GZ Digital Media UK Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04362027 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

GZ DIGITAL MEDIA UK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

P Bibby

SECRETARY:

M Sterba

REGISTERED OFFICE:

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

REGISTERED NUMBER:

04362027 (England and Wales)

AUDITORS:

Oury Clark Chartered Accountants

Statutory Auditors

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

FIXED ASSETS

Tangible assets

4

125

250

CURRENT ASSETS

Debtors

5

58,413

63,618

Cash at bank

106,224

102,046

164,637

165,664

CREDITORS

Amounts falling due within one year

6

55,229

68,501

NET CURRENT ASSETS

109,408

97,163

TOTAL ASSETS LESS CURRENT LIABILITIES

109,533

97,413

CAPITAL AND RESERVES

Called up share capital

7

40,000

40,000

Retained earnings

69,533

57,413

SHAREHOLDERS' FUNDS

109,533

97,413

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 21 March 2024 and were signed by:

P Bibby - Director

1.	STATUTORY INFORMATION

GZ Digital Media UK 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.

The accounts have been prepared on the going concern basis in light of the fact that the parent company, GZ Media AS, will continue to provide financial support to GZ Digital Media UK Limited for a period of at least 12 months and 1 day from the date on which the audit report is signed.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is a cost recharge to GZ Media AS. All revenue is derived in the UK and billed in GBP to GZ Media AS. Turnover is wholly attributable to the principal activity of the company and it is recognised when costs are incurred.

Tangible fixed assets

Tangible fixed assets are initially measured at cost.

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

Plant and machinery etc - 20% on cost

Financial instruments

Basic Financial Instruments, as covered by Section 11 of FRS 102, are measured at amortised cost. The company does not have any Other Financial Instruments, as covered by Section 12 of FRS 102.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2023

and 31 December 2023

625

DEPRECIATION

At 1 January 2023

375

Charge for year

125

At 31 December 2023

500

NET BOOK VALUE

At 31 December 2023

125

At 31 December 2022

250

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Amounts owed by group undertakings

10,000

10,000

Other debtors

48,413

53,618

58,413

63,618

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Trade creditors

1,225

1,329

Taxation and social security

5,363

4,955

Other creditors & accruals

48,641

62,217

55,229

68,501

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.23

31.12.22

value:

£

£

40,000

Ordinary

£1

40,000

40,000

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Emma Crowley (Senior Statutory Auditor)

for and on behalf of Oury Clark Chartered Accountants

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-

"Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed."

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Z Pelc by virtue of his controlling shareholding in Earthglobe Limited, a company incorporated in Cyprus, and the ultimate parent company of GZ Digital Media UK Limited.

10.	IMMEDIATE PARENT

The smallest and largest group entity that GZ Digital Media UK Limited's financial statements are consolidated within is GZ Media AS, a company incorporated in Czech Republic.

GZ Media AS registered office is: Tovární 340, 267 12, Lodenice, Czech Republic. These consolidated accounts are not publicly available.