Redbox Media Ltd 31/08/2020 iXBRL

REDBOX MEDIA LIMITED - Company Information

2 31/08/2020 2020-08-31 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 2019-09-01 Sage Accounts Production 20.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 03415796 2019-09-01 2020-08-31 03415796 2020-08-31 03415796 2019-08-31 03415796 2018-09-01 2019-08-31 03415796 2019-08-31 03415796 2018-08-31 03415796 core:FurnitureFittingsToolsEquipment 2019-09-01 2020-08-31 03415796 bus:RegisteredOffice 2019-09-01 2020-08-31 03415796 bus:LeadAgentIfApplicable 2019-09-01 2020-08-31 03415796 bus:Director1 2019-09-01 2020-08-31 03415796 bus:Director2 2019-09-01 2020-08-31 03415796 bus:CompanySecretary1 2019-09-01 2020-08-31 03415796 core:FurnitureFittingsToolsEquipment 2019-08-31 03415796 core:FurnitureFittingsToolsEquipment 2020-08-31 03415796 core:RetainedEarningsAccumulatedLosses 2018-09-01 2019-08-31 03415796 core:RetainedEarningsAccumulatedLosses 2019-09-01 2020-08-31 03415796 core:WithinOneYear 2020-08-31 03415796 core:WithinOneYear 2019-08-31 03415796 core:ShareCapital 2020-08-31 03415796 core:ShareCapital 2019-08-31 03415796 core:RetainedEarningsAccumulatedLosses 2020-08-31 03415796 core:RetainedEarningsAccumulatedLosses 2019-08-31 03415796 core:ShareCapital 2018-08-31 03415796 core:RetainedEarningsAccumulatedLosses 2018-08-31 03415796 core:FinancialAssetsAmortisedCost 2020-08-31 03415796 core:FinancialAssetsAmortisedCost 2019-08-31 03415796 core:FinancialLiabilitiesAmortisedCost 2020-08-31 03415796 core:FinancialLiabilitiesAmortisedCost 2019-08-31 03415796 core:FurnitureFittingsToolsEquipment 2019-08-31 03415796 bus:Director1 2019-08-31 03415796 bus:Director1 2020-08-31 03415796 bus:Director1 2018-08-31 03415796 bus:Director1 2019-08-31 03415796 bus:Director1 2018-09-01 2019-08-31 03415796 bus:SmallEntities 2019-09-01 2020-08-31 03415796 bus:AuditExemptWithAccountantsReport 2019-09-01 2020-08-31 03415796 bus:FullAccounts 2019-09-01 2020-08-31 03415796 bus:SmallCompaniesRegimeForAccounts 2019-09-01 2020-08-31 03415796 bus:PrivateLimitedCompanyLtd 2019-09-01 2020-08-31 03415796 1 2019-09-01 2020-08-31

Company registration number: 03415796

Redbox Media Ltd

Unaudited filleted financial statements

31 August 2020

Redbox Media Ltd

Contents

Directors and other information

Accountants report

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Redbox Media Ltd

Directors and other information


	Directors	Anthony Warwick Brindle
		Maureen Brindle


	Secretary	Maureen Brindle


	Company number	03415796


	Registered office	5 Westgate Close
		Red House Farm
		Whitley Bay
		Tyne and Wear
		NE25 6HT


	Business address	5 Westgate Close
		Red House Farm
		Whitley Bay
		Tyne and Wear
		NE25 6HT


	Accountants	Harrison Hutchinson Ltd
		246 Park View
		Whitley Bay
		Tyne and Wear
		NE26 3QX

Redbox Media Ltd

Chartered accountants report to the board of directors on the preparation of the

unaudited statutory financial statements of Redbox Media Ltd

Year ended 31st August 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Redbox Media Ltd for the year ended 31st August 2020 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.

This report is made solely to the board of directors of Redbox Media Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Redbox Media Ltd and state those matters that we have agreed to state to the board of directors of Redbox Media Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Redbox Media Ltd and its board of directors as a body for our work or for this report.

