 March 2015 and were signed on its behalf by:

A Binley - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents gross invoiced sales less adjustments for VAT on the flat rate scheme.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

in accordance with the property

Fixtures and fittings

-

10% on cost

Office equipment

-

25% on cost

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern

The financial statements have been prepared on the going concern basis on the understanding that the Company's

parent company will continue to provide financial support to ensure that liabilities will continue to be settled as

they fall due.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

and 31 December 2014

81,671

DEPRECIATION

At 1 January 2014

and 31 December 2014

81,671

NET BOOK VALUE

At 31 December 2014

-

At 31 December 2013

-

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

100

Ordinary

£1

100

100

4.	ULTIMATE PARENT COMPANY

The company is a wholly owned subsidiary of Armytage Corporation Pty Limited, a company incorporated in

Australia.

The ultimate controlling party is Preferred Media Inc a company incorporated in the United States of America.

5.	RELATED PARTY DISCLOSURES

During the year there were the following transactions with group companies and balances outstanding at the year

end:

Preferred Media Inc and related companies ("PMI")

- Money transfered by PMI to pay creditors of the company of £106,659 (2013 - £81,749)

- Receipts from the company's trade debtors paid direct to PMI of £107,871 (2013 - £131,929)

- Commissions charged by PMI to the company for the year of £11,010 (2013- £11,270)

At the the year end the company owed PMI £74,006 (2013 - £54,747)

Armytage Corporation Pty ("Armytage")

At the year end the company owed Armytage £59,650 (2013 - £59,650)

Preferred Media Pty Ltd ("PM Pty")

At the year end the company owed PM Pty £nil (2013 - £9,460)