Liquid New Media Limited - Accounts to registrar (filleted) - small 18.2
Liquid New Media Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD |
| 4 NOVEMBER 2019 TO 31 OCTOBER 2020 |
| FOR |
| LIQUID NEW MEDIA LIMITED |
| LIQUID NEW MEDIA LIMITED (REGISTERED NUMBER: 04094507) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 4 NOVEMBER 2019 TO 31 OCTOBER 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| LIQUID NEW MEDIA LIMITED |
| COMPANY INFORMATION |
| FOR THE PERIOD 4 NOVEMBER 2019 TO 31 OCTOBER 2020 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| LIQUID NEW MEDIA LIMITED (REGISTERED NUMBER: 04094507) |
| BALANCE SHEET |
| 31 OCTOBER 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
| NET ASSETS |
| LIQUID NEW MEDIA LIMITED (REGISTERED NUMBER: 04094507) |
| BALANCE SHEET - continued |
| 31 OCTOBER 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| The director acknowledges his 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| LIQUID NEW MEDIA LIMITED (REGISTERED NUMBER: 04094507) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 4 NOVEMBER 2019 TO 31 OCTOBER 2020 |
| 1. | STATUTORY INFORMATION |
| Liquid New Media Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Liquid New Media Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Revenue comprises the fair value for the provision of services excluding value added taxes and represents net invoice value less estimated rebates, returns and settlement discounts. |
| The company supplies services to customers online from its offices, under standard terms and conditions. In all cases revenue is recognised when the risks and rewards of ownership are transferred and this is defined to be on completion of the service.. |
| 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. |
| Tangible fixed assets |
| Short leasehold | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| LIQUID NEW MEDIA LIMITED (REGISTERED NUMBER: 04094507) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 4 NOVEMBER 2019 TO 31 OCTOBER 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Government grants |
| During the year the company received monies under the Coronavirus Job Retention Scheme. The amounts received are included within the accounts on an accruals basis. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Taxation |
| Taxation for the period 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 period 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 |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| 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. |
| LIQUID NEW MEDIA LIMITED (REGISTERED NUMBER: 04094507) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 4 NOVEMBER 2019 TO 31 OCTOBER 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
| Creditors |
| Short term trade 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 4 November 2019 |
| and 31 October 2020 |
| AMORTISATION |
| At 4 November 2019 |
| Charge for period |
| At 31 October 2020 |
| NET BOOK VALUE |
| At 31 October 2020 |
| At 3 November 2019 |
| LIQUID NEW MEDIA LIMITED (REGISTERED NUMBER: 04094507) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 4 NOVEMBER 2019 TO 31 OCTOBER 2020 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Short | and | Motor |
| leasehold | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 4 November 2019 |
| Additions |
| At 31 October 2020 |
| DEPRECIATION |
| At 4 November 2019 |
| Charge for period |
| At 31 October 2020 |
| NET BOOK VALUE |
| At 31 October 2020 |
| At 3 November 2019 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 4 November 2019 |
| and 31 October 2020 |
| DEPRECIATION |
| At 4 November 2019 |
| Charge for period |
| At 31 October 2020 |
| NET BOOK VALUE |
| At 31 October 2020 |
| At 3 November 2019 |
| LIQUID NEW MEDIA LIMITED (REGISTERED NUMBER: 04094507) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 4 NOVEMBER 2019 TO 31 OCTOBER 2020 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 4 November 2019 |
| Additions |
| At 31 October 2020 |
| NET BOOK VALUE |
| At 31 October 2020 |
| At 3 November 2019 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Registered office: 38 Hilton Terrace, Tewantin, Qld 4565, Australia |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2020 | 2019 |
| £ | £ |
| Aggregate capital and reserves | ( |
) |
| Profit/(loss) for the period | ( |
) |
| Registered office: Stralauer Allee 6, 10245 Berlin, Germany |
| Nature of business: |
| % |
| Class of shares: | holding |
| The company started trading on 27 July 2020 and their first year end accounts are to the year ended 31 December 2020 which are not significant. |
| LIQUID NEW MEDIA LIMITED (REGISTERED NUMBER: 04094507) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 4 NOVEMBER 2019 TO 31 OCTOBER 2020 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans |
| Hire purchase contracts (see note 10) |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2020 | 2019 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| LIQUID NEW MEDIA LIMITED (REGISTERED NUMBER: 04094507) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 4 NOVEMBER 2019 TO 31 OCTOBER 2020 |
| 10. | LEASING AGREEMENTS - continued |
| Non-cancellable operating | leases |
| 2020 | 2019 |
| £ | £ |
| Within one year |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2020 | 2019 |
| £ | £ |
| Hire purchase contracts | 73,756 | - |
| The debt is secured against the asset to which it relates. |
| 12. | PROVISIONS FOR LIABILITIES |
| 2020 | 2019 |
| £ | £ |
| Deferred taxation | 11,387 | 15,669 |
| Deferred |
| tax |
| £ |
| Balance at 4 November 2019 |
| Provided during period | ( |
) |
| Balance at 31 October 2020 |
| LIQUID NEW MEDIA LIMITED (REGISTERED NUMBER: 04094507) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 4 NOVEMBER 2019 TO 31 OCTOBER 2020 |
| 13. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the periods ended 31 October 2020 and 3 November 2019: |
| 2020 | 2019 |
| £ | £ |
| Balance outstanding at start of period |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of period | ( |
) |
| 14. | RELATED PARTY DISCLOSURES |
| There is an amount included within other debtors is an amount of £867,750 (2019: £736,342) which is owed to the company from April Springs Limited, a company in which Mr C McKeefery is director and shareholder. |