Maverick Media Limited 31/05/2020 iXBRL

Maverick Media Limited 31/05/2020 iXBRL

MAVERICK MEDIA LIMITED - Company Information

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12 31/05/2020 2020-05-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2019-06-01 Sage Accounts Production 20.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 03068959 2019-06-01 2020-05-31 03068959 2020-05-31 03068959 2019-05-31 03068959 2018-06-01 2019-05-31 03068959 2019-05-31 03068959 core:FurnitureFittingsToolsEquipment 2019-06-01 2020-05-31 03068959 bus:RegisteredOffice 2019-06-01 2020-05-31 03068959 bus:Director1 2019-06-01 2020-05-31 03068959 bus:Director2 2019-06-01 2020-05-31 03068959 bus:Director3 2019-06-01 2020-05-31 03068959 bus:Director4 2019-06-01 2020-05-31 03068959 bus:Director5 2019-06-01 2020-05-31 03068959 core:FurnitureFittingsToolsEquipment 2019-05-31 03068959 core:FurnitureFittingsToolsEquipment 2020-05-31 03068959 core:WithinOneYear 2020-05-31 03068959 core:WithinOneYear 2019-05-31 03068959 core:ShareCapital 2020-05-31 03068959 core:ShareCapital 2019-05-31 03068959 core:RetainedEarningsAccumulatedLosses 2020-05-31 03068959 core:RetainedEarningsAccumulatedLosses 2019-05-31 03068959 core:FurnitureFittingsToolsEquipment 2019-05-31 03068959 bus:SmallEntities 2019-06-01 2020-05-31 03068959 bus:AuditExempt-NoAccountantsReport 2019-06-01 2020-05-31 03068959 bus:FullAccounts 2019-06-01 2020-05-31 03068959 bus:SmallCompaniesRegimeForAccounts 2019-06-01 2020-05-31 03068959 bus:PrivateLimitedCompanyLtd 2019-06-01 2020-05-31
Company registration number: 03068959
Maverick Media Limited
Unaudited filleted financial statements
31 May 2020
Maverick Media Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Maverick Media Limited
Directors and other information
Directors Mr William Jeffery
Miss Melanie Viner Cuneo (Resigned 26 August 2020)
Mr Giacomo Duranti (Appointed 26 August 2020)
Mr Jonathan Ellis Hauck (Appointed 26 August 2020)
Mr Fulvio Sioli (Appointed 1 September 2020)
Company number 03068959
Registered office 201 Temple Chambers
3-7 Temple Avenue
London
EC4Y 0DT
Maverick Media Limited
Statement of financial position
31 May 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 37,510 30,027
_______ _______
37,510 30,027
Current assets
Debtors 6 1,074,767 644,419
Cash at bank and in hand 1,472,146 846,614
_______ _______
2,546,913 1,491,033
Creditors: amounts falling due
within one year 7 ( 837,906) ( 430,355)
_______ _______
Net current assets 1,709,007 1,060,678
_______ _______
Total assets less current liabilities 1,746,517 1,090,705
_______ _______
Net assets 1,746,517 1,090,705
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,746,417 1,090,605
_______ _______
Shareholders funds 1,746,517 1,090,705
_______ _______
For the year ending 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 07 October 2020 , and are signed on behalf of the board by:
Mr William Jeffery
Director
Company registration number: 03068959
Maverick Media Limited
Notes to the financial statements
Year ended 31 May 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 201 Temple Chambers, 3-7 Temple Avenue, London, EC4Y 0DT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
No provision for deferred taxation has been provided for in the financial statements, due to the amount not being material.
Tangible assets
tangible assets are initially recorded at cost, and are 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:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2019: 9 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 June 2019 47,932 47,932
Additions 22,693 22,693
_______ _______
At 31 May 2020 70,625 70,625
_______ _______
Depreciation
At 1 June 2019 17,905 17,905
Charge for the year 15,210 15,210
_______ _______
At 31 May 2020 33,115 33,115
_______ _______
Carrying amount
At 31 May 2020 37,510 37,510
_______ _______
At 31 May 2019 30,027 30,027
_______ _______
6. Debtors
2020 2019
£ £
Trade debtors 565,541 239,899
Other debtors 509,226 404,520
_______ _______
1,074,767 644,419
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 80,652 56,539
Corporation tax 189,128 151,244
Social security and other taxes 142,301 30,893
Other creditors 425,825 191,679
_______ _______
837,906 430,355
_______ _______