General Information
Cross Media Limited is a private company, limited by shares, registered in England and Wales, registration number 02191760, registration address Unit G18, The Light Box, 111 Power Road, Chiswick, London, W4 5PY
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies. The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Office Equipment |
15% Reducing Balance
|
| Fixtures and Fittings |
15% Reducing Balance
|
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
|
| 2. |
Average number of employees
Average number of employees during the year was 15 (2021 : 16).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Office Equipment |
|
Fixtures and Fittings |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 01 April 2021 |
12,410 |
|
2,003 |
|
14,413 |
| Additions |
1,059 |
|
- |
|
1,059 |
| Disposals |
(676) |
|
- |
|
(676) |
| At 31 March 2022 |
12,793 |
|
2,003 |
|
14,796 |
| Depreciation |
| At 01 April 2021 |
6,463 |
|
1,699 |
|
8,162 |
| Charge for year |
1,022 |
|
45 |
|
1,067 |
| On disposals |
(495) |
|
- |
|
(495) |
| At 31 March 2022 |
6,990 |
|
1,744 |
|
8,734 |
| Net book values |
| Closing balance as at 31 March 2022 |
5,803 |
|
259 |
|
6,062 |
| Opening balance as at 01 April 2021 |
5,947 |
|
304 |
|
6,251 |
|
| 4. |
Investments
| Cost |
Other investments other than loans |
|
Total |
| |
£ |
|
£ |
| At 01 April 2021 |
6,778 |
|
6,778 |
| Additions |
- |
|
- |
| Transfer to/from Tangible fixed assets |
- |
|
- |
| Disposals |
- |
|
- |
| At 31 March 2022 |
6,778 |
|
6,778 |
|
| 5. |
Debtors: amounts falling due within one year
|
2022
£ |
|
2021
£ |
| Trade Debtors |
142,715 |
|
20,734 |
| Prepayments & Accrued Income |
89,267 |
|
42,808 |
| Deposits paid |
20,339 |
|
7,689 |
| Other Debtors |
1,998 |
|
2,181 |
| Corporation Tax |
- |
|
8,902 |
| VAT |
- |
|
14,150 |
|
254,319 |
|
96,464 |
|
| 6. |
Creditors: amount falling due within one year
|
2022
£ |
|
2021
£ |
| Trade Creditors |
88,822 |
|
71,562 |
| Bank Loans & Overdrafts |
98,062 |
|
10,199 |
| PAYE & Social Security |
6,877 |
|
5,887 |
| Accruals & Deferred Income |
134,924 |
|
32,125 |
| Other Creditors |
7,046 |
|
1,449 |
| Directors' Current Accounts |
2,231 |
|
2,231 |
| VAT |
5,334 |
|
- |
|
343,296 |
|
123,453 |
|
| 7. |
Creditors: amount falling due after more than one year
|
2022
£ |
|
2021
£ |
| Bank Loans & Overdrafts |
43,884 |
|
50,000 |
|
43,884 |
|
50,000 |
|
| 8. |
Share Capital
Authorised
200,000 Class A shares of £1.00 each
Allotted, called up and fully paid
|
2022
£ |
|
2021
£ |
|
200,000
Class A shares of £1.00 each |
200,000 |
|
200,000 |
|
200,000 |
|
200,000 |
|
3
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