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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31 December 2020 |
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ABM Communications Limited |
REGISTERED NUMBER:
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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31 December 2020 |
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for |
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ABM Communications Limited |
ABM Communications Limited (Registered number: 11023023) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Income Statement | 3 |
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Balance Sheet | 4 |
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Notes to the Financial Statements | 6 |
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ABM Communications Limited |
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Company Information |
for the Year Ended 31 December 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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27 Old Gloucester Street |
London |
WC1N 3AX |
ABM Communications Limited (Registered number: 11023023) |
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Report of the Directors |
for the Year Ended 31 December 2020 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2020. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of television programming and broadcasting. |
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EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2020 to the date of this report. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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ABM Communications Limited (Registered number: 11023023) |
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Income Statement |
for the Year Ended 31 December 2020 |
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31.12.20 | 31.12.19 |
as restated |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS LOSS | ( |
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Administrative expenses |
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(4,325,990 | ) | (3,704,667 | ) |
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Other operating income |
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OPERATING LOSS | 4 | ( |
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Interest receivable and similar income |
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(4,325,924 | ) | (3,654,667 | ) |
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Interest payable and similar expenses |
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LOSS BEFORE TAXATION | ( |
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Tax on loss | ( |
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LOSS FOR THE FINANCIAL YEAR | ( |
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ABM Communications Limited (Registered number: 11023023) |
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Balance Sheet |
31 December 2020 |
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31.12.20 | 31.12.19 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 6 |
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Tangible assets | 7 |
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CURRENT ASSETS |
Debtors | 8 |
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Prepayments and accrued income |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ABM Communications Limited (Registered number: 11023023) |
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Balance Sheet - continued |
31 December 2020 |
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The financial statements were approved by the Board of Directors and authorised for issue on
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ABM Communications Limited (Registered number: 11023023) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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ABM Communications Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Patents and licences are being amortised evenly over their licence term. |
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Computer software & trademarks are being amortised evenly over their estimated useful life of three years. |
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Tangible fixed assets |
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Plant and machinery | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
ABM Communications Limited (Registered number: 11023023) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Other creditors |
Within other creditors is an amount of £3,026,494 (2019: £250,000) in relation to an advanced subscription agreement. These amounts will be recognised within other creditors until the shares are issued. |
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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). |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | OPERATING LOSS |
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The operating loss is stated after charging: |
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31.12.20 | 31.12.19 |
as restated |
£ | £ |
Depreciation - owned assets |
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Patents and licences amortisation |
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Computer software amortisation |
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5. | PRIOR YEAR ADJUSTMENT |
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In 2019, there was £250,000 related to an advanced subscription agreement which was incorrectly classified as Other reserves and therefore included in Capital & Reserves on the Balance Sheet. This has now been recognised in Other creditors in the prior period. |
ABM Communications Limited (Registered number: 11023023) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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6. | INTANGIBLE FIXED ASSETS |
Patents |
and | Computer |
licences | software | Totals |
£ | £ | £ |
COST |
At 1 January 2020 |
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Additions |
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Disposals | ( |
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At 31 December 2020 |
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AMORTISATION |
At 1 January 2020 |
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Amortisation for year |
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Eliminated on disposal | ( |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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7. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
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COST |
At 1 January 2020 |
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Additions |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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ABM Communications Limited (Registered number: 11023023) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
as restated |
£ | £ |
Trade debtors |
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Other debtors |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
as restated |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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10. | POST BALANCE SHEET EVENTS |
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During the year the company received £3,026,494 in relation to an advanced subscription agreement. These amounts will be recognised within other creditors until the shares are issued. |