Echo Digital Media Limited 30/09/2020 iXBRL

Echo Digital Media Limited 30/09/2020 iXBRL


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Company registration number: 07384798
Echo Digital Media Limited
Unaudited filleted financial statements
for the period 1 February 2020 to 30 September 2020
Prepared by:
THOMAS NOCK MARTIN LIMITED
CHARTERED ACCOUNTANTS
BRIERLEY HILL
Echo Digital Media Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Echo Digital Media Limited
Directors and other information
Directors Richard Thornton
Paul Callaghan
James Cronie
Graeme Bailey
Company number 07384798
Registered office Barrington House
41 - 45 Yarm Lane
Stockton On Tees
TS18 3EA
Accountants Baines Jewitt Limited
Chartered Accountants
Barrington House
41 - 45 Yarm Lane
Stockton on Tees
TS18 3EA
Echo Digital Media Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Echo Digital Media Limited
Period ended 30 September 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Echo Digital Media Limited for the period ended 30 September 2020 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Echo Digital Media Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Echo Digital Media Limited and state those matters that we have agreed to state to the board of directors of Echo Digital Media Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Echo Digital Media Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Echo Digital Media Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Echo Digital Media Limited. You consider that Echo Digital Media Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Echo Digital Media Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Thomas Nock Martin Limited
Chartered Accountants
5 Hagley Court South
The Waterfront
Brierley Hill
West Midlands
DY5 1XE
9 June 2021
Echo Digital Media Limited
Statement of financial position
30 September 2020
30/09/20 31/01/20
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 9,516 10,535
_______ _______
9,516 10,535
Current assets
Debtors 7 85,075 149,850
Cash at bank and in hand 337,202 177,822
_______ _______
422,277 327,672
Creditors: amounts falling due
within one year 8 ( 66,600) ( 55,091)
_______ _______
Net current assets 355,677 272,581
_______ _______
Total assets less current liabilities 365,193 283,116
Provisions for liabilities ( 1,808) ( 2,002)
_______ _______
Net assets 363,385 281,114
_______ _______
Capital and reserves
Called up share capital 9 100 100
Profit and loss account 363,285 281,014
_______ _______
Shareholders funds 363,385 281,114
_______ _______
For the period ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 June 2021 , and are signed on behalf of the board by:
Graeme Bailey
Director
Company registration number: 07384798
Echo Digital Media Limited
Notes to the financial statements
Period ended 30 September 2020
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Barrington House, 41 - 45 Yarm Lane, Stockton On Tees, TS18 3EA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the value of work done, excluding value added tax.
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.Current or deferred taxation assets and liabilities are not discounted.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.Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.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 thathave been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.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.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of five years.
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 .
Research and development
Research expenditure is written off in the period in which it is incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings & computer equipment - 33% on cost and 15% on reducing balance
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Defined contribution plans
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.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 11 (2020: 13 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 February 2020 and 30 September 2020 1,500 1,500
_______ _______
Amortisation
At 1 February 2020 and 30 September 2020 1,500 1,500
_______ _______
Carrying amount
At 30 September 2020 - -
_______ _______
At 31 January 2020 - -
_______ _______
6. Tangible assets
Fixtures, fittings and computer equipment Total
£ £
Cost
At 1 February 2020 37,938 37,938
Additions 2,506 2,506
_______ _______
At 30 September 2020 40,444 40,444
_______ _______
Depreciation
At 1 February 2020 27,403 27,403
Charge for the year 3,525 3,525
_______ _______
At 30 September 2020 30,928 30,928
_______ _______
Carrying amount
At 30 September 2020 9,516 9,516
_______ _______
At 31 January 2020 10,535 10,535
_______ _______
7. Debtors
30/09/20 31/01/20
£ £
Trade debtors 65,865 55,204
Other debtors 19,210 94,646
_______ _______
85,075 149,850
_______ _______
8. Creditors: amounts falling due within one year
30/09/20 31/01/20
£ £
Trade creditors 27,655 8,887
Social security and other taxes 20,212 21,706
Other creditors 18,733 24,498
_______ _______
66,600 55,091
_______ _______
9. Called up share capital
Issued, called up and fully paid
30/09/20 31/01/20
No £ No £
Ordinary A shares of £ 1.00 each 10 10 67 67
Ordinary B shares of £ 1.00 each 10 10 33 33
Ordinary C shares of £ 1.00 each 80 80 - -
_______ _______ _______ _______
100 100 100 100
_______ _______ _______ _______
On the 5 February 2020 the company reclassified 57 ordinary A shares and 23 ordinary B shares to 80 ordinary C shares of £1 each.
10. Controlling party
BM Group Holdings Limited , the ultimate parent company, controls the company by virtue of a controlling interest of 80% of the issued share capital.The registered office address of BM Group Holdings Limited is:5 Hagley Court South The WaterfrontBrierley HillWest MidlandsDY5 1XEThe principal place of business of BM Group Holdings Limited is:The CrossMain StreetPenpontThornhillDumfriesshireDG3 4BP