Clifton Media Holdings Ltd
Clifton Media Holdings Ltd
Registered number: 08474049
Financial Statements
For The Year Ended 31 December 2017
Clifton Media Holdings Ltd
Financial Statements
For The Year Ended 31 December 2017
Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Clifton Media Holdings Ltd
Balance Sheet
As at
31 December 2017
Balance Sheet
Registered number:
08474049
For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 31 December 2017 | Period to 31 December 2016 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| Investments | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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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 | 7 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (4,454) | (1,854) | |||
Page 1
Clifton Media Holdings Ltd
Balance Sheet (continued)
As at
31 December 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. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
Clifton Media Holdings Ltd
Notes to the Financial Statements
For The Year Ended 31 December 2017
Notes to the Financial Statements
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 financial statements have been prepared on a going concern basis on the understanding that the monies owed to the company and to the related parties via loans will not be recalled at the detriment of the company. The balance sheet shows liabilities of £4,454 as at 31 December 2017 and the directors are confident that with the ongoing support of the related parties, the company will have sufficient funds to continue in operation in the coming year.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Clifton Media Holdings Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2017
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 31 December 2017 | Period to 31 December 2016 | ||
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| Employees |
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3.
Tangible Assets
| Plant & Machinery | |
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| £ | |
| Cost | |
| As at |
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| Additions |
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| As at |
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| Depreciation | |
| As at |
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| Provided during the period |
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| As at |
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| Net Book Value | |
| As at |
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| As at |
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4.
Investments
| Other | |
|---|---|
| £ | |
| Cost | |
| As at |
47,822 |
| Additions | 128,550 |
| As at |
176,372 |
| Provision | |
| As at |
- |
| As at |
- |
| Net Book Value | |
| As at |
176,372 |
| As at |
47,822 |
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Clifton Media Holdings Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2017
5.
Debtors
| 31 December 2017 | Period to 31 December 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors |
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| Amounts owed by group undertakings |
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6.
Creditors: Amounts Falling Due Within One Year
| 31 December 2017 | Period to 31 December 2016 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Other taxes and social security |
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| Unpaid investments (Current liabilities - creditors < 1 year) |
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| Amounts owed to group undertakings |
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7.
Creditors: Amounts Falling Due After More Than One Year
| 31 December 2017 | Period to 31 December 2016 | ||
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| £ | £ | ||
| Non-equity preference shares (Long term liabilities - creditors > 1 year) |
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8.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at |
Amounts advanced | Amounts repaid | Amounts written off | As at |
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| £ | £ | £ | £ | £ | |
| Mr Alexander Sullivan |
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The director's loan is repayable on demand and the director will pay 2.5% interest on the loan.
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Clifton Media Holdings Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2017
9.
Related Party Transactions
Golden Idol Films Ltd
Mr Andrew Wilson and Mr Alexander Sullivan are directors and Clifton Media Holdings Ltd is a shareholder in Golden Idol Films Ltd. During the year, a transfer of £15,279 was made to Golden Idol Films Ltd to clear the loan to nil.
Gunner & Co Ltd
Mr Andrew Wilson is a director and shareholder in Gunner & Co Ltd. During the year, a transfer of £20,987 was made by Gunner & Co Ltd to clear the loan to nil.
IFA Magazine Publications Limited
Mr Andrew Wilson and Mr Alexander Sullivan are directors and Clifton Media Holdings Ltd is a shareholder in IFA Magazine Publications Limited. During the year £79,157 was advanced to Clifton Media Holdings, and £45,356 was paid back to IFA Magazine Publications Limited. IFA Magazine Publications Limited completed work to the value of £138,834 on behalf of Clifton Media Holdings Ltd. This was offset against a management charge of £54,000 invoiced by Clifton Media Holdings Ltd. At the financial year end, £172,033 was owed to IFA Magazine Publications (2016: £53,368).
Intercast Communications Limited
Mr Alexander Sullivan is a director and shareholder in Intercast Communications Limited. During the year, a transfer of £12,913 was made to Intercast Communications Limited to clear the loan to nil.
10.
Controlling Party
The company is controlled by the two directors, who each own 50% of the shareholding.
11.
General Information
Clifton Media Holdings Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08474049 . The registered office is 8B Greenway Farm, Bath Road, Wick, Bristol, BS30 5RL.
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