Picturemedia Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07398014 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2017

for

Picturemedia Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

G M Oonk

P J Ahern

Registered office:

24-26 Fournier Street

London

E1 6QE

Registered number:

07398014 (England and Wales)

Accountants:

FUSE Accountants LLP

Pound House

62a Highgate High Street

London

N6 5HX

Fixed assets

Tangible assets

4

-

-

Investments

5

98

98

98

98

Current assets

Debtors

6

101,312

85,699

Cash at bank and in hand

2,782

25,851

104,094

111,550

Creditors

Amounts falling due within one year

7

19,201

24,209

Net current assets

84,893

87,341

Total assets less current liabilities

84,991

87,439

Capital and reserves

Called up share capital

200

200

Retained earnings

84,791

87,239

Shareholders' funds

84,991

87,439

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 24 September 2018 and were signed on its behalf by:

G M Oonk - Director

1.	Statutory information

Picturemedia Ltd 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery

-

33% on cost

Investments in associates

Investments in associate undertakings are recognised at cost.

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.

3.	Employees and directors

The average number of employees during the year was 2 (2016 - 2 ) .

4.	Tangible fixed assets

Plant and

machinery

£

Cost

At 1 January 2017

and 31 December 2017

2,754

Depreciation

At 1 January 2017

and 31 December 2017

2,754

Net book value

At 31 December 2017

-

At 31 December 2016

-

5.	Fixed asset investments

Interest

in

associate

£

Cost

At 1 January 2017

and 31 December 2017

98

Net book value

At 31 December 2017

98

At 31 December 2016

98

6.

Debtors: amounts falling due within one year

2017

2016

£

£

Trade debtors

1,148

3,036

Amounts owed by group undertakings

21,282

21,282

Other debtors

78,882

61,381

101,312

85,699

7.

Creditors: amounts falling due within one year

2017

2016

£

£

Bank loans and overdrafts

-

348

Trade creditors

308

296

Taxation and social security

132

1,198

Other creditors

18,761

22,367

19,201

24,209

8.	Related party disclosures

During the year the company charged management fees of £20,000 to 123RF GB Limited, a

company in which Picturemedia Limited is a 49% shareholder and G M Oonk and P J Ahern are

directors.

9.	Ultimate controlling party

The ultimate controlling party is the two directors together.