Echo Digital Media Limited 30/09/2021 iXBRL

Echo Digital Media Limited 30/09/2021 iXBRL


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Company registration number: 07384798
Echo Digital Media Limited
Unaudited filleted financial statements
for the year ended
30 September 2021
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 5 Hagley Court South
The Waterfront
Brierley Hill
West Midlands
DY5 1XE
Business address Hub 2 Innovation Centre
Queens Meadow Business Park
Hartlepool
TS18 3EA
Accountants Thomas Nock Martin Limited
5 Hagley Court South
The Waterfront
Brierley Hill
West Midlands
DY5 1XE
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
Year ended 30 September 2021
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 year ended 30 September 2021 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 dated 23 February 2022. 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 year.
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
17 May 2022
Echo Digital Media Limited
Statement of financial position
30 September 2021
30/09/21 30/09/20
Note £ £ £ £
Fixed assets
Intangible assets 6 - -
Tangible assets 7 6,419 9,516
_______ _______
6,419 9,516
Current assets
Debtors 8 86,501 85,075
Cash at bank and in hand 357,859 337,202
_______ _______
444,360 422,277
Creditors: amounts falling due
within one year 9 ( 83,545) ( 66,600)
_______ _______
Net current assets 360,815 355,677
_______ _______
Total assets less current liabilities 367,234 365,193
Provisions for liabilities ( 1,220) ( 1,808)
_______ _______
Net assets 366,014 363,385
_______ _______
Capital and reserves
Called up share capital 10 100 100
Profit and loss account 365,914 363,285
_______ _______
Shareholders funds 366,014 363,385
_______ _______
For the year ending 30 September 2021 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 year 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 17 May 2022 , and are signed on behalf of the board by:
Paul Callaghan
Director
Company registration number: 07384798
Echo Digital Media Limited
Notes to the financial statements
Year ended 30 September 2021
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 5 Hagley Court South, The Waterfront, Brierley Hill, West Midlands, DY5 1XE.
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
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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 year 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 - 15% reducing balance and 33% straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
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 year amounted to 13 (2020: 11 ).
5. Dividends
Equity dividends
Year 8 months
ended ended
30/09/21 30/09/20
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior period) 40,000 -
_______ _______
6. Intangible assets
Goodwill Total
£ £
Cost
At 1 October 2020 and 30 September 2021 1,500 1,500
_______ _______
Amortisation
At 1 October 2020 and 30 September 2021 1,500 1,500
_______ _______
Carrying amount
At 30 September 2021 - -
_______ _______
At 30 September 2020 - -
_______ _______
7. Tangible assets
Fixtures, fittings and computer equipment Total
£ £
Cost
At 1 October 2020 40,444 40,444
Additions 2,214 2,214
_______ _______
At 30 September 2021 42,658 42,658
_______ _______
Depreciation
At 1 October 2020 30,928 30,928
Charge for the year 5,311 5,311
_______ _______
At 30 September 2021 36,239 36,239
_______ _______
Carrying amount
At 30 September 2021 6,419 6,419
_______ _______
At 30 September 2020 9,516 9,516
_______ _______
8. Debtors
30/09/21 30/09/20
£ £
Trade debtors 81,521 65,865
Other debtors 4,980 19,210
_______ _______
86,501 85,075
_______ _______
9. Creditors: amounts falling due within one year
30/09/21 30/09/20
£ £
Trade creditors 37,646 27,655
Corporation tax 12,975 -
Social security and other taxes 21,535 20,212
Other creditors 11,389 18,733
_______ _______
83,545 66,600
_______ _______
10. Called up share capital
Issued, called up and fully paid
30/09/21 30/09/20
No £ No £
Ordinary A shares of £ 1.00 each 10 10 10 10
Ordinary B shares of £ 1.00 each 10 10 10 10
Ordinary C shares of £ 1.00 each 80 80 80 80
_______ _______ _______ _______
100 100 100 100
_______ _______ _______ _______
11. Related party transactions
During the year, the company paid management charges of £75,000 (2020 £nil) to BM Group Holdings Limited, the parent company. At the balance sheet date £nil (2020 £nil) was outstanding.
12. 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