News4Media Limited - Period Ending 2019-12-31

News4Media Limited

Contents

Company Information	1
Abridged Balance Sheet	2 to 3
Notes to the Unaudited Abridged Financial Statements	4 to 9

News4Media Limited

Company Information

Director

Mr Henry Theodore Hemming

Registered office

Waterloo House 1st Floor, 207 Waterloo Road London SE1 8XD

Accountants

Franklin, Chartered Accountants 320 Garratt Lane London SW18 4EJ

News4Media Limited

(Registration number: 05509831)
Abridged Balance Sheet as at 31 December 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	3,583	5,128
Current assets
Debtors		158,538	102,366
Cash at bank and in hand		325,923	261,515
		484,461	363,881
Prepayments and accrued income		43,905	36,124
Creditors: Amounts falling due within one year		(306,071)	(263,678)
Net current assets		222,295	136,327
Total assets less current liabilities		225,878	141,455
Provisions for liabilities		(681)	(804)
Net assets		225,197	140,651
Capital and reserves
Called up share capital	5	100	100
Profit and loss account		225,097	140,551
Shareholders' funds		225,197	140,651

For the financial year ending 31 December 2019 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 his 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.

News4Media Limited

(Registration number: 05509831)
Abridged Balance Sheet as at 31 December 2019

Approved and authorised by the director on 15 September 2020
 

.........................................

Mr Henry Theodore Hemming
Director

News4Media Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2019

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Waterloo House
1st Floor, 207 Waterloo Road
London
SE1 8XD

The principal place of business is:
Waterloo House
1st Floor, 207 Waterloo Road
London
SE1 8XD

These financial statements were authorised for issue by the director on 15 September 2020.

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

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.

News4Media Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2019

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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
Computers	33.3% Straight Line
Fixtures & Fittings	33.3% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

News4Media Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2019

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

News4Media Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2019

Financial instruments

Classification
The Company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments.

 Recognition and measurement
Financial instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

 Impairment
Financial instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2018 - 5).

News4Media Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2019

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2019	7,194	7,194
At 31 December 2019	7,194	7,194
Depreciation
At 1 January 2019	2,066	2,066
Charge for the year	1,545	1,545
At 31 December 2019	3,611	3,611
Carrying amount
At 31 December 2019	3,583	3,583
At 31 December 2018	5,128	5,128

5	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary Shares of £1 each	100	100	100	100

6

Dividends

		2019		2018
		£		£
Interim dividend of £273 (2018 - £Nil) per ordinary share		27,300		-

News4Media Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2019

7	Related party transactions

Summary of transactions with other related parties

The Related Parties in the year was TravMedia (UK) Limited & Rooster Creative Limited.
 The inter-company loans are incurred due to the company's cross billing of expenses to the other entities
 The outstanding balances as at the 31 December 2019 was as follows:

TravMedia (UK) Limited (£147,857)
Rooster Creative Limited £ 30,903

 

Loans from related parties

2019	Other related parties £	Total £
At start of period	(130,686)	(130,686)
Advanced	(608,893)	(608,893)
Repaid	622,624	622,624
At end of period	(116,955)	(116,955)

2018	Other related parties £	Total £
At start of period	(122,605)	(122,605)
Advanced	(626,606)	(626,606)
Repaid	618,525	618,525
At end of period	(130,686)	(130,686)