It is your duty to ensure that Redbox Media Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Redbox Media Ltd. You consider that Redbox Media Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Redbox Media Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Harrison Hutchinson Ltd

Chartered Accountants

246 Park View

Whitley Bay

Tyne and Wear

NE26 3QX

12th February 2021

Redbox Media Ltd

Statement of financial position

31st August 2020

		2020		2019
	Note	£	£	£	£

Fixed assets
Tangible assets	5	606		1,562
		_______		_______
			606		1,562

Current assets
Debtors	6	15,005		24,104
Cash at bank and in hand		85,623		69,478
		_______		_______
		100,628		93,582
Creditors: amounts falling due
within one year	7	( 19,831)		( 15,026)
		_______		_______
Net current assets			80,797		78,556
			_______		_______
Total assets less current liabilities			81,403		80,118

			_______		_______
Net assets			81,403		80,118
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			81,303		80,018
			_______		_______
Shareholders funds			81,403		80,118
			_______		_______

For the year ending 31 August 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 comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 12 February 2021 , and are signed on behalf of the board by:

Anthony Warwick Brindle

Director

Company registration number: 03415796

Redbox Media Ltd

Statement of changes in equity

Year ended 31st August 2020

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1st September 2018	100	75,632	75,732

Profit for the year		12,186	12,186
	_______	_______	_______
Total comprehensive income for the year	-	12,186	12,186

Dividends paid and payable		( 7,800)	( 7,800)
	_______	_______	_______
Total investments by and distributions to owners	-	( 7,800)	( 7,800)

	_______	_______	_______
At 31st August 2019 and 1st September 2019	100	80,018	80,118

Profit for the year		14,585	14,585
	_______	_______	_______
Total comprehensive income for the year	-	14,585	14,585

Dividends paid and payable		( 13,300)	( 13,300)
	_______	_______	_______
Total investments by and distributions to owners	-	( 13,300)	( 13,300)

	_______	_______	_______
At 31st August 2020	100	81,303	81,403
	_______	_______	_______

Redbox Media Ltd

Notes to the financial statements

Year ended 31st August 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 5 Westgate Close, Red House Farm, Whitley Bay, Tyne and Wear, NE25 6HT.

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'. The Triennial review 2017 amendments to the standard have been early adopted.

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.

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.

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.

Tangible assets

tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:


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. 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 are largely independent of the cash inflows from other assets or groups of assets.

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 or 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 in finance costs 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 year amounted to 2 (2019: 2 ).

5. Tangible assets

	Fixtures, fittings and equipment	Total
	£	£
Cost
At 1st September 2019 and 31st August 2020	41,132	41,132
	_______	_______
Depreciation
At 1st September 2019	39,570	39,570
Charge for the year	956	956
	_______	_______
At 31st August 2020	40,526	40,526
	_______	_______
Carrying amount
At 31st August 2020	606	606
	_______	_______
At 31st August 2019	1,562	1,562
	_______	_______

6. Debtors

	2020	2019
	£	£
Other debtors	15,005	24,104
	_______	_______

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	277	185
Corporation tax	3,791	2,262
Social security and other taxes	14,363	11,179
Other creditors	1,400	1,400
	_______	_______
	19,831	15,026
	_______	_______

8. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2020	2019
	£	£
Financial assets that are debt instruments measured at amortised cost
Other debtors	15,005	24,104
Cash at bank and in hand	85,623	69,478
	_______	_______
	100,628	93,582
	_______	_______

Financial liabilities measured at amortised cost
Trade creditors	277	185
Other creditors	19,554	14,841
	_______	_______
	19,831	15,026
	_______	_______

9. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2020
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Anthony Warwick Brindle	13,233	( 22,218)	11,108	2,123
		_______	_______	_______	_______

2019
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Anthony Warwick Brindle	( 91)	( 6,969)	20,293	13,233
		_______	_______	_______	_______

10. Controlling party

During the two years ended 31 August 2020, the directors controlled the company by virtue of a controlling interest of 100% of the issued ordinary share capital.