ACCOUNTS - Final Accounts preparation

FATNAP MEDIA LIMITED - Company Information

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Registered number: 11631837

FATNAP MEDIA LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 JANUARY 2020

FATNAP MEDIA LIMITED

REGISTERED NUMBER:11631837

STATEMENT OF FINANCIAL POSITION

AS AT 31 JANUARY 2020

		2020
Note		£

FIXED ASSETS
Investments			200
			200
CURRENT ASSETS
Debtors: amounts falling due within one year	5	6,012
Cash at bank and in hand		665,153
		671,165
Creditors: amounts falling due within one year	6	(2,276)
NET CURRENT ASSETS			668,889
TOTAL ASSETS LESS CURRENT LIABILITIES			669,089

NET ASSETS			669,089

CAPITAL AND RESERVES
Called up share capital	7	100
Profit and loss account		668,989
		669,089

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FATNAP MEDIA LIMITED

REGISTERED NUMBER:11631837

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 JANUARY 2020

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 period in question in accordance with section 476 of the 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:

Ms N Hayes

Director

Date: 9 July 2020

The notes on pages 3 to 5 form part of these financial statements.

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FATNAP MEDIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JANUARY 2020

1.	GENERAL INFORMATION

FATNAP Media Limited is a private limited company, limited by shares, incorporated in England within the United Kingdom. The company number is 11631837 and the registered office address is 16 Queen Square, Bristol, BS1 4NT.

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

GOING CONCERN

Although there are net current assets of £668,598 at the balance sheet date the Directors have carefully considered the recent COVID-19 events and has, with these in mind, considered the ability to continue as a going concern and believes this to be the appropriate basis on which to prepare the accounts.

2.3

INTEREST INCOME

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

2.4

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.

2.5

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Statement of financial position date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.6

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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FATNAP MEDIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JANUARY 2020

2.ACCOUNTING POLICIES (continued)

2.7

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

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.

2.10

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

EMPLOYEES

The average monthly number of employees, including directors, during the period was 2.

4.	FIXED ASSET INVESTMENTS

		Investments in subsidiary companies
		£
	COST OR VALUATION
	Additions	200
	At 31 January 2020	200

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FATNAP MEDIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JANUARY 2020

DEBTORS

					2020
					£


	Other debtors	100
	Prepayments and accrued income	5,912
		6,012

6.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2020
		£

	Amounts owed to group undertakings	200
	Corporation tax	936
	Accruals and deferred income	1,140
		2,276

7.	SHARE CAPITAL
		2020
		£

		ALLOTTED, CALLED UP AND FULLY PAID

		100 Ordinary shares of £1.00 each	100

During the year 100 ordinary shares of £1 each were allotted at par.

8.	RELATED PARTY TRANSACTIONS
	During the year, dividends totalling £68,000 were paid to the directors.

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