Nice Media Limited
Nice Media Limited
Registered number: 4806988
Unaudited Financial Statements
For The Year Ended
31 March 2021
Craker Business Solutions LTD
Chartered Accountants
3 Rose Cottages
Lewes Road
Danehill
West Sussex
RH17 7ET
Nice Media Limited
Unaudited Financial Statements
For The Year Ended
31 March 2021
Unaudited Financial Statements
| Contents | |
| Page | |
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| Accountant's Report | 1 |
| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—7 |
Nice Media Limited
Accountant's Report
For The Year Ended
31 March 2021
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of
Nice Media Limited
For The Year Ended 31 March 2021
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of
Nice Media Limited
For The Year Ended 31 March 2021 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of
Nice Media Limited
, as a body, in accordance with the terms of our engagement letter dated 10 November 2020. Our work has been undertaken solely to prepare for your approval the accounts of
Nice Media Limited
and state those matters that we have agreed to state to the directors of
Nice Media Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Nice Media Limited
and its directors, as a body, for our work or for this report.
It is your duty to ensure that
Nice Media Limited
has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of
Nice Media Limited
. You consider that
Nice Media Limited
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of
Nice Media Limited
. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
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Chartered Accountants
3 Rose Cottages
Lewes Road
Danehill
West Sussex
RH17 7ET
Page 1
Nice Media Limited
Balance Sheet
As at
31 March 2021
Balance Sheet
Registered number:
4806988
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2021 | 2020 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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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 | 6 |
( |
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| NET LIABILITIES |
( |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Profit and Loss Account |
( |
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| SHAREHOLDERS' FUNDS | (170,745) | (224,293) | |||
Page 2
Nice Media Limited
Balance Sheet (continued)
As at
31 March 2021
Directors' responsibilities:
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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
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Director
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The notes on pages 4 to 7 form part of these financial statements.
Page 3
Nice Media Limited
Notes to the Financial Statements
For The Year Ended
31 March 2021
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.
Going Concern Disclosure
The financial statements have been prepared on a going concern basis. In making this assessment the Directors reviewed the company's position and expected performance for the coming 12 months, and in particular the affect of the COVID-19 pandemic.
During the year end 31 March 2021 one employee was furloughed, government funding was received in the form of SBGF and CJRS grant income. Advertising costs decreased as exhibitions were postponed. The supply and demand for the company's services is not foreseen to be materially and adversely affected by the COVID-19 pandemic, with the turnover increasing compared with the prior year. It was therefore deemed that the company would continue to apply the going concern basis.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4.
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 |
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1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
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.
The Covid job retention scheme (CJRS) grant income and the small business grant fund (SBGF) received in the year have been treated as revenue based grant income and have been recognised on an accruals basis.
Page 4
Nice Media Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2021 | 2020 | ||
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| Office and administration |
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| Sales, marketing and distribution |
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| Manufacturing |
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3.
Tangible Assets
| Plant & Machinery | |
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| Cost | |
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| Additions |
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| Disposals |
( |
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| Depreciation | |
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| Provided during the period |
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| Disposals |
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| Net Book Value | |
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4.
Debtors
| 2021 | 2020 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Net wages | - | 2 | |
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Page 5
Nice Media Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
5.
Creditors: Amounts Falling Due Within One Year
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Other taxes and social security |
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| VAT |
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| Other creditors |
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| Accruals and deferred income |
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| Directors' loan accounts |
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6.
Creditors: Amounts Falling Due After More Than One Year
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| £ | £ | ||
| Bank loans |
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| Other creditors |
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7.
Obligations Under Finance Leases and Hire Purchase
| 2021 | 2020 | ||
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| £ | £ | ||
| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
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Page 6
Nice Media Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
9.
Post Balance Sheet Events
Since 31 March 2021, no consequences of the COVID-19 pandemic have materially and adversely affected the supply of and the demand for the Company's services. The Company has therefore determined that these events are non-adjusting post balance sheet events. Accordingly, the financial position as at and results of operations for the year ended 31 March 2021 have not been adjusted to reflect any impact. The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses, remains unclear at this time. It is not possible to reliably estimate the duration and severity of any consequences, as well as their impact on the financial position and results of the Company for future periods.
10.
General Information
Nice Media Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
4806988
. The registered office is Suite 7, 2nd Floor, Vantage Point, , New England Road,, Brighton , BN1 4GW.
Page 7