PinkNews Media Group Limited - Period Ending 2015-12-31

Registration number: 05653301

PinkNews Media Group Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2015
 

Wisteria Limited
The Grange Barn
Pikes End
Pinner
Middlesex
HA5 2EX

PinkNews Media Group Limited
Contents

Company Information 1

Directors' Report 2

Statement of Directors' Responsibilities 2

Profit and Loss Account 3

Balance Sheet 4

Notes to the Financial Statements 5 to 7

PinkNews Media Group Limited
Company Information

Directors

Mr Andrew Millet Mr Benjamin Cohen Mr Richard Cohen

Company secretary

Mr Richard Cohen

Registered office

Wisteria Camrose House 2A Camrose Avenue Edgware Middlesex HA8 6EG

Accountants

Wisteria Limited The Grange Barn Pikes End Pinner Middlesex HA5 2EX

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PinkNews Media Group Limited
Directors' Report for the Year Ended 31 December 2015

The directors present their report and the unaudited financial statements for the year ended 31 December 2015.

Directors of the company

The directors who held office during the year were as follows:

Mr Andrew Millet

Mr Benjamin Cohen

Mr Richard Cohen - Company secretary and director

Principal activity

The principal activity of the company is publication of an online newspaper for the lesbian, gay, bisexual and transgender community.

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Statement of director's responsibilities

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;
•	make judgements and accounting estimates that are reasonable and prudent; and
•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Board on 29 July 2016 and signed on its behalf by:

.........................................
Mr Benjamin Cohen
Director

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PinkNews Media Group Limited
Profit and Loss Account for the Year Ended 31 December 2015

		Note			2015 £			2014 £
Turnover					237,694			148,295
Cost of sales					(6,153)			(1,535)
Gross profit					231,541			146,760
Administrative expenses					(237,821)			(95,876)
Other operating income					-			700
Operating (loss)/profit		2			(6,280)			51,584
Other interest receivable and similar income					508			343
(Loss)/profit on ordinary activities before taxation					(5,772)			51,927
Tax on (loss)/profit on ordinary activities		3			-			(13,147)
(Loss)/profit for the financial year		8			(5,772)			38,780

The notes on pages 5 to 7 form an integral part of these financial statements.
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PinkNews Media Group Limited
(Registration number: 05653301)
Balance Sheet at 31 December 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		4			2,039			-
Current assets
Debtors		5			36,155			27,696
Cash at bank and in hand					97,290			121,638
					133,445			149,334
Creditors: Amounts falling due within one year		6			(40,326)			(48,404)
Net current assets					93,119			100,930
Net assets					95,158			100,930
Capital and reserves
Called up share capital		7			1,526			1,526
Share premium account		8			34,674			34,674
Profit and loss account		8			58,958			64,730
Shareholders' funds					95,158			100,930

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

For the year ending 31 December 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

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.

Approved and authorised for issue by the Board on 29 July 2016 and signed on its behalf by:

.........................................
Mr Andrew Millet
Director

The notes on pages 5 to 7 form an integral part of these financial statements.
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PinkNews Media Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2015
......... continued

1	Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

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

Depreciation

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

Asset class	Depreciation method and rate
Computer equipment	33% on cost

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

2	Operating (loss)/profit

Operating (loss)/profit is stated after charging:

		2015 £			2014 £
Depreciation of tangible fixed assets		521			-

3

Taxation

Tax on (loss)/profit on ordinary activities

		2015 £			2014 £
Current tax
Corporation tax charge		-			13,147

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PinkNews Media Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2015
......... continued

4	Tangible fixed assets

		Office equipment £			Total £
Cost or valuation
At 1 January 2015		1,298			1,298
Additions		2,560			2,560
At 31 December 2015		3,858			3,858
Depreciation
At 1 January 2015		1,298			1,298
Charge for the year		521			521
At 31 December 2015		1,819			1,819
Net book value
At 31 December 2015		2,039			2,039
At 31 December 2014		-			-

5

Debtors

		2015 £			2014 £
Trade debtors		36,155			27,460
Other debtors		-			236
		36,155			27,696

6	Creditors: Amounts falling due within one year

		2015 £			2014 £
Trade creditors		24,161			20,803
Corporation tax		-			13,147
Other taxes and social security		11,870			7,566
Other creditors		4,295			6,888
		40,326			48,404

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PinkNews Media Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2015
......... continued

7	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		1,526			1,526			1,526			1,526

8

Reserves

		Share premium account £			Profit and loss account £			Total £
At 1 January 2015		34,674			64,730			99,404
Loss for the year		-			(5,772)			(5,772)
At 31 December 2015		34,674			58,958			93,632

9	Related party transactions

Andrew Millet, a director of the company is also director of Wisteria Limited, during the year Wisteria Limited invoiced the company £6,064 (2014:£4,320) for accountancy fees.

Benjamin Cohen, a director of the company is also a director of Hermia Limited, during the year Hermia Limited invoiced the company £10,000 (2014: £10,000) for consultancy fees.
 

10

Control

The company is controlled by two of the director s who own 82% of the called up share capital . Rochelle Cohen, wife of another director, holds 208 shares. With Rochelle Cohen's shareholding this in total equates to 96% of the called up share capital.

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