ACS Media Limited - Period Ending 2020-12-31

ACS Media Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 5

ACS Media Limited

(Registration number: 02868672)
Balance Sheet as at 31 December 2020

	Note	2020 £	2019 £
Current assets
Debtors	7	171,722	170,967
Cash at bank and in hand		16,248	14,394
		187,970	185,361
Creditors: Amounts falling due within one year	8	(8,684)	(5,884)
Net assets		179,286	179,477
Capital and reserves
Called up share capital		4	4
Profit and loss account		179,282	179,473
Shareholders' funds		179,286	179,477

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 September 2020 and signed on its behalf by:
 

......................................... Mr P J Craik Director

ACS Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of audio duplication and music retailing services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor vehicles	20% straight line basis
Plant and machinery	15% straight line basis
Fixtures and fittings	15% straight line basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

ACS Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

Asset class	Amortisation method and rate
Website	20% straight line basis

Debtors

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Taxation

	2020		2019
	£		£
Corporation tax	-		-

4	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2019 - 4).

ACS Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

5	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2020	66,585	66,585
At 31 December 2020	66,585	66,585
Amortisation
At 1 January 2020	66,585	66,585
At 31 December 2020	66,585	66,585
Carrying amount
At 31 December 2020	-	-

6	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2020	3,964	54,384	12,250	70,598
At 31 December 2020	3,964	54,384	12,250	70,598
Depreciation
At 1 January 2020	3,964	54,384	12,250	70,598
At 31 December 2020	3,964	54,384	12,250	70,598
Carrying amount
At 31 December 2020	-	-	-	-

ACS Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

7

Debtors

	2020 £	2019 £
Other debtors	171,722	170,967
	171,722	170,967

8

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Taxation and social security	4,017	1,218
Other creditors	4,667	4,666
	8,684	5,884

9	Related party transactions

Summary of transactions with other related parties

ESP Music Disco Limited ( a company in which directors of ACS Media Limited are shareholders and directors)
 traded with the company. At the balance sheet date the amount due from ESP Music Disco Ltd was £171,722 (2019: £170,967).
 

Expenditure with and payables to related parties

2020	Entities with joint control or significant influence £
Management charges	21,875