Mediabox Solutions Ltd Filleted accounts for Companies House (small and micro)

MEDIABOX SOLUTIONS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 10797752

MEDIABOX SOLUTIONS LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 June 2021

MEDIABOX SOLUTIONS LTD

FINANCIAL STATEMENTS

Year ended 30 June 2021

CONTENTS	PAGE

Balance sheet	1

Notes to the financial statements	3

MEDIABOX SOLUTIONS LTD

BALANCE SHEET

30 June 2021

	2021	2020
Note	£	£

FIXED ASSETS

Intangible assets	4	467,670	255,230
Tangible assets	5	–	64
		---------	---------
		467,670	255,294

CURRENT ASSETS

Debtors	6	49,353	49,340
Cash at bank and in hand		476	418
		--------	--------
		49,829	49,758

CREDITORS: amounts falling due within one year	7	( 61,772)	( 113,488)
		--------	---------
NET CURRENT LIABILITIES		( 11,943)	( 63,730)
		---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES		455,727	191,564

CREDITORS: amounts falling due after more than one year	8	( 312,167)	( 219,055)
		---------	---------
NET ASSETS/(LIABILITIES)		143,560	( 27,491)
		---------	---------

CAPITAL AND RESERVES

Called up share capital	3	1
Share premium account	81,998	–
Profit and loss account	61,559	( 27,492)
	---------	--------
SHAREHOLDERS FUNDS	143,560	( 27,491)
	---------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

MEDIABOX SOLUTIONS LTD

BALANCE SHEET (continued)

30 June 2021

These financial statements were approved by the board of directors and authorised for issue on 3 August 2021 , and are signed on behalf of the board by:

Mr S J Sutton

Director

Company registration number: 10797752

MEDIABOX SOLUTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

Year ended 30 June 2021

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20-22 Wenlock Road, London, N1 7GU.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Research and development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. INTANGIBLE ASSETS

	Development costs
	£
Cost
At 1 July 2020	255,230
Additions	212,440
	---------
At 30 June 2021	467,670
	---------
Amortisation
At 1 July 2020 and 30 June 2021	–
	---------
Carrying amount
At 30 June 2021	467,670
	---------
At 30 June 2020	255,230
	---------

5. TANGIBLE ASSETS

	Equipment
	£
Cost
At 1 July 2020 and 30 June 2021	1,160
	-------
Depreciation
At 1 July 2020	1,096
Charge for the year	64
	-------
At 30 June 2021	1,160
	-------
Carrying amount
At 30 June 2021	–
	-------
At 30 June 2020	64
	-------

6. DEBTORS

	2021	2020
	£	£
Other debtors	49,353	49,340
	--------	--------

7. CREDITORS: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	3,800	–
Trade creditors	–	108,538
Social security and other taxes	11,627	–
Other creditors	46,345	4,950
	--------	---------
	61,772	113,488
	--------	---------

8. CREDITORS: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	14,883	19,000
Other creditors	297,284	200,055
	---------	---------
	312,167	219,055
	---------	---------

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within other creditors due after more than one year is £297,284 (2020 - £200,055) due to directors. This balance is interest free and repayable on demand.