Company Registration No. SC498820 (Scotland)
FREER MEDIA HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
FREER MEDIA HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr N Freer
Ms N Freer
Company number
SC498820
Registered office
6 St Colme Street
Edinburgh
EH3 6AD
Accountants
Geoghegans Accountancy Limited
Chartered Accountants
6 St Colme Street
Edinburgh
EH3 6AD
FREER MEDIA HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
FREER MEDIA HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
6,000
8,000
Tangible assets
4
520
781
Current assets
Debtors
5
65,852
13,000
Cash at bank and in hand
5,970
4,315
71,822
17,315
Creditors: amounts falling due within one year
6
(56,010)
(25,770)
Net current assets/(liabilities)
15,812
(8,455)
Total assets less current liabilities
22,332
326
Creditors: amounts falling due after more than one year
7
(21,875)
-
Provisions for liabilities
(88)
(141)
Net assets
369
185
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
269
85
Total equity
369
185
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
FREER MEDIA HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2017
31 March 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 November 2017 and are signed on its behalf by:
Mr N Freer
Director
Company Registration No. SC498820
FREER MEDIA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
Freer Media Holdings Limited is a private company limited by shares incorporated in Scotland. The registered office is 6 St Colme Street, Edinburgh, EH3 6AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017 are the first financial statements of Freer Media Holdings Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 24 February 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover represents amounts receivable for services rendered net of VAT.
1.3
Intangible fixed assets - goodwill
Acquired goodwill relating to the acquisition of a business in April 2015 is written off in equal annual instalments over its estimated useful economic life of five years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
FREER MEDIA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Debtors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
All interest bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable. After initial recognition they are measured at amortised cost.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
FREER MEDIA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2016 and 31 March 2017
10,000
Amortisation and impairment
At 1 April 2016
2,000
Amortisation charged for the year
2,000
At 31 March 2017
4,000
Carrying amount
At 31 March 2017
6,000
At 31 March 2016
8,000
FREER MEDIA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2016 and 31 March 2017
1,042
Depreciation and impairment
At 1 April 2016
261
Depreciation charged in the year
261
At 31 March 2017
522
Carrying amount
At 31 March 2017
520
At 31 March 2016
781
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
9,000
13,000
Other debtors
56,852
-
65,852
13,000
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
7,500
-
Corporation tax
39,002
16,448
Other taxation and social security
8,388
7,930
Other creditors
1,120
1,392
56,010
25,770
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
21,875
-
The Royal Bank of Scotland plc hold a bond and floating charge over all company assets.
FREER MEDIA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 7 -
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary share of £1 each
100
100
100
100
9
Related party transactions
Included in other debtors is an amount of £42,907 (2016: other creditors £72) due from Mr N Freer and Ms N Freer, directors of the company. There are no fixed terms for repayment and interest is charged at 3%.
The directors are of the opinion that all other related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.
2017-03-312016-04-01falseCCH SoftwareCCH Accounts Production 2017.300No description of principal activity08 November 2017SC4988202016-04-012017-03-31SC498820bus:Director12016-04-012017-03-31SC498820bus:Director22016-04-012017-03-31SC498820bus:RegisteredOffice2016-04-012017-03-31SC4988202017-03-31SC4988202016-03-31SC498820core:NetGoodwill2017-03-31SC498820core:NetGoodwill2016-03-31SC498820core:OtherPropertyPlantEquipment2017-03-31SC498820core:OtherPropertyPlantEquipment2016-03-31SC498820core:CurrentFinancialInstruments2017-03-31SC498820core:CurrentFinancialInstruments2016-03-31SC498820core:Non-currentFinancialInstruments2017-03-31SC498820core:ShareCapital2017-03-31SC498820core:ShareCapital2016-03-31SC498820core:RetainedEarningsAccumulatedