DS Media and Events Ltd - Accounts to registrar (filleted) - small 18.2
DS Media and Events Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 March 2021 |
| for |
| DS Media and Events Ltd |
| DS Media and Events Ltd (Registered number: SC369894) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| DS Media and Events Ltd |
| Company Information |
| for the Year Ended 31 March 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 25 Castle Terrace |
| Edinburgh |
| EH1 2ER |
| DS Media and Events Ltd (Registered number: SC369894) |
| Balance Sheet |
| 31 March 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
8 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| 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. |
| DS Media and Events Ltd (Registered number: SC369894) |
| Balance Sheet - continued |
| 31 March 2021 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| DS Media and Events Ltd (Registered number: SC369894) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2021 |
| 1. | STATUTORY INFORMATION |
| DS Media and Events Ltd is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The company made a loss of £75,985 for the year (2020: profit of £39,960) and had a net current liabilities of £137,575 (2020: £101,590). |
| The company is dependent upon the support of the directors to continue in operational existence for the foreseeable future. The directors believe, after reviewing the company's forecasts and projections that there are adequate resources available and the company therefore continues to adopt the going concern basis in preparing its financial statements. |
| The financial statements do not include any adjustments that would be required if the company was unable to continue as a going concern. |
| Significant judgements and estimates |
| Preparing the financial statements may require the directors to make significant judgements and estimates. There were no items in the financial statements where these judgements and estimates were required. |
| DS Media and Events Ltd (Registered number: SC369894) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. |
| Revenue from services rendered is recognised when the amount of revenue can be measured reliably and the event takes place. |
| Intangible assets |
| Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. |
| Race development costs are recognised as an intangible asset when all of the following criteria are demonstrated: |
| - Technical feasibility of setting up the event is confirmed |
| - Intention to operate the event is agreed |
| - Contracts and licences are in place to permit the event |
| - Generation of probable future economic benefits is demonstrated. |
| - The availability of adequate resources to develop the event is secured. |
| - The ability to measure reliably the expenditure attributable to the development of the event. |
| Amortisation |
| Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method as follows: |
| Business development costs - 33% straight line |
| If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. |
| Tangible fixed assets |
| Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. |
| 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: |
| Race equipment - 25% straight line |
| Impairment of assets |
| At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
| If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that could have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| DS Media and Events Ltd (Registered number: SC369894) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, directors loan and bank loan. |
| Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
| Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2020 - NIL). |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 April 2020 |
| and 31 March 2021 |
| AMORTISATION |
| At 1 April 2020 |
| and 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| DS Media and Events Ltd (Registered number: SC369894) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 April 2020 |
| and 31 March 2021 |
| DEPRECIATION |
| At 1 April 2020 |
| Charge for year |
| At 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans |