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Registered number: 10203023
CORALBAY.TV LTD
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 31 May 2022
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CORALBAY.TV LTD
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of CORALBAY.TV LTD for the Year Ended 31 May 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CORALBAY.TV LTD for the year ended 31 May 2022 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm 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 https://www.icaew.com /regulation.
This report is made solely to the Board of Directors of CORALBAY.TV LTD, as a body, in accordance with the terms of our engagement letter dated 26 July 2019. Our work has been undertaken solely to prepare for your approval the financial statements of CORALBAY.TV LTD and state those matters that we have agreed to state to the Board of Directors of CORALBAY.TV LTD, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CORALBAY.TV LTD and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that CORALBAY.TV LTD has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of CORALBAY.TV LTD. You consider that CORALBAY.TV LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of CORALBAY.TV LTD. 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 statutory financial statements.
Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
30 November 2022
Page 1
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CORALBAY.TV LTD
Registered number: 10203023
Balance Sheet
As at 31 May 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Page 2
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CORALBAY.TV LTD
Registered number: 10203023
Balance Sheet (continued)
As at 31 May 2022
The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
P Hajittofi
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The notes on pages 4 to 8 form part of these financial statements.
Page 3
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CORALBAY.TV LTD
Notes to the Financial Statements
For the Year Ended 31 May 2022
The Company is a private company, limited by share capital, and incorporated in England and Wales. The registered office and principal place of business is Suite 5 - 3rd Floor, Mabgate Business Centre, 93-99 Mabgate Road,Leeds, United Kingdom, LS9 7DR.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in sterling and rounded to the nearest £1.
The following principal accounting policies have been applied:
Not withstanding the net current liabilities of £263,437 (2021 - £134,663), the accounts have been prepared on a going concern basis as the directors are of the opinion that the Company has sufficient working capital to meet its forseeable requirements for the next twelve months. If the going concern basis were not appropriate, adjustments would have to be made to reduce assets to their recoverable amount, to provide for any further liabilities that might arise, and to reclassify fixed assets as current assets.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
Page 4
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CORALBAY.TV LTD
Notes to the Financial Statements
For the Year Ended 31 May 2022
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives of 3 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.
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Current and deferred taxation
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Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Page 5
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CORALBAY.TV LTD
Notes to the Financial Statements
For the Year Ended 31 May 2022
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was 9 (2021 - 7).
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Page 6
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CORALBAY.TV LTD
Notes to the Financial Statements
For the Year Ended 31 May 2022
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Prepayments and accrued income
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Authorised, allotted, called up and fully paid
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140 (2021 - 140) A Ordinary shares of £1 each
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160 (2021 - 160) B Ordinary shares of £1 each
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Page 7
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CORALBAY.TV LTD
Notes to the Financial Statements
For the Year Ended 31 May 2022
Profit and loss account
The profit and loss account comprises the Company's cumulative profits, net of dividends declared.
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £13,813 (2021 - £13,379). Contributions totalling £1,268 (2021 - £984) were payable to the fund at the balance sheet date.
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Related party transactions
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During the period the Company made the following related party transactions:
Directors
During the period the directors continued to provide loans to the Company. The loans are interest free and repayable on demand. At the balance sheet date the amount due to the directors was £181,474 (2021 - £181,474).
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