Marvellous Media Studios Limited
Marvellous Media Studios Limited
Registered number: 12360909
Unaudited Financial Statements
For The Year Ended
31 December 2020
Kent Coast Accounts Ltd
39 Brooke Avenue
Margate
Kent
CT9 5NG
Marvellous Media Studios Limited
Unaudited Financial Statements
For The Year Ended
31 December 2020
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Marvellous Media Studios Limited
Balance Sheet
As at
31 December 2020
Balance Sheet
Registered number:
12360909
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | |||
|---|---|---|---|
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||
| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 4 |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
( |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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||
| Creditors: Amounts Falling Due After More Than One Year | 5 |
( |
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| PROVISIONS FOR LIABILITIES | |||
| Deferred Taxation |
( |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||
| Called up share capital | 6 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 1,331 | ||
Page 1
Marvellous Media Studios Limited
Balance Sheet (continued)
As at
31 December 2020
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their 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. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
|
Director
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|
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Marvellous Media Studios Limited
Notes to the Financial Statements
For The Year Ended
31 December 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the rendering of services.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. Turnover of services is matched so that it is matched to the period it represents.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
|
| Computer Equipment |
|
Assets considered to fully lose their value at acquisition are fully depreciated at acquisition.
1.4.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.5.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2
Page 3
Marvellous Media Studios Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
3.
Tangible Assets
| Plant & Machinery | Computer Equipment | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at
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| Additions |
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| Disposals |
( |
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( |
| As at
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| Depreciation | |||
| As at
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| Provided during the period |
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| Disposals |
( |
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( |
| As at
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| Net Book Value | |||
| As at
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| As at
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4.
Creditors: Amounts Falling Due Within One Year
| 2020 | |
|---|---|
| £ | |
| Trade creditors |
|
| Bank loans and overdrafts |
|
| Other creditors | 1,547 |
| Taxation and social security | 2,927 |
|
|
|
5.
Creditors: Amounts Falling Due After More Than One Year
| 2020 | |
|---|---|
| £ | |
| Bank loans |
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Page 4
Marvellous Media Studios Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
7.
General Information
Marvellous Media Studios Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
12360909
. The registered office is 17 Albert Terrace, Margate, Kent, CT9 1UJ.
Page 5