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Registered number: 07272938
PRODUCTION SWITCHBOARD MEDIA LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 AUGUST 2020
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PRODUCTION SWITCHBOARD MEDIA LIMITED
CONTENTS
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Notes to the Financial Statements
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PRODUCTION SWITCHBOARD MEDIA LIMITED
REGISTERED NUMBER: 07272938
BALANCE SHEET
AS AT 31 AUGUST 2020
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Creditors: amounts falling due after more than one year
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The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
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PRODUCTION SWITCHBOARD MEDIA LIMITED
REGISTERED NUMBER: 07272938
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2020
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 9 form part of these financial statements.
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PRODUCTION SWITCHBOARD MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
Production Switchboard Media Limited is a private company, limited by shares, and registered in England and Wales. The address of its registered office is 3rd Floor, 24 Old Bond Street, London, W1S 4AP.
The functional and presentational currency of the company is considered to be pounds sterling (£).
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
During the year the company has been affected by restrictions imposed by the UK in response to the COVID-19 pandemic. The result of this is that while the company has remained active the full extent of the impact to the company remains to be seen.
However, despite the affects of the pandemic, the director considers that the resources available to the company will be sufficient for it to be able to continue as a going concern during, and after, the pandemic.
The company is dependent upon continuing financial support being made available to it by the director. Furthermore, as a consequence of the disruption from the pandemic, the company has also obtained government support made available to organisations in the UK to ensure its solvency is secured while the impact of the pandemic upon the company becomes apparent.
The director has confirmed that he will continue to provide financial support to the company by settlement of its liabilities as they fall due for payment.
In view of the above arrangements the director is satisfied, for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, that the company has sufficient resources to enable it to continue in operation as a going concern and meet its liabilities as they fall due for payment.
The director therefore considers it appropriate to prepare these financial statements on the going concern basis.
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PRODUCTION SWITCHBOARD MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Tangible fixed assets under the cost model 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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives,
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in Statement of Income and Retained Earnings.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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PRODUCTION SWITCHBOARD MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
2.Accounting policies (continued)
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loan from bank and loans from related parties.
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 the Statement of Income and Retained Earnings.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to Statement of Income and Retained Earnings at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
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Operating leases: the company as lessee
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Rentals paid under operating leases are charged to Statement of Income and Retained Earnings on a straight line basis over the lease term.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.
Interest income is recognised in Statement of Income and Retained Earnings using the effective interest method.
All borrowing costs are recognised in Statement of Income and Retained Earnings in the year in which they are incurred.
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PRODUCTION SWITCHBOARD MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
2.Accounting policies (continued)
Tax is recognised in Statement of Income and Retained Earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
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The average monthly number of employees, including directors, during the year was 4 (2019 - 4).
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Charge for the year on owned assets
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PRODUCTION SWITCHBOARD MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
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Due after more than one year
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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PRODUCTION SWITCHBOARD MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
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Creditors: Amounts falling due after more than one year
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The bank loan is supported by a guarantee from the UK Government to the bank under the Bounce Back Loan Scheme.
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The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
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Allotted, called up and fully paid
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100 Ordinary shares of £1 each
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The company operates defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,532 (2019 - £1,903). Contributions totalling £391 (2019 - £380) were payable to the fund at the balance sheet date and are included in creditors.
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Related party transactions
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At the balance sheet date the amounts owed to related parties were:
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PRODUCTION SWITCHBOARD MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
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Post balance sheet events
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Since the balance sheet date the company continued to be impacted by the COVID-19 pandemic and the director considers this is an ongoing event that will require ongoing evaluation.
Since the reporting date this has caused increasing disruption to populations, businesses and global economic activity. As this situation continued to rapidly evolve, and the impact of the pandemic is having differing affects across the globe and to different industries as restrictions are being reintroduced, it is not yet practicable to estimate all of the impact upon the company.
However, the company has continued operations wherever it was able while complying with restrictions placed upon companies by the UK Government.
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