African Media Investments Limited - Period Ending 2022-06-30
African Media Investments Limited - Period Ending 2022-06-30
Registration number:
African Media Investments Limited
for the Year Ended 30 June 2022
African Media Investments Limited
Contents
Company Information |
|
Accountants' Report |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
African Media Investments Limited
Company Information
Directors |
PH Cross NGS Smith Mr DJR Smail |
Company secretary |
M Murray |
Registered office |
|
Solicitors |
|
Accountants |
|
DEANS
Chartered Accountants
Chartered
Accountants' Report to the
Board of Directors
on the Preparation of the Unaudited Statutory Accounts of
African Media Investments Limited
for the
Year
Ended
30 June 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of African Media Investments Limited for the year ended 30 June 2022 as set out on pages 3 to 6 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 of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.
This report is made solely to the Board of Directors of African Media Investments Limited, as a body, in accordance with the terms of our engagement letter dated 10 November 2000. Our work has been undertaken solely to prepare for your approval the accounts of African Media Investments Limited and state those matters that we have agreed to state to the Board of Directors of African Media Investments Limited, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than African Media Investments Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that African Media Investments Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of African Media Investments Limited. You consider that African Media Investments Limited 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 accounts of African Media Investments Limited. 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 accounts.
......................................
Chartered Accountants and Business Advisors
Hawick
Borders
TD9 9BD
African Media Investments Limited
(Registration number: 03577106)
Balance Sheet as at 30 June 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Investments |
|
|
|
Current assets |
|||
Debtors |
- |
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Retained earnings |
( |
( |
|
Shareholders' funds |
|
|
For the financial year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
African Media Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The company is not directly impacted by Brexit.
The company has suffered financially from the pandemic. Where appropriate, government support in the forms of grants and loans were used to mitigate the impact of lockdowns etc. The directors will continue to assess the impact of the pandemic and make decisions accordingly.
The financial statements are presented in Sterling (£) and rounded to the nearest £0.
Judgements
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included: |
Useful economic lives of tangible assets – the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets. |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
African Media Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
Classification
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investments |
2022 |
2021 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 July 2021 |
|
Provision |
|
Carrying amount |
|
At 30 June 2022 |
|
At 30 June 2021 |
|
African Media Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2022 |
2021 |
|||
Subsidiary undertakings |
||||
|
c/o Sanderson McCreath & Edney
|
|
|
|
Subsidiary undertakings |
AMI (Zimbabwe) Limited The principal activity of AMI (Zimbabwe) Limited is |
Debtors |
Current |
2022 |
2021 |
Other debtors |
- |
|
Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
|
Due within one year |
||
Trade creditors |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
850,000 |
|
850,000 |