iGame Media Limited Filleted accounts for Companies House (small and micro)

IGAME MEDIA LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI626668

iGame Media Limited

Filleted Unaudited Financial Statements

31 March 2020

iGame Media Limited

Financial Statements

Period from 1 January 2019 to 31 March 2020

Contents	Page

Officers and professional advisers	1

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

iGame Media Limited

Officers and Professional Advisers

Director	Mr M Cobain

Registered office	Unit 4 Pavilions Office Park
	Kinnegar Drive
	Holywood
	Co. Down
	Northern Ireland
	BT18 9JQ

Accountants	Maneely Mc Cann
	Chartered Accountants
	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Bankers	Danske Bank
	Donegall Square West
	Belfast
	BT1 6JS

Solicitors	Millar McCall Wylie
	I396 Upper Newtownards Road
	Belfast
	BT4 3EY

iGame Media Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of iGame Media Limited

Period from 1 January 2019 to 31 March 2020

As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the period ended 31 March 2020, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Maneely Mc Cann Chartered Accountants

Aisling House 50 Stranmillis Embankment Belfast BT9 5FL

9 October 2020

iGame Media Limited

Statement of Financial Position

31 March 2020

	31 Mar 20	31 Dec 18
Note	£	£

Fixed assets

Tangible assets	5	32,430	86,499

Current assets

Debtors	6	268,536	180,917
Cash at bank and in hand		20,928	9,979
		---------	---------
		289,464	190,896

Creditors: amounts falling due within one year	7	226,681	217,185
		---------	---------
Net current assets/(liabilities)		62,783	( 26,289)
		--------	--------
Total assets less current liabilities		95,213	60,210

Provisions	6,162	16,435
	--------	--------
Net assets	89,051	43,775
	--------	--------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	88,051	42,775
	--------	--------
Shareholders funds	89,051	43,775
	--------	--------

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 statement of income and retained earnings has not been delivered.

For the period ending 31 March 2020 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 period 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 .

iGame Media Limited

Statement of Financial Position (continued)

31 March 2020

These financial statements were approved by the board of directors and authorised for issue on 9 October 2020 , and are signed on behalf of the board by:

Mr M Cobain
Director

Company registration number: NI626668

iGame Media Limited

Notes to the Financial Statements

Period from 1 January 2019 to 31 March 2020

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit 4 Pavilions Office Park, Kinnegar Drive, Holywood, Co. Down, BT18 9JQ, Northern Ireland.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Long leasehold property	-	20% straight line
Plant and machinery	-	20% straight line
Fixtures and fittings	-	20% straight line
Equipment	-	20% 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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution 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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 15 (2018: 15 ).

5. Tangible assets

	Long leasehold property	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2019	69,248	17,216	18,928	144,895	250,287
Additions	–	7,725	–	480	8,205
	--------	--------	--------	---------	---------
At 31 March 2020	69,248	24,941	18,928	145,375	258,492
	--------	--------	--------	---------	---------
Depreciation
At 1 January 2019	42,350	10,795	12,458	98,185	163,788
Charge for the period	17,055	4,648	4,704	35,867	62,274
	--------	--------	--------	---------	---------
At 31 March 2020	59,405	15,443	17,162	134,052	226,062
	--------	--------	--------	---------	---------
Carrying amount
At 31 March 2020	9,843	9,498	1,766	11,323	32,430
	--------	--------	--------	---------	---------
At 31 December 2018	26,898	6,421	6,470	46,710	86,499
	--------	--------	--------	---------	---------

6. Debtors

	31 Mar 20	31 Dec 18
	£	£
Trade debtors	47,352	66,648
Amounts owed by undertakings in which the company has a participating interest	83,385	8,680
Prepayments and accrued income	34,866	27,999
Corporation tax repayable	101,193	65,034
Director's loan account	–	4,734
Other debtors	1,740	7,822
	---------	---------
	268,536	180,917
	---------	---------

7. Creditors: amounts falling due within one year

	31 Mar 20	31 Dec 18
	£	£
Trade creditors	90,452	39,270
Amounts owed to undertakings in which the company has a participating interest	77,061	–
Accruals and deferred income	4,942	9,165
Social security and other taxes	50,700	15,186
Director loan accounts	–	150,000
Other creditors	3,526	3,564
	---------	---------
	226,681	217,185
	---------	---------

8. Director's advances, credits and guarantees

During the period the director entered into the following advances and credits with the company:

	31 Mar 20
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr M Cobain	( 150,000)	150,000	–
Mr A Mumtaz	4,734	( 4,734)	–
	---------	---------	----
	( 145,266)	145,266	–
	---------	---------	----

	31 Dec 18
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr M Cobain	( 170,000)	20,000	( 150,000)
Mr A Mumtaz	1,451	3,283	4,734
	---------	--------	---------
	( 168,549)	23,283	( 145,266)
	---------	--------	---------

9. Related party transactions

Cobain Group Limited is a company under common control. At the year end , iGame Media Limited owed Cobain Group £77,061 (2018: Cobain Group Limited owed iGame Media Limited 8,680). Inplay IPTV Limited is a company under common control. At the year end Inplay IPTV Limited owed iGame Media Limited £83,385(2018: £NIL)