Company Registration No. 04676263 (England and Wales)
Montrose Media Limited
Unaudited accounts
for the year ended 28 February 2022
Montrose Media Limited
Unaudited accounts
Contents
Montrose Media Limited
Company Information
for the year ended 28 February 2022
Company Number
04676263 (England and Wales)
Registered Office
UNIT 9
JUBILEE WAY
FAVERSHAM
KENT
ME13 8GD
ENGLAND
Montrose Media Limited
Statement of financial position
as at 28 February 2022
Tangible assets
42,439
36,302
Cash at bank and in hand
150,058
170,642
Creditors: amounts falling due within one year
(154,666)
(113,959)
Net current assets
94,855
61,349
Total assets less current liabilities
137,294
97,651
Creditors: amounts falling due after more than one year
(32,500)
(44,028)
Called up share capital
74
74
Profit and loss account
104,720
53,549
Shareholders' funds
104,794
53,623
For the year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 21 November 2022 and were signed on its behalf by
Matthew Davey
Director
Company Registration No. 04676263
Montrose Media Limited
Notes to the Accounts
for the year ended 28 February 2022
Montrose Media Limited is a private company, limited by shares, registered in England and Wales, registration number 04676263. The registered office is UNIT 9, JUBILEE WAY, FAVERSHAM, KENT, ME13 8GD, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% pa straight line basis
Motor vehicles
25% pa straight line basis
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees operated under the Government's NEST scheme. Contributions payable are recognised in the profit and loss account when due.
Government grants in relation to the COVID-19 pandemic have been credited to profit and loss account in the periods when received from HM Government.
Montrose Media Limited
Notes to the Accounts
for the year ended 28 February 2022
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 March 2021
247,968
11,995
259,963
Additions
24,735
6,838
31,573
Disposals
(94,827)
(2,600)
(97,427)
At 28 February 2022
177,876
16,233
194,109
At 1 March 2021
211,666
11,995
223,661
Charge for the year
11,945
1,368
13,313
On disposals
(82,704)
(2,600)
(85,304)
At 28 February 2022
140,907
10,763
151,670
At 28 February 2022
36,969
5,470
42,439
At 28 February 2021
36,302
-
36,302
Amounts falling due within one year
Trade debtors
96,757
3,360
Accrued income and prepayments
1,376
1,306
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
15,518
10,220
Trade creditors
11,678
15,721
Taxes and social security
14,347
3,748
Loans from directors
63,322
57,784
Montrose Media Limited
Notes to the Accounts
for the year ended 28 February 2022
7
Creditors: amounts falling due after more than one year
2022
2021
Aggregate of amounts that fall due for payment after five years
-
10,695
Bank Loans taken out under the Government Bounce Back Loan initiative launched to help businesses recover during and after the COVID-19 pandemic. Two loans taken out in May and November 2020 for £40000 and £10000 respectively.The first year has no repayments and is interest free. Repayments commence after one year and are spread over five years and have an annual interest charge of 2.5%. The first repayment was made in May 2021. The loans are fully underwritten by the UK Government.
Allotted, called up and fully paid:
74 Ordinary shares of £1 each
74
74
National Employment Savings Trust ('NEST')
The Company has an auto-enrolment pension scheme which is administered by NEST. The National Employment Savings Trust ('NEST') is a statutory, contributory, defined contribution scheme, governed by the National Employment Savings Trust Order 2010 and operated by a non-departmental public body as Trustee, the NEST Corporation. Membership is available under the auto-enrolment scheme where contributions are made by employees and the Company, although employees are able to opt out. In the year the Company contributed £1921 (2021: £1922) on behalf of 4 (2021: 4) employees
10
Operating lease commitments
2022
2021
At 28 February 2022 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
4,191
-
Later than one year and not later than five years
4,191
8,383
The ultimate controlling party throughout the year was: M Davey
12
Average number of employees
During the year the average number of employees was 4 (2021: 4).
