Northern Light Media (Yorkshire) Limited Filleted accounts for Companies House (small and micro)

NORTHERN LIGHT MEDIA (YORKSHIRE) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07136898

Northern Light Media (Yorkshire) Limited

Filleted unaudited financial statements

31 March 2022

Northern Light Media (Yorkshire) Limited

Statement of financial position

31 March 2022

	2022		2021
Note	£	£	£	£

Fixed assets

Tangible assets	5		247,720		166,691

Current assets

Debtors	6	302,619	234,447
Cash at bank and in hand		100	5,804
		---------	---------
		302,719	240,251

Creditors: amounts falling due within one year	7	( 413,553)		( 243,125)
		---------		---------
Net current liabilities			( 110,834)		( 2,874)
			---------		---------
Total assets less current liabilities			136,886		163,817

Creditors: amounts falling due after more than one year	8	( 35,172)	( 134,168)
		---------	---------
Net assets		101,714	29,649
		---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	101,712	29,647
	---------	-------
Shareholders funds	101,714	29,649
	---------	-------

These financial statements 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 income statement has not been delivered.

For the year ending 31st March 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 financial statements 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 financial statements .

Northern Light Media (Yorkshire) Limited

Statement of financial position (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 29 March 2023 , and are signed on behalf of the board by:

Mr C Elliott

Director

Company registration number: 07136898

Northern Light Media (Yorkshire) Limited

Notes to the financial statements

year ended 31st March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Junction, Charles Street, Horbury, Wakefield, WF4 5FH. The principal activity of the company is that of professional marketing services .

2. Statement of compliance

These financial statements 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 financial statements 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 financial statements are prepared in sterling, which is the functional currency of the entity.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

Taxation

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

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:

	Equipment	-	20% straight line

No depreciation is charged on Land & Buildings.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 18 (2021: 16 ).

5. Tangible assets

Land and buildings	Equipment	Total
£	£	£

Cost or valuation
At 1st April 2021	157,500	18,864	176,364
Additions	–	1,018	1,018
Revaluations	82,500	–	82,500
	---------	-------	---------
At 31st March 2022	240,000	19,882	259,882
	---------	-------	---------
Depreciation
At 1st April 2021	–	9,673	9,673
Charge for the year	–	2,489	2,489
	---------	-------	---------
At 31st March 2022	–	12,162	12,162
	---------	-------	---------
Carrying amount
At 31st March 2022	240,000	7,720	247,720
	---------	-------	---------
At 31st March 2021	157,500	9,191	166,691
	---------	-------	---------

6. Debtors

	2022	2021
	£	£

Trade debtors	144,369	70,573
Other debtors	158,250	163,874
	---------	---------
	302,619	234,447
	---------	---------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£

Bank loans and overdrafts	102,658	14,164
Trade creditors	8,015	4,549
Accruals and deferred income	3,850	3,500
Corporation tax	50,124	11,000
Social security and other taxes	247,244	206,780
Other creditors	1,662	3,132
	---------	---------
	413,553	243,125
	---------	---------

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

	2022	2021
	£	£

Bank loans and overdrafts	35,172	134,168
	-------	---------

9.Events after the end of the reporting period

The freehold property was sold after the year-end for £240,000.

10. Directors' advances, credits and guarantees

At the year end the directors owed the company £120,190 (2021 - £151,278). The loan is interest free and repayable on demand.