SAGE MEDIA LIMITED - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 05462823 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2022

for

SAGE MEDIA LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

Adnan Faour

SECRETARY:

Osman Secretaries Ltd

REGISTERED OFFICE:

591 London Road

Cheam

Sutton

Surrey

SM3 9AG

REGISTERED NUMBER:

05462823 (England and Wales)

ACCOUNTANTS:

Merali's Chartered Accountants

Scottish Provident House

76-80 College Road

Harrow

Middlesex

HA1 1BQ

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SAGE MEDIA LIMITED for the year ended 31 May 2022 which comprise the Income Statement, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of SAGE MEDIA LIMITED in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of SAGE MEDIA LIMITED and state those matters that we have agreed to state to the director of SAGE MEDIA LIMITED in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SAGE MEDIA LIMITED and its director for our work or for this report.

It is your duty to ensure that SAGE MEDIA LIMITED 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 profit of SAGE MEDIA LIMITED. You consider that SAGE MEDIA LIMITED is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of SAGE MEDIA LIMITED. 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.

Merali's Chartered Accountants

Scottish Provident House

76-80 College Road

Harrow

Middlesex

HA1 1BQ

22 February 2023

FIXED ASSETS

Tangible assets

4

94,908

120,696

CURRENT ASSETS

Debtors

5

1,421,863

1,402,921

Cash at bank

430,095

363,225

1,851,958

1,766,146

CREDITORS

Amounts falling due within one year

6

(4,814,379

)

(4,810,548

)

NET CURRENT LIABILITIES

(2,962,421

)

(3,044,402

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,867,513

)

(2,923,706

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(2,868,513

)

(2,924,706

)

SHAREHOLDERS' FUNDS

(2,867,513

)

(2,923,706

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 February 2023 and were signed by:

Adnan Faour - Director

1.	STATUTORY INFORMATION

SAGE 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.

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.

Tangible fixed assets

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

Studio fixture and fittings

-

10% on cost

Filming and broadcasting equi pment

-

25% on reducing balance

Office equipment

-

10% on cost

Electronic equipment

-

25% on cost

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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

Although there is an increase in deficit in net assets, this deficit have resulted mainly from unsecured loans, hence no charge to the company. After making enquiries and taking in to account for the above considerations, the directors have formed a judgement at the time of approving the financial statements that there is reasonable expectations that the company have liquid resources to continue to be in operational existence for the foreseeable future. For above reasons, the directors continue to adopt the going concern basis in preparing these financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2021 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Filming

Studio

and

fixture

broadcasting

and

equi

Office

Electronic

fittings

pment

equipment

equipment

Totals

£

£

£

£

£

COST

At 1 June 2021

and 31 May 2022

121,168

256,718

32,669

138,366

548,921

DEPRECIATION

At 1 June 2021

55,699

205,362

28,798

138,366

428,225

Charge for year

12,117

12,839

832

-

25,788

At 31 May 2022

67,816

218,201

29,630

138,366

454,013

NET BOOK VALUE

At 31 May 2022

53,352

38,517

3,039

-

94,908

At 31 May 2021

65,469

51,356

3,871

-

120,696

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

113,398

25,768

Other debtors

142,335

200,000

Interest on loan

4,699

34,232

VAT

262,682

230,993

Deferred tax asset

751,056

764,860

Prepayments

147,693

147,068

1,421,863

1,402,921

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

-

1,058

Creative Management Int'l Ltd

3,303,857

3,555,610

Trade creditors

1,440,870

1,213,422

Social security and other taxes

11,829

11,648

Credit Card -Natwest

802

357

Pensions payable

-

1,743

Directors' current accounts

34,224

5,210

Accruals

22,797

21,500

4,814,379

4,810,548

7.	RELATED PARTY DISCLOSURES

Creditors include an amount of £34,224 (2021: £5,210 payable to Adnan Faour, director of the company. This is an interest free loan provided to the company.