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

Registration number: 04622493

Graffiti Media Group Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2015
 

Graffiti Media Group Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Graffiti Media Group Limited
for the Year Ended 31 December 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Graffiti Media Group Limited for the year ended 31 December 2015 set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Graffiti Media Group Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Graffiti Media Group Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Graffiti Media Group Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Graffiti Media Group Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Graffiti Media Group Limited. You consider that Graffiti Media Group Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Graffiti Media Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Jacobs Allen Limited
Chartered Accountants & Chartered Tax Advisers
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

31 October 2016

Page 1

Graffiti Media Group Limited
(Registration number: 04622493)
Abbreviated Balance Sheet at 31 December 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					33,366			37,302
Investments					1			-
					33,367			37,302
Current assets
Debtors					58,833			120,051
Cash at bank and in hand					6,310			21,279
					65,143			141,330
Creditors: Amounts falling due within one year					(100,984)			(198,112)
Net current liabilities					(35,841)			(56,782)
Total assets less current liabilities					(2,474)			(19,480)
Provisions for liabilities					(2,210)			-
Net liabilities					(4,684)			(19,480)
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					(4,685)			(19,481)
Shareholders' deficit					(4,684)			(19,480)

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 director acknowledges her 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 director on 31 October 2016

.........................................
Mrs Anne Lorraine Short
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Graffiti Media Group Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 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 January 2015).

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

At the year end total liabilities exceeded total assets by £4,684 (2014 - £19,480), however liabilities include £45,998 (2014 - £8,207) due to the director and the director has indicated her willingness to continue to support the company. 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 on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Motor vehicles	20% reducing balance
Office equipment	10% reducing balance

Fixed asset investments

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

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.

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.

Page 3

Graffiti Media Group Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 January 2015		96,463			-			96,463
Additions		2,500			1			2,501
At 31 December 2015		98,963			1			98,964
Depreciation
At 1 January 2015		59,161			-			59,161
Charge for the year		6,436			-			6,436
At 31 December 2015		65,597			-			65,597
Net book value
At 31 December 2015		33,366			1			33,367
At 31 December 2014		37,302			-			37,302

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
Zebra TM Limited	England	Ordinary shares	100%	Advertising agency

The profit for the financial period of Zebra TM Limited was £nil and the aggregate amount of capital and reserves at the end of the period was £1.

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		1			1			1			1

Page 4