Optimago Media Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08047167 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2020

for

Optimago Media Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

L Stylianou

REGISTERED OFFICE:

5 Technology Park

Colindeep Lane

Colindale

London

NW9 6BX

REGISTERED NUMBER:

08047167 (England and Wales)

ACCOUNTANTS:

Grunberg & Co Limited

Chartered Accountants

5 Technology Park

Colindeep Lane

Colindale

London

NW9 6BX

FIXED ASSETS

Tangible assets

4

1,233

444

CURRENT ASSETS

Debtors

5

1,652

6,838

Cash at bank and in hand

56,894

38,675

58,546

45,513

CREDITORS

Amounts falling due within one year

6

(15,192

)

(5,338

)

NET CURRENT ASSETS

43,354

40,175

TOTAL ASSETS LESS CURRENT LIABILITIES

44,587

40,619

CREDITORS

Amounts falling due after more than one year

7

(8,000

)

-

PROVISIONS FOR LIABILITIES

-

(84

)

NET ASSETS

36,587

40,535

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

36,487

40,435

SHAREHOLDERS' FUNDS

36,587

40,535

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 April 2021 and were signed by:

L Stylianou - Director

1.	STATUTORY INFORMATION

Optimago Media Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax. Turnover is recognised at the point of sale.

Tangible fixed assets

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

Fixtures and fittings

-

5% on cost

Computer equipment

-

5% on cost

Tangible fixed assets are stated at historical cost, less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the income statement.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial asset and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttabale ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment.If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Debtors

Basic financial assets, including trade and other debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash and cash equivalents represented by cash in hand and deposits held at call with financial institutions, are measured at amortised cost.

Creditors

Basic financial liabilities, including trade and other creditors, are recognised at transaction price.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 October 2019

1,815

6,628

8,443

Additions

-

1,849

1,849

At 30 September 2020

1,815

8,477

10,292

DEPRECIATION

At 1 October 2019

1,371

6,628

7,999

Charge for year

444

616

1,060

At 30 September 2020

1,815

7,244

9,059

NET BOOK VALUE

At 30 September 2020

-

1,233

1,233

At 30 September 2019

444

-

444

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

1,464

-

Tax

188

6,838

1,652

6,838

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

195

190

Social security and other taxes

40

51

VAT

3,388

1,066

Director's current account

9,908

2,237

Accrued expenses

1,661

1,794

15,192

5,338

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans more than five years

8,000

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than five years

8,000

-