PinkNews Media Group Limited - Period Ending 2014-12-31

Registration number: 05653301

PinkNews Media Group Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2014
 

Wisteria Limited
The Grange Barn
Pikes End
Pinner
London
HA5 2EX

PinkNews Media Group Limited
Contents

Company Information 1

Directors' Report 2

Statement of Directors' Responsibilities 2

Profit and Loss Account 3

Balance Sheet 4

Notes to the Financial Statements 5 to 6

PinkNews Media Group Limited
Company Information

Directors

Mr Andrew Millet Mr Benjamin Cohen Mr Richard Cohen

Company secretary

Mr Richard Cohen

Registered office

Wisteria Grange Barn Pikes End Pinner London HA5 2EX

Page 1

PinkNews Media Group Limited
Directors' Report for the Year Ended 31 December 2014

The directors present their report and the unaudited financial statements for the year ended 31 December 2014.

Directors of the company

The directors who held office during the year were as follows:

Mr Andrew Millet

Mr Benjamin Cohen

Mr Richard Cohen - Company secretary and director

These directors did not hold any non-beneficial interests in the shares of the company.

208 ordinary shares of £1 each are held by Rochelle Cohen. Rochelle Cohen is the spouse of Richard Cohen, a director of the company; and mother of Benjamin Cohen, a director of the company.

Principal activity

The principal activity of the company is publication of an online newspaper for the lesbian, gay, bisexual and transgender community.

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Statement of director's responsibilities

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;
•	make judgements and accounting estimates that are reasonable and prudent; and
•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Board on 30 September 2015 and signed on its behalf by:

.........................................
Mr Andrew Millet
Director

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PinkNews Media Group Limited
Profit and Loss Account for the Year Ended 31 December 2014

		Note			2014 £			2013 £
Turnover					148,295			105,827
Cost of sales					(1,535)			(8,463)
Gross profit					146,760			97,364
Administrative expenses					(95,876)			(64,074)
Other operating income					700			-
Operating profit					51,584			33,290
Other interest receivable and similar income					343			47
Interest payable and similar charges					-			(25)
Profit on ordinary activities before taxation					51,927			33,312
Tax on profit on ordinary activities		2			(13,147)			(7,562)
Profit for the financial year		6			38,780			25,750

The notes on pages 5 to 6 form an integral part of these financial statements.
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PinkNews Media Group Limited
(Registration number: 05653301)
Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Current assets
Debtors		3			27,696			9,971
Cash at bank and in hand					121,638			80,256
					149,334			90,227
Creditors: Amounts falling due within one year		4			(48,404)			(28,077)
Net assets					100,930			62,150
Capital and reserves
Called up share capital		5			1,526			1,526
Share premium account		6			34,674			34,674
Profit and loss account		6			64,730			25,950
Shareholders' funds					100,930			62,150

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

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.

Approved and authorised for issue by the Board on 30 September 2015 and signed on its behalf by:

.........................................
Mr Andrew Millet
Director

The notes on pages 5 to 6 form an integral part of these financial statements.
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PinkNews Media Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2014
......... continued

1	Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

2

Taxation

Tax on profit on ordinary activities

		2014 £			2013 £
Current tax
Corporation tax charge		13,147			7,562

3

Debtors

		2014 £			2013 £
Trade debtors		27,460			9,971
Other debtors		236			-
		27,696			9,971

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PinkNews Media Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2014
......... continued

4	Creditors: Amounts falling due within one year

		2014 £			2013 £
Trade creditors		20,803			11,561
Corporation tax		13,147			7,828
Other taxes and social security		7,566			1,801
Other creditors		6,888			6,887
		48,404			28,077

5	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		1,526			1,526			1,526			1,526

6

Reserves

		Share premium account £			Profit and loss account £			Total £
At 1 January 2014		34,674			25,950			60,624
Profit for the year		-			38,780			38,780
At 31 December 2014		34,674			64,730			99,404

7	Related party transactions

Andrew Millet, a director of the company is also a director of Wisteria Limited. During the year Wisteria Limited invoices the company £4,320 (last year £3,090) for accountancy fees.

Benjamin Cohen, a director of the company is also a director of Hermia Ltd. During the year Hermia Ltd invoices the company £10,000 (last year £8,500) for consultancy fees.

8

Control

The company is controlled by two of the directors who own 82% of the called up share capital. Also Rochelle Cohen, wife of another director, holds 208 shares. With Rochelle Cohen's shareholding this in total equates to 96%.

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