Salt Media Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04802044 (England and Wales)

SALT MEDIA LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N R Cooper

Ms J E Rees

SECRETARY:

Ms J E Rees

REGISTERED OFFICE:

24 Castle Street

Barnstaple

DEVON

EX31 1DR

REGISTERED NUMBER:

04802044 (England and Wales)

ACCOUNTANTS:

Jane Maynard Limited

T/A Maynard Johns

37 Mill Street

Bideford

DEVON

EX39 2JJ

FIXED ASSETS

Intangible assets

4

2,962

-

Tangible assets

5

4,448

6,938

7,410

6,938

CURRENT ASSETS

Stocks

8,000

10,000

Debtors

97,598

113,632

Cash at bank and in hand

56,297

30,385

161,895

154,017

CREDITORS

Amounts falling due within one year

(115,611

)

(133,551

)

NET CURRENT ASSETS

46,284

20,466

TOTAL ASSETS LESS CURRENT LIABILITIES

53,694

27,404

CREDITORS

Amounts falling due after more than one year

6

(45,263

)

(8,156

)

PROVISIONS FOR LIABILITIES

(845

)

(1,190

)

NET ASSETS

7,586

18,058

CAPITAL AND RESERVES

Called up share capital

150

150

Retained earnings

7,436

17,908

SHAREHOLDERS' FUNDS

7,586

18,058

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 14 October 2021 and were signed on its behalf by:

N R Cooper - Director

1.	STATUTORY INFORMATION

Salt Media Ltd 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.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets

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

Land and buildings

-

10% on cost

Plant and machinery etc

-

33% on cost and 15% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Amounts recoverable on contracts

Amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amount received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2020 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2020

22,111

Additions

4,443

At 31 March 2021

26,554

AMORTISATION

At 1 April 2020

22,111

Amortisation for year

1,481

At 31 March 2021

23,592

NET BOOK VALUE

At 31 March 2021

2,962

At 31 March 2020

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2020

58,871

Additions

928

At 31 March 2021

59,799

DEPRECIATION

At 1 April 2020

51,933

Charge for year

3,418

At 31 March 2021

55,351

NET BOOK VALUE

At 31 March 2021

4,448

At 31 March 2020

6,938

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2021

2020

£

£

Repayable by instalments

Bank loans more 5 yr by instal

1,667

-

7.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loan

8,593

-

The bank loan is secured by fixed and floating charges over the company's present and future assets.