Emerging Media Ventures Limited (formerly Emerging Media (IPL) Limited) Filleted accounts for Companies House (small and micro)

EMERGING MEDIA VENTURES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06436253

Emerging Media Ventures Limited (formerly Emerging Media (IPL) Limited)

Filleted Unaudited Financial Statements

31 March 2021

Emerging Media Ventures Limited (formerly Emerging Media (IPL) Limited)

Financial Statements

Period from 1 January 2020 to 31 March 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Emerging Media Ventures Limited (formerly Emerging Media (IPL) Limited)

Statement of Financial Position

31 March 2021

	31 Mar 21		31 Dec 19
Note	$	$	$

Fixed assets

Investments	5		40,319,819	–

Current assets

Debtors	6	1,407,702	1
Cash at bank and in hand		12,610,097	120,296
		-------------	---------
		14,017,799	120,297

Creditors: amounts falling due within one year	7	15,993,224		132,472
		-------------		---------
Net current liabilities			1,975,425	12,175
			-------------	--------
Total assets less current liabilities			38,344,394	( 12,175)
			-------------	--------
Net assets/(liabilities)			38,344,394	( 12,175)
			-------------	--------

Capital and reserves

Called up share capital	32	1
Share premium account	33,381,316	–
Profit and loss account	4,963,046	( 12,176)
	-------------	--------
Shareholders funds/(deficit)	38,344,394	( 12,175)
	-------------	--------

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 statement of comprehensive income has not been delivered.

For the period ending 31 March 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 period 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 .

Emerging Media Ventures Limited (formerly Emerging Media (IPL) Limited)

Statement of Financial Position (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 27 May 2021 , and are signed on behalf of the board by:

Mr M K Badale

Director

Company registration number: 06436253

Emerging Media Ventures Limited (formerly Emerging Media (IPL) Limited)

Notes to the Financial Statements

Period from 1 January 2020 to 31 March 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 Scale Space 1st Floor, 58 Wood Lane, London, W12 7RZ, United Kingdom.

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 US Dollars, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 3 (2019: 2 ).

5. Investments

	Shares in group undertakings
	$
Cost
At 1 January 2020	–
Additions	34,460,566
Revaluations	5,859,253
	-------------
At 31 March 2021	40,319,819
	-------------
Impairment
At 1 January 2020 and 31 March 2021	–
	-------------

Carrying amount
At 31 March 2021	40,319,819
	-------------
At 31 December 2019	–
	-------------

6. Debtors

	31 Mar 21	31 Dec 19
	$	$
Trade debtors	303,046	–
Amounts owed by group undertakings and undertakings in which the company has a participating interest	311,633	–
Other debtors	793,023	1
	------------	----
	1,407,702	1
	------------	----

7. Creditors: amounts falling due within one year

	31 Mar 21	31 Dec 19
	$	$
Trade creditors	120,523	1,393
Social security and other taxes	11,763	–
Other creditors	15,860,938	131,079
	-------------	---------
	15,993,224	132,472
	-------------	---------

8. Related party transactions

At the period end the company had trade debtors of $11,811 due from companies associated through common control and/or directorship. At the period end the company had loan creditors of $1,012,705 (2019: $3,721) due to companies associated through common control and/or directorship. At the period end the company had trade debtors of $291,235 (2019: $nil) due from group companies. At the period end the company had loan debtors of $311,633 (2019: $nil) due from group companies.