OB Media Partners Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 May 2021
Company Registration No. 03556978 (England and Wales)
OB Media Partners Limited
Company Information
Director
O L Bell
Secretary
S Mansell
Company number
03556978
Registered office
44 Kings Terrace
London
NW1 0JR
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
OB Media Partners Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
OB Media Partners Limited
Balance Sheet
As at 31 May 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,467
7,765
Current assets
Work in progress
20,836
16,694
Debtors
4
985,795
385,687
Cash at bank and in hand
1,428,088
1,514,439
2,434,719
1,916,820
Creditors: amounts falling due within one year
5
(854,512)
(452,334)
Net current assets
1,580,207
1,464,486
Total assets less current liabilities
1,585,674
1,472,251
Provisions for liabilities
(1,913)
(1,476)
Net assets
1,583,761
1,470,775
Capital and reserves
Called up share capital
6
126
200
Capital redemption reserve
74
Profit and loss reserves
1,583,561
1,470,575
Total equity
1,583,761
1,470,775
OB Media Partners Limited
Balance Sheet (Continued)
As at 31 May 2021
Page 2
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 30 May 2022
O L Bell
Director
Company Registration No. 03556978
OB Media Partners Limited
Statement of Changes in Equity
For the year ended 31 May 2021
Page 3
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2019
200
1,098,784
1,098,984
Year ended 31 May 2020:
Profit and total comprehensive income for the year
-
-
371,791
371,791
Balance at 31 May 2020
200
1,470,575
1,470,775
Year ended 31 May 2021:
Profit and total comprehensive income for the year
-
-
435,286
435,286
Dividends
-
-
(50,000)
(50,000)
Own shares acquired
-
-
(272,300)
(272,300)
Redemption of shares
6
(74)
74
Balance at 31 May 2021
126
74
1,583,561
1,583,761
OB Media Partners Limited
Notes to the Financial Statements
For the year ended 31 May 2021
Page 4
1
Accounting policies
Company information
OB Media Partners Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
44 Kings Terrace, London, NW1 0JR.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest
pound
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The director has considered the impact that Covid-19 will have on the business and has a reasonable expectation that the company will continue in operational existence for the foreseeable future. The director believes that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts.
true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
production
services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
OB Media Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2021
1
Accounting policies
(Continued)
Page 5
1.5
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company only has basic financial instruments measured at amortised cost with no financial instrument classified as other or basic instruments at fair value.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
OB Media Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2021
1
Accounting policies
(Continued)
Page 6
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the
profit and loss account
for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 17
(2020 - 14).
OB Media Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2021
Page 7
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2020
91,175
Additions
3,442
At 31 May 2021
94,617
Depreciation and impairment
At 1 June 2020
83,410
Depreciation charged in the year
5,740
At 31 May 2021
89,150
Carrying amount
At 31 May 2021
5,467
At 31 May 2020
7,765
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
509,265
118,847
Other debtors
476,126
266,603
985,391
385,450
Amounts falling due after more than one year:
Deferred tax asset
404
237
Total debtors
985,795
385,687
OB Media Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2021
Page 8
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
204,261
74,969
Corporation tax
133,724
92,149
Other taxation and social security
167,431
187,069
Other creditors
349,096
98,147
854,512
452,334
6
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
76 A Ordinary shares of £1 each
76
100
50 B Ordinary shares of £1 each
50
100
126
200
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
3,018
37,168
OB Media Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2021
Page 9
8
Related party transactions
At the year end, OB Media Partners Limited was owed £109,786 (2020: £61,365) by OB Media USA, a company owned by the ultimate controlling party of OB Media Partners Limited, O Bell.
At the year the company was owed £128,717 (2020: £121,077) by O Bell, a director of the company.
9
Parent company
The ultimate controlling party is O Bell, by virtue of his 100% shareholding in the company.
2021-05-31
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false
30 May 2022
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