FC Media Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06615231 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

FC MEDIA LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

F W D Considine

J C Considine

M R Considine

SECRETARY:

J C Considine

REGISTERED OFFICE:

Chailey House

7 Chailey Avenue

Rottingdean

East Sussex

BN2 7GH

REGISTERED NUMBER:

06615231 (England and Wales)

ACCOUNTANTS:

Galloways Accounting

Atlas Chambers

33 West Street

Brighton

East Sussex

BN1 2RE

FIXED ASSETS

Tangible assets

4

25,066

28,504

CURRENT ASSETS

Debtors

5

792

68,240

Cash at bank

212,311

63,891

213,103

132,131

CREDITORS

Amounts falling due within one year

6

196,093

127,007

NET CURRENT ASSETS

17,010

5,124

TOTAL ASSETS LESS CURRENT LIABILITIES

42,076

33,628

CREDITORS

Amounts falling due after more than one year

7

(37,885

)

-

PROVISIONS FOR LIABILITIES

8

(3,300

)

(2,500

)

NET ASSETS

891

31,128

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

791

31,028

SHAREHOLDERS' FUNDS

891

31,128

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2021 and were signed on its behalf by:

F W D Considine - Director

1.	STATUTORY INFORMATION

FC Media Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents net invoiced sales of media production services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures, fittings and equipment

-

20% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and

accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of

operating as intended.

Government grants

Grants received in the period related to government support through JRS payments and interest on the coronavirus bounce back loan scheme. These were as a response to the adverse effect the national lockdowns had on business activity.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 year 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

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Going concern

After reviewing the company's forecasts, the directors believe that the company has adequate resources to continue in operational existence due to the directors continued financial support.

The directors do not anticipate that the recent COVID-19 outbreak will affect the company's ability to continue for the foreseeable future and therefore the company continues to adopt the going concern basis in preparing its financial statements.

3.

EMPLOYEES

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

and

equipment

£

COST

At 1 April 2020

148,140

Additions

11,122

Disposals

(19,326

)

At 31 March 2021

139,936

DEPRECIATION

At 1 April 2020

119,636

Charge for year

6,266

Eliminated on disposal

(11,032

)

At 31 March 2021

114,870

NET BOOK VALUE

At 31 March 2021

25,066

At 31 March 2020

28,504

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

118

2,819

Tax

-

532

Prepayments and accrued income

674

64,889

792

68,240

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

7,115

3

Tax

40,809

46,635

VAT

53,464

13,708

Other creditors

-

255

Directors' current accounts

91,500

63,546

Accrued expenses

3,205

2,860

196,093

127,007

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

8,736

-

Bank loans - 2-5 years

27,556

-

Bank loans more 5 yr by instal

1,593

-

37,885

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,593

-

8.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

3,300

2,500

Deferred

tax

£

Balance at 1 April 2020

2,500

Accelerated capital allowances

800

Balance at 31 March 2021

3,300