ACCOUNTS - Final Accounts preparation

NEWS MEDIA COALITION LIMITED - Company Information

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Registered number: 6657163

NEWS MEDIA COALITION LIMITED

(A Company Limited by Guarantee)

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2020

NEWS MEDIA COALITION LIMITED

(A Company Limited by Guarantee)

REGISTERED NUMBER: 6657163

BALANCE SHEET

AS AT 31 DECEMBER 2020

		2020		2019
Note		£		£

FIXED ASSETS
Tangible assets	4		1,665		2,081
CURRENT ASSETS
Debtors: amounts falling due within one year	5	22,749		20,004
Cash at bank and in hand		94,813		73,662
		117,562		93,666
Creditors: amounts falling due within one year	6	(32,529)		(33,356)
NET CURRENT ASSETS			85,033		60,310
PROVISIONS FOR LIABILITIES
Deferred tax	7		(316)		(395)
NET ASSETS			86,382		61,996

CAPITAL AND RESERVES
Profit and loss account	86,382	61,996
	86,382	61,996

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NEWS MEDIA COALITION LIMITED

(A Company Limited by Guarantee)

REGISTERED NUMBER: 6657163

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 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 year 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:

Mr A Moger	Mr C Walter-Petit
Director	Director

Date: 14 September 2021	Date:14 September 2021

The notes on pages 3 to 7 form part of these financial statements.

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NEWS MEDIA COALITION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1.	GENERAL INFORMATION

News Media Coalition Limited is a private company limited by guarantee, incorporated in England and Wales. The address of the registered office is 3rd Floor, 24 Old Bond Street, London, W1S 4AP.

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

The company continues to be affected by restrictions imposed by the UK and overseas Governments in response to the COVID-19 pandemic. The result of this is that the business has continued in a reduced form.
The directors consider that the resources available to the company will be sufficient for it to be able to continue as a going concern during the restrictions and once the restrictions are lifted. However, there is a high level of uncertainty about how long the restrictions will last and the level of demand once the restrictions have ended which could affect this assessment. The financial statements do not contain any adjustments that would be required if the company were not able to continue as a going concern.

2.3

REVENUE

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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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NEWS MEDIA COALITION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.ACCOUNTING POLICIES (CONTINUED)

2.4

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment

20%

reducing balance

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 profit or loss.

2.5

DEBTORS

Short term debtors are measured at transaction price, less any impairment.

2.6

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.

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 ordinary shares.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

2.8

CREDITORS

Short term creditors are measured at the transaction price.

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NEWS MEDIA COALITION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.ACCOUNTING POLICIES (CONTINUED)

2.9

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.

2.10

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 17 (2019 - 15).

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NEWS MEDIA COALITION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

4.	TANGIBLE FIXED ASSETS

		Office equipment
		£
	COST
	At 1 January 2020	3,424
	At 31 December 2020	3,424
	DEPRECIATION
	At 1 January 2020	1,343
	Charge for the year on owned assets	416
	At 31 December 2020	1,759
	NET BOOK VALUE
	At 31 December 2020	1,665
	At 31 December 2019	2,081

DEBTORS

					2020	2019
					£	£


Trade debtors	18,000	17,600
Other debtors	2,540	778
Prepayments and accrued income	2,209	1,626
	22,749	20,004

6.	CREDITORS: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	14,655	17,389
Corporation tax	5,934	4,921
Other taxation and social security	2,170	8,246
Other creditors	6,668	-
Accruals and deferred income	3,102	2,800
	32,529	33,356

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NEWS MEDIA COALITION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

7.	DEFERRED TAXATION

		2020
		£

	At beginning of year	(395)
	Charged to profit or loss	79
	AT END OF YEAR	(316)

The provision for deferred taxation is made up as follows:
	2020	2019
	£	£

Accelerated capital allowances

(316)

(395)


8.	COMPANY STATUS

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £2 towards the assets of the company in the event of liquidation.

9.	RELATED PARTY TRANSACTIONS

		2020	2019
		£	£

Transactions with directors
Consultancy fees paid	147,824	233,000
Balance due to them at the year end	13,000	17,000

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