NORTHERN MEDIA GROUP LTD

NORTHERN MEDIA GROUP LTD

NORTHERN MEDIA GROUP LTD - Company Information

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NORTHERN MEDIA GROUP LTD

Company Registration Number:
NI059747 (Northern Ireland)

Unaudited abridged accounts for the year ended 31 December 2017

Period of accounts

Start date: 01 January 2017

End date: 31 December 2017

NORTHERN MEDIA GROUP LTD

Contents of the Financial Statements

for the Period Ended 31 December 2017

Balance sheet
Notes

NORTHERN MEDIA GROUP LTD

Balance sheet

As at 31 December 2017


Notes
2017
2016


£
£
Fixed assets
Tangible assets: 2 677,722 192,730
Total fixed assets: 677,722 192,730
Current assets
Debtors:   997,471 883,377
Cash at bank and in hand: 261,533 210,056
Investments:   83,676 83,676
Total current assets: 1,342,680 1,177,109
Creditors: amounts falling due within one year:   (5,070,272) (4,674,787)
Net current assets (liabilities): (3,727,592) (3,497,678)
Total assets less current liabilities: (3,049,870) (3,304,948)
Total net assets (liabilities): (3,049,870) (3,304,948)
Capital and reserves
Called up share capital: 66,779 66,779
Share premium account: 4,742,422 4,742,422
Profit and loss account: (7,859,071) (8,114,149)
Shareholders funds: (3,049,870) (3,304,948)

The notes form part of these financial statements

NORTHERN MEDIA GROUP LTD

Balance sheet statements

For the year ending 31 December 2017 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 18 January 2019
and signed on behalf of the board by:

Name: Mr DJ Fitzpatrick
Status: Director

The notes form part of these financial statements

NORTHERN MEDIA GROUP LTD

Notes to the Financial Statements

for the Period Ended 31 December 2017

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable services rendered, stated net of discounts and of Value Added Tax.Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Tangible fixed assets and depreciation policy

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:Leasehold property - 10% straight linePlant & machinery - 10% - 20% Straight lineFixtures & fittings - 10% - 20% Straight lineMotor vehicles - 20% straight lineEquipment - 10% - 20% Straight line

Other accounting policies

Going concernThe financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future having adequate funds to meet their obligations as they fall due. The validity of this assumption depends on the continued support of the company's shareholder.The current economic climate remains difficult and the company is operating in a sector which is experiencing significant structural change. The company has reported small losses in the current and previous years, adding to the already large excess of liabilities over assets in the balance sheet.Following the restructuring of debt several years ago, substantially the whole of the company's external funding is provided by its shareholder who has confirmed its intention to provide continuing support to the company.The directors consider that the outlook for the company remains challenging in terms of sales volumes and profit margins. Whilst the directors have instituted the above measures, the circumstances create material uncertainties over future trading results and cash flows.The directors have concluded that the combination of these factors represent a material uncertainty that casts doubt upon the company's ability to continue as a going concern. Nevertheless, after making enquiries, receiving confirmation from the shareholder of its intention to provide continuing financial support and considering the uncertainties described above, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. Consequently they are satisfied that it is appropriate for the financial statements to be prepared on a going concern basis at this time.The financial statements do not contain any adjustments that would result from a withdrawal of shareholder support.

NORTHERN MEDIA GROUP LTD

Notes to the Financial Statements

for the Period Ended 31 December 2017

2. Tangible Assets

Total
Cost £
At 01 January 2017 1,474,212
Additions 626,635
Disposals (553)
At 31 December 2017 2,100,294
Depreciation
At 01 January 2017 1,281,482
Charge for year 141,090
At 31 December 2017 1,422,572
Net book value
At 31 December 2017 677,722
At 31 December 2016 192,730