Company Registration No. 07111143 (England and Wales)
BANG MEDIA INTERNATIONAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
BANG MEDIA INTERNATIONAL LIMITED
COMPANY INFORMATION
Director
Mr R Sky
Company number
07111143
Registered office
28 Holmes Road
London
NW5 3AB
BANG MEDIA INTERNATIONAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
BANG MEDIA INTERNATIONAL LIMITED
BALANCE SHEET
AS AT 30 DECEMBER 2017
30 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investments
201
201
Current assets
Debtors
4
471,277
396,741
Cash at bank and in hand
1,584,234
1,468,507
2,055,511
1,865,248
Creditors: amounts falling due within one year
5
(1,263,715)
(1,084,354)
Net current assets
791,796
780,894
Total assets less current liabilities
791,997
781,095
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
791,996
781,094
Total equity
791,997
781,095
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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 21 December 2018
Mr R Sky
Director
Company Registration No. 07111143
BANG MEDIA INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2017
- 2 -
1
Accounting policies
Company information
Bang Media International Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
28 Holmes Road, London, United Kingdom, NW5 3AB.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.3
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:
Computer equipment
33% on cost
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
.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.5
Taxation
The tax expense represents the sum of the tax currently payabl
e.
BANG MEDIA INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2017
1
Accounting policies
(Continued)
- 3 -
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.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
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 1 (2016 - 1).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2017 and 30 December 2017
640
Depreciation and impairment
At 1 January 2017 and 30 December 2017
640
Carrying amount
At 30 December 2017
-
At 31 December 2016
-
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
416,079
376,967
Other debtors
55,198
19,774
471,277
396,741
BANG MEDIA INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2017
- 4 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
-
69
Trade creditors
24,528
-
Corporation tax
63,094
60,269
Other creditors
1,176,093
1,024,016
1,263,715
1,084,354
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Allotted, called up and fully paid
1
1
1
1