Company Registration No. 10910014 (England and Wales)
Anything Is Possible Media Limited
Unaudited Financial Statements
For The Year Ended 31 December 2020
Pages For Filing With Registrar
Anything Is Possible Media Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
Anything Is Possible Media Limited
Balance Sheet
As At 31 December 2020
Page 1
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
5
99,030
Tangible assets
6
17,102
8,771
116,132
8,771
Current assets
Debtors
7
1,225,999
453,107
Investments
8
9,750
Cash at bank and in hand
1,111,515
237,671
2,347,264
690,778
Creditors: amounts falling due within one year
9
(1,933,899)
(605,494)
Net current assets
413,365
85,284
Total assets less current liabilities
529,497
94,055
Creditors: amounts falling due after more than one year
10
(95,367)
Net assets
434,130
94,055
Capital and reserves
Called up share capital
11
10
10
Profit and loss reserves
434,120
94,045
Total equity
434,130
94,055
The directors 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 December 2020 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.
Anything Is Possible Media Limited
Balance Sheet (Continued)
As At 31 December 2020
Page 2
The financial statements were approved by the board of directors and authorised for issue on 30 September 2021 and are signed on its behalf by:
Mr M C Raymond
Mr S Fenton-Elstone
Director
Director
Company Registration No. 10910014
Anything Is Possible Media Limited
Notes To The Financial Statements
For The Year Ended 31 December 2020
Page 3
1
Accounting policies
Company information
Anything Is Possible Media Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
3rd Floor Pelham House, 25 Pelham Square, Brighton, East Sussex, BN1 4ET.
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 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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
it is probable will be
recover
ed
.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
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.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Anything Is Possible Media Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2020
1
Accounting policies
(Continued)
Page 4
Amortisation 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:
Patents & licences
Staight line over the licence term
Development costs
Straight line over 5 years
1.5
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 and fittings
20% straight line basis
Computers
20% straight line basis
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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents
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.
Anything Is Possible Media Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2020
1
Accounting policies
(Continued)
Page 5
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
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.
Anything Is Possible Media Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2020
1
Accounting policies
(Continued)
Page 6
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, 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.
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
profit or loss
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
s
asset are consumed.
1.14
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.
1.15
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.
Anything Is Possible Media Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2020
Page 7
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
17
7
4
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
59,613
23,113
5
Intangible fixed assets
Patents & licences
Development costs
Total
£
£
£
Cost
At 1 January 2020
Additions - internally developed
105,802
105,802
Additions - separately acquired
8,000
8,000
At 31 December 2020
8,000
105,802
113,802
Amortisation and impairment
At 1 January 2020
Amortisation charged for the year
93
14,679
14,772
At 31 December 2020
93
14,679
14,772
Carrying amount
At 31 December 2020
7,907
91,123
99,030
At 31 December 2019
Anything Is Possible Media Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2020
Page 8
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2020
10,159
Additions
12,105
Disposals
(1,667)
At 31 December 2020
20,597
Depreciation and impairment
At 1 January 2020
1,388
Depreciation charged in the year
2,904
Eliminated in respect of disposals
(797)
At 31 December 2020
3,495
Carrying amount
At 31 December 2020
17,102
At 31 December 2019
8,771
7
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
1,180,875
439,717
Other debtors
45,124
13,390
1,225,999
453,107
8
Current asset investments
2020
2019
£
£
Other investments
9,750
Anything Is Possible Media Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2020
Page 9
9
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
11,667
Trade creditors
478,484
132,091
Corporation tax
59,613
23,113
Other taxation and social security
497,184
131,812
Other creditors
886,951
318,478
1,933,899
605,494
10
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
88,333
Taxation and social security
7,034
95,367
Creditors which fall due after five years are as follows:
2020
2019
£
£
Payable by instalments
(8,333)
-
11
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.001p each
1,000,000
10,000
10
10
During the year the company sub-divided its 10,000 Ordinary shares of £0.001 into 1,000,000 Ordinary shares of £0.00001 each.
12
Directors' transactions
Dividends totalling £183,000 (2019 - £82,338) were paid in the year in respect of shares held by the company's directors.
Anything Is Possible Media Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2020
12
Directors' transactions
(Continued)
Page 10
During the year the directors made interest free loans to the company as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Mr M C Raymond -
-
(2)
200
198
Mr S Fenton-Elstone -
-
(2)
308
306
(4)
508
504
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Mr Sam Fenton-Elstone
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