ACCOUNTS - Final Accounts preparation

Company registration number: 06493694

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 MARCH 2019

	X3DMEDIA LIMITED


X3DMEDIA LIMITED REGISTERED NUMBER:06493694

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2019

		2019		2018
Note		£		£

Fixed assets
Tangible assets	4		3,344		4,716
			3,344		4,716
Current assets
Debtors: amounts falling due within one year	5	164,001		201,179
Cash at bank and in hand		192,988		108,122
		356,989		309,301
Creditors: amounts falling due within one year	6	(346,215)		(157,464)
Net current assets			10,774		151,837
Total assets less current liabilities			14,118		156,553

Net assets			14,118		156,553

Capital and reserves
Allotted, called up and fully paid share capital	100	100
Profit and loss account	14,018	156,453
	14,118	156,553

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X3DMEDIA LIMITED REGISTERED NUMBER:06493694

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2019

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr M Day

Director

Date: 11 December 2019

The notes on pages 3 to 6 form part of these financial statements.

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X3DMEDIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

1.	General information

X3DMedia Limited is a private company, limited by shares, registered in England and Wales, company registration number 06493694. The registered office and the principal place of business is 465c 1st Floor, Unit 7, Hornsey Road, London, N19 4DR.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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X3DMEDIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

2.Accounting policies (continued)

2.4

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

2.5

Taxation

Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Computer equipment	-	33%	straight line
				Other equipment: fixtures & fittings	-	20%	straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

2.7

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 9 (2018 - 9).

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X3DMEDIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

4.	Tangible fixed assets

		Plant and machinery
		£
	Cost or valuation
	At 1 April 2018	50,024
	Additions	1,708
	At 31 March 2019	51,732
	Depreciation
	At 1 April 2018	45,308
	Charge for the year on owned assets	3,080
	At 31 March 2019	48,388
	Net book value
	At 31 March 2019	3,344
	At 31 March 2018	4,716

Debtors

					2019	2018
					£	£


Trade debtors	102,339	86,616
Other debtors	5,776	89,317
Prepayments and accrued income	55,886	25,246
	164,001	201,179

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X3DMEDIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

6.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Trade creditors	68,249	86,338
Corporation tax	-	3,128
Other taxation and social security	23,017	23,315
Other creditors	28,141	15,213
Accruals and deferred income	226,808	29,470
	346,215	157,464

7.	Transactions with directors

Included within other debtors is a balance due from M Day and A Dean amounting to £1,048 and £50 respectively.
Amounts advanced during the year totalled £1,048 (2018: £nil) and £634 (2018: £nil) respectively.
Amounts repaid during the year totalled £nil (2018: £nil) and £584 (2018: £nil).
Interest arising on these balances totalled £nil.

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