I S Media Limited - Period Ending 2015-11-30

Registration number: 03734502

I S Media Limited
 
 Unaudited Abbreviated Accounts
 
 for the Year Ended 30 November 2015
 

I S Media Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 6

I S Media Limited (Registration number: 03734502 )
  Abbreviated Balance Sheet at 30 November 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					16,325			19,295
Tangible fixed assets					39,286			25,113
Investments					1,000			-
					56,611			44,408
Current assets
Stocks					1,000			1,500
Debtors					140,995			161,466
Cash at bank and in hand					2,522			64,809
					144,517			227,775
Creditors: Amounts falling due within one year					(100,444)			(129,575)
Net current assets					44,073			98,200
Total assets less current liabilities					100,684			142,608
Creditors: Amounts falling due after more than one year					(80,077)			(88,721)
Provisions for liabilities					(1,200)			(3,700)
Net assets					19,407			50,187
Capital and reserves
Called up share capital		4			250			250
Profit and loss account					19,157			49,937
Shareholders' funds					19,407			50,187

For the year ending 30 November 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The notes on pages 3 to 6 form an integral part of these financial statements. ________________________________________________________________________________________ 1

I S Media Limited (Registration number: 03734502 )
  Abbreviated Balance Sheet at 30 November 2015 (continued)

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 31 March 2016 and signed on its behalf by:

.........................................
P D Gooding
Director

The notes on pages 3 to 6 form an integral part of these financial statements. ________________________________________________________________________________________ 2

I S Media Limited
Notes to the Abbreviated Accounts
Year Ended 30 November 2015 (continued)

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	5% straight line

Depreciation

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

Asset class	Depreciation method and rate
Computer & media equipment	20% reducing balance/33.3% straight line
Fixtures, fittings & office equipment	15% reducing balance/20% straight line

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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I S Media Limited
Notes to the Abbreviated Accounts
Year Ended 30 November 2015 (continued)

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

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I S Media Limited
Notes to the Abbreviated Accounts
Year Ended 30 November 2015 (continued)

2	Fixed assets

		Intangible assets £			Tangible assets £			Investments £			Total £
Cost
At 1 December 2014		59,390			239,445			-			298,835
Additions		-			26,715			1,000			27,715
At 30 November 2015		59,390			266,160			1,000			326,550
Depreciation
At 1 December 2014		40,095			214,332			-			254,427
Charge for the year		2,970			12,542			-			15,512
At 30 November 2015		43,065			226,874			-			269,939
Net book value
At 30 November 2015		16,325			39,286			1,000			56,611
At 30 November 2014		19,295			25,113			-			44,408

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary undertakings
People for Research Ltd	England	Ordinary A £500 and Ordinary B £500	100%	Dormant Company

The financial period end of People for Research Ltd is 31 January 2016. The profit for the financial period of People for Research Ltd was £nil and the aggregate amount of capital and reserves at the end of the period was (£1,000).

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Creditors

Creditors includes the following liabilities, on which security has been given by the company:

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I S Media Limited
Notes to the Abbreviated Accounts
Year Ended 30 November 2015 (continued)

		2015 £			2014 £
Amounts falling due within one year		8,644			8,224
Amounts falling due after more than one year		80,077			88,721
Total secured creditors		88,721			96,945

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
"A" Ordinary shares of £1 each		150			150			150			150
"B" Ordinary shares of £1 each		75			75			75			75
"C" Ordinary shares of £1 each		25			25			25			25
		250			250			250			250

5	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
P D Gooding
Brought forward	-	-	986	-
Dividend	-	13,000	-	1,000
Drawings	9,911	-	3,413	-
	9,911	13,000	4,399	1,000
N Pritchard
Brought forward	-	-	11,681	-
Dividends	-	15,000	-	12,000
Drawings	17,898	-	15,328	-
	17,898	15,000	27,009	12,000

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