E-Post Media Limited Filleted accounts for Companies House (small and micro)

E-POST MEDIA LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05320903

E-Post Media Limited

Filleted Unaudited Financial Statements

31 March 2023

E-Post Media Limited

Statement of Financial Position

31 March 2023

	2023	2022
Note	£	£

Fixed assets

Intangible assets	5	28,096	16,912
Tangible assets	6	1,055,172	991,484
		------------	------------
		1,083,268	1,008,396

Current assets

Debtors	7	1,717,005	1,600,588
Cash at bank and in hand		52,776	71,450
		------------	------------
		1,769,781	1,672,038

Creditors: amounts falling due within one year	8	3,151,385	2,889,780
		------------	------------
Net current liabilities		1,381,604	1,217,742
		------------	------------
Total assets less current liabilities		( 298,336)	( 209,346)

Creditors: amounts falling due after more than one year	9	874,391	1,027,546
		------------	------------
Net liabilities		( 1,172,727)	( 1,236,892)
		------------	------------

Capital and reserves

Called up share capital	77	77
Share premium account	1,125	1,125
Capital redemption reserve	48	48
Profit and loss account	( 1,173,977)	( 1,238,142)
	------------	------------
Shareholders deficit	( 1,172,727)	( 1,236,892)
	------------	------------

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 statement of income and retained earnings has not been delivered.

For the year ending 31 March 2023 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 .

E-Post Media Limited

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 3 July 2023 , and are signed on behalf of the board by:

M A G Bayley

Director

Company registration number: 05320903

E-Post Media Limited

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 25 Noel Street, London, W1F 8GX.

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.

Going concern

The Company's current liabilities exceeded its total assets at the year end. The directors however, considers the preparation of these financial statements as a going concern to be appropriate on the basis that the company will be able to generate sufficient finance such that it will be able to meet its obligations as they fall due for a period of not less than twelve months from the date on which these financial statements are approved. The shareholders have undertaken to provide financial support in in order for the Company to continue operational existence and pay its creditors as they fall due.

Revenue recognition

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 ales taxes. The following criteria must 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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Computer software licences	-	25% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

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

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:

Short leasehold property	-	length of the lease
Plant and machinery	-	25% straight line
Fixtures and fittings	-	25% straight line
Computer equipment	-	25% straight line
Leased equipment	-	25 % straight line

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 83 (2022: 75 ).

5. Intangible assets

	Computer software licences
	£
Cost
At 1 April 2022	192,040
Additions	19,432
	---------
At 31 March 2023	211,472
	---------
Amortisation
At 1 April 2022	175,128
Charge for the year	8,248
	---------
At 31 March 2023	183,376
	---------
Carrying amount
At 31 March 2023	28,096
	---------
At 31 March 2022	16,912
	---------

6. Tangible assets

	Short leasehold property	Plant and machinery	Fixtures and fittings	Computer equipment	Leased equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2022	354,538	15,000	231,397	1,970,323	1,643,914	4,215,172
Additions	–	–	19,661	316,956	198,949	535,566
	---------	--------	---------	------------	------------	------------
At 31 Mar 2023	354,538	15,000	251,058	2,287,279	1,842,863	4,750,738
	---------	--------	---------	------------	------------	------------
Depreciation
At 1 Apr 2022	258,086	11,250	187,987	1,308,649	1,457,716	3,223,688
Charge for the year	16,616	3,750	36,030	289,216	126,266	471,878
	---------	--------	---------	------------	------------	------------
At 31 Mar 2023	274,702	15,000	224,017	1,597,865	1,583,982	3,695,566
	---------	--------	---------	------------	------------	------------
Carrying amount
At 31 Mar 2023	79,836	–	27,041	689,414	258,881	1,055,172
	---------	--------	---------	------------	------------	------------
At 31 Mar 2022	96,452	3,750	43,410	661,674	186,198	991,484
	---------	--------	---------	------------	------------	------------

7. Debtors

	2023	2022
	£	£
Trade debtors	596,622	775,770
Other debtors	1,120,383	824,818
	------------	------------
	1,717,005	1,600,588
	------------	------------

8. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	557,467	803,201
Trade creditors	1,292,565	773,759
Accruals and deferred income	812,690	777,144
Social security and other taxes	377,271	433,753
Obligations under finance leases and hire purchase contracts	91,019	54,837
Other creditors	20,373	14,586
Other loans	–	32,500
	------------	------------
	3,151,385	2,889,780
	------------	------------

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

	2023	2022
	£	£
Bank loans and overdrafts	541,329	765,333
Obligations under finance leases and hire purchase contracts	133,062	62,213
Other Loans	200,000	200,000
	---------	------------
	874,391	1,027,546
	---------	------------

10. Operating leases

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

	2023	2022
	£	£
Not later than 1 year	827,748	743,507
Later than 1 year and not later than 5 years	1,849,487	1,560,431
	------------	------------
	2,677,235	2,303,938
	------------	------------

11. Contingencies

Fixed and floating charges as well as specific charges in certain cases have been made against the company's assets in favour of the following financiers: - Coutts & Company - Lloyds Bank Commercial Finance Ltd

12. Directors' advances, credits and guarantees

The company also received a loan of £90,000 from the director, J Rogerson. Interest was charged at a rate of 5% per annum. At the year end £263 was owed by the director. During the year, the director, M Bayley, purchased equipment from the company for £700 including VAT.

13. Related party transactions

During the year, £39,120 consultancy fees were paid to Random Rock Limited, a company under the control of director R Taylor. No amounts remained outstanding at the year end. The company received an additional loan of £90,000 from Random Rock Limited during the year which was repaid during the year with interest charged at a rate of 5% per annum. At the year end £200,000 was owed and repayable within 5 years of the year end, with interest charged at a rate of 5% per annum.