New Perspective Media Ltd (formerly Brainiac Puzzles Limited) Filleted accounts for Companies House (small and micro)

NEW PERSPECTIVE MEDIA LTD - Company Information

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COMPANY REGISTRATION NUMBER: 10496490

New Perspective Media Ltd (formerly Brainiac Puzzles Limited)

Filleted Unaudited Accounts

30 June 2022

New Perspective Media Ltd (formerly Brainiac Puzzles Limited)

Statement of Financial Position

30 June 2022

	2022		2021
Note	£	£	£	£

Fixed assets

Tangible assets	5	–	5,946
Investments	6	100	–
		----	-------
		100	5,946

Current assets

Debtors	7	476,836	360,622
Cash at bank and in hand		9,393	16,246
		---------	---------
		486,229	376,868

Creditors: amounts falling due within one year	8	( 23,577)		( 101,741)
		---------		---------
Net current assets			462,652		275,127
			---------		---------
Total assets less current liabilities			462,752		281,073

Creditors: amounts falling due after more than one year	9	( 30,000)	( 40,000)
		---------	---------
Net assets		432,752	241,073
		---------	---------

Capital and reserves

Called up share capital	12,000	12,000
Share premium account	128,000	128,000
Profit and loss account	292,752	101,073
	---------	---------
Shareholders funds	432,752	241,073
	---------	---------

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .

New Perspective Media Ltd (formerly Brainiac Puzzles Limited)

Statement of Financial Position (continued)

30 June 2022

These accounts were approved by the board of directors and authorised for issue on 20 February 2023 , and are signed on behalf of the board by:

K B Smith

Director

Company registration number: 10496490

New Perspective Media Ltd (formerly Brainiac Puzzles Limited)

Notes to the Accounts

Year ended 30 June 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The principal place of business address is 1 - 5 Clerkenwell Road, London, EC1M 5PA.

2. Statement of compliance

These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The accounts are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated accounts contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts, indemnity claims and of Value Added Tax. Revenue from the sale of goods is recognised when the sale is made and the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably. Sale of goods paid by direct debit are recognised on a receipt basis to ensure the transactions can be measured reliably.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Fixtures and fittings	-	1 and 4 years
Equipment	-	1 and 4 years

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2021: 1 ).

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 July 2021 and 30 June 2022	5,829	513	6,342
	-------	----	-------
Depreciation
At 1 July 2021	364	32	396
Charge for the year	5,465	481	5,946
	-------	----	-------
At 30 June 2022	5,829	513	6,342
	-------	----	-------
Carrying amount
At 30 June 2022	–	–	–
	-------	----	-------
At 30 June 2021	5,465	481	5,946
	-------	----	-------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 July 2021	–
Additions	100
	----
At 30 June 2022	100
	----
Impairment
At 1 July 2021 and 30 June 2022	–
	----

Carrying amount
At 30 June 2022	100
	----
At 30 June 2021	–
	----

7. Debtors

	2022	2021
	£	£
Trade debtors	11,000	110,000
Amounts owed by group undertakings and undertakings in which the company has a participating interest	460,208	218,281
Other debtors	5,628	32,341
	---------	---------
	476,836	360,622
	---------	---------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	10,000	10,000
Trade creditors	10,455	90,639
Other creditors	3,122	1,102
	--------	---------
	23,577	101,741
	--------	---------

9. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	30,000	40,000
	--------	--------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2022	2021
	£	£
Not later than 1 year	14,483	21,725
Later than 1 year and not later than 5 years	–	14,483
	--------	--------
	14,483	36,208
	--------	--------

11. Related party transactions

During the period the company incurred the following transaction with group members that are not wholly owned: Expenses incurred from group members totalling £68,537 (2021: £196,266). Amounts written off as bad debts during the year £85,140 (2021: £106,206). The amounts owed by group members to the company at year end was £405,308 (2021: £Nil).