Nice Media Limited
Nice Media Limited
Registered number: 4806988
Unaudited Financial Statements
For The Year Ended 31 March 2017
Craker Business Solutions LTD
Chartered Accountants
3 Rose Cottages
Lewes Road
Danehill
West Sussex
RH17 7ET
Nice Media Limited
Unaudited Financial Statements
For The Year Ended 31 March 2017
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Accountant's Report | 1 |
| Balance Sheet | 2—3 |
| Statement of Changes in Equity | 4 |
| Notes to the Financial Statements | 5—9 |
Nice Media Limited
Accountant's Report
For The Year Ended 31 March 2017
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Nice Media Limited For The Year Ended 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Nice Media Limited For The Year Ended 31 March 2017 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the accounting records and from information and explanations you have given to us.
As a practising member 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 directors of Nice Media Limited , as a body, in accordance with the terms of our engagement letter dated 11 September 2013. Our work has been undertaken solely to prepare for your approval the accounts of Nice Media Limited and state those matters that we have agreed to state to the directors of Nice Media Limited , 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 Nice Media Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that Nice Media 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 or loss of Nice Media Limited . You consider that Nice Media Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Nice Media 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 financial statements.
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Chartered Accountants
3 Rose Cottages
Lewes Road
Danehill
West Sussex
RH17 7ET
Page 1
Nice Media Limited
Balance Sheet
As at
31 March 2017
Balance Sheet
Registered number:
4806988
For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2017 | 2016 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 7 |
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| CURRENT ASSETS | |||||
| Debtors | 8 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 9 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 10 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 11 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 12 |
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| Profit and loss account |
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| SHAREHOLDERS' FUNDS | (65,887) | 321 | |||
Page 2
Nice Media Limited
Balance Sheet (continued)
As at
31 March 2017
Directors' responsibilities:
-
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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
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The notes on pages 5 to 9 form part of these financial statements.
Page 3
Nice Media Limited
Statement of Changes in Equity
For The Year Ended 31 March 2017
Statement of Changes in Equity
| Share Capital | Profit & Loss Account | Total | |
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| £ | £ | £ | |
| As at 1 April 2015 |
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552 |
| Profit for the year and total comprehensive income | - |
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37,769 |
| Dividends paid | - | (38,000) | (38,000) |
| As at 31 March 2016 and 1 April 2016 |
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321 |
| Loss for the year and total comprehensive income | - |
( |
(64,208) |
| Dividends paid | - | (2,000) | (2,000) |
| As at |
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(65,887) |
Page 4
Nice Media Limited
Notes to the Unaudited Accounts
For The Year Ended 31 March 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate. The company made a loss for year end 31 March 2017. Cashflow and profit projections for 31 March 2018 year end show the company returning to a profit, therefore the directors consider the going concern basis remains appropriate.
1.3.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Accrued income is recognised where work has been performed before invoice is issued, measured at portion of work completed as a percentage of sales price.
Deferred income is recognised where invoice has been issued before work carried out, measured at portion of work not done as a percentage of sales price.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.7.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.8.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
Page 5
Nice Media Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 March 2017
3.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2017 | 2016 | ||
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| £ | £ | ||
| Wages and salaries |
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| Social security costs |
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| Other pension costs |
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4.
Average number of employees
Average number of employees, including directors, during the year was as follows:
| 2017 | 2016 | ||
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| Office and administration |
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| Sales, marketing and distribution |
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| Manufacturing |
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5.
Interest Payable
| 2017 | 2016 | ||
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| £ | £ | ||
| Bank loans and overdrafts |
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7.
Tangible Assets
| Plant & Machinery | |
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| Cost | |
| As at |
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| Additions |
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| Depreciation | |
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| Provided during the period |
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| Net Book Value | |
| As at |
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| As at |
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Page 6
Nice Media Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 March 2017
8.
Debtors
| 2017 | 2016 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Directors' loan accounts | 15,832 | - | |
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9.
Creditors: Amounts Falling Due Within One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Other creditors |
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| Accruals and deferred income |
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| Directors' loan accounts | - |
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10.
Creditors: Amounts Falling Due After More Than One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Bank loans |
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11.
Deferred Taxation
| 2017 | 2016 | ||
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| £ | £ | ||
| As at |
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| Deferred taxation |
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| Deferred tax |
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The provision for deferred taxation is made up of accelerated capital allowances of £2,755 (deferred tax liability) and an accrual for deferred taxation of taxable losses of £4,800 (deferred tax asset).
Page 7
Nice Media Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 March 2017
13.
Transactions With and Loans to Directors
Included within Debtors are the following loans to directors:
| As at |
Amounts advanced | Amounts repaid | As at |
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| £ | £ | £ | £ | |
| Mr Tom Hickmore |
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| Mrs Melanie Hickmore |
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The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
| 2017 | 2016 | |
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| £ | £ | |
| Mr Tom Hickmore | 1,000 | 19,000 |
| Mrs Melanie Hickmore | 1,000 | 19,000 |
14.
Dividends
| 2017 | 2016 | ||
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| £ | £ | ||
| On equity shares: | |||
| Interim dividend paid |
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| 2,000 | 38,000 | ||
Page 8
Nice Media Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 March 2017
15.
Related Party Transactions
Mr T Hickmore
Director
Mr T Hickmore received a salary of £9,500 (2016: £9,500) and benefits in kind of £802 (2016: £750). He received £1,000 in dividends (2016: £19,000) and payment for use of home of £450.86 (2016: £346). At yr end Mr T Hickmore owed to the company £8,958 being the balance on his Directors Loan Account. At 31 March 2016 the company owed him £7,495 being the balance on his Directors Loan Account. On 17 March 2016 T Hickmore made a loan to the company of £10,000, of which £4,250 is due at year end. The loan is repayable at the option of the company and is classified as a current liability as the Director's plan to repay the loan within one year. The loan is subject to an interest rate of 8% per annum. During the year T Hickmore was paid £405 (2016: £33) of interest on the loan.
Mrs M Hickmore
Director
Mrs M Hickmore received a salary of £13,326 (2016: £17,917) and benefits in kind of £332 (2016: £310). She received £1,000 in dividends (2016: £19,000) and payment for use of home of £450.86 (2016: £346). At yr end Mrs M Hickmore owed to the company £6,873 being the balance on her Directors Loan Account. At 31 March 2016 the company owed her £2,769 being the balance on her Directors Loan Account. On 17 March 2016 M Hickmore made a loan to the company of £10,000, of which £4,250 is due at year end. The loan is repayable at the option of the company and is classified as a current liability as the Director's plan to repay the loan within one year. The loan is subject to an interest rate of 8% per annum. During the year M Hickmore was paid £405 (2016: £33) of interest on the loan.
16.
Ultimate Controlling Party
The company's ultimate controlling parties are Mr T Hickmore and Mrs M Hickmore by virtue of their ownership of 100% of the issued share capital in the company.
17.
Transition to FRS 102
The company is required to adopt Financial Reporting Standard 102 for its accounting period beginning on 1 April 2016, with a transistion date of 1 April 2015. No adjustments were required to the comparative balances as a result of adopting Financial Reporting Standard 102.
18.
General Information
Nice Media Limited Registered number 4806988 is a limited by shares company incorporated in England & Wales. The Registered Office is Suites 6-8, 5th Floor, Vantage Point, New England Road, Brighton, East Sussex, BN1 4GW.
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