Company Registration No. 07400916 (England and Wales)
A.I. GLOBAL MEDIA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
A.I. GLOBAL MEDIA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
A.I. GLOBAL MEDIA LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
6,204
30,386
Tangible assets
4
33,267
50,086
39,471
80,472
Current assets
Debtors
5
566,966
281,507
Cash at bank and in hand
45,114
84,543
612,080
366,050
Creditors: amounts falling due within one year
6
(423,008)
(425,967)
Net current assets/(liabilities)
189,072
(59,917)
Total assets less current liabilities
228,543
20,555
Provisions for liabilities
(5,581)
(13,553)
Net assets
222,962
7,002
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
222,961
7,001
Total equity
222,962
7,002
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.
A.I. GLOBAL MEDIA LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2019
31 December 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 November 2020 and are signed on its behalf by:
J Henderson
Director
Company Registration No. 07400916
A.I. GLOBAL MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
1
Accounting policies
Company information
A.I. Global Media Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
First Floor, Suite F, The Maltsters, Wetmore Road, Burton on Trent, DE14 1LS.
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. The principal accounting policies adopted are set out below.
A.I. Global Media
Limited is a wholly owned subsidiary of
Blakenhall Media Limited
which itself is a wholly owned subsidiary of Bubble Media Ltd,
and the results of
all companies
are available from the
registered office.
1.2
Going concern
At the time of approving the financial statements, the directors have assessed the company’s situation regarding the COVID-19 pandemic and the likely impact on the company. The directors have a reasonable expectation that the company has adequate resources and working capital to continue in operational existence for the foreseeable future to deal with the issues arising from the COVID-19 pandemic. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements
.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Software
33% straight line
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost
of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
15% straight line
Computer equipment
33% straight line
A.I. GLOBAL MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
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
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks
and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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.
A.I. GLOBAL MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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
.
1.14
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
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
59
64
A.I. GLOBAL MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
3
Intangible fixed assets
Software
£
Cost
At 1 January 2019 and 31 December 2019
86,902
Amortisation and impairment
At 1 January 2019
56,516
Amortisation charged for the year
24,182
At 31 December 2019
80,698
Carrying amount
At 31 December 2019
6,204
At 31 December 2018
30,386
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2019
215,248
Additions
17,142
At 31 December 2019
232,390
Depreciation and impairment
At 1 January 2019
165,162
Depreciation charged in the year
33,961
At 31 December 2019
199,123
Carrying amount
At 31 December 2019
33,267
At 31 December 2018
50,086
A.I. GLOBAL MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
205,395
237,059
Amounts owed by group undertakings
273,794
-
Other debtors
9,482
11,954
Prepayments and accrued income
78,295
32,494
566,966
281,507
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
81,665
140,047
Amounts due to group undertakings
-
75,092
Corporation tax
123,582
39,825
Other taxation and social security
95,873
133,163
Other creditors
5,106
3,558
Accruals and deferred income
116,782
34,282
423,008
425,967
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
8
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:
2019
2018
£
£
147,420
233,541
A.I. GLOBAL MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 8 -
9
Events after the reporting date
At the time of approval of these financial statements, the united kingdom is subject to lockdown measures in the wake of the COVID-19 pandemic. These measures are designed to severely limit social contact in all areas in order that the virus is brought under control. These measures are limiting the company's output and the directors therefore believe that this will have an adverse impact on the company's results during this lockdown period and potentially beyond. However, it is not currently possible to reliably estimate the full financial effect on the company, especially on a long term basis.
10
Related party transactions
The company has taken advantage of the exemption under the terms of FRS 102 not to disclose related party transactions with wholly owned group entities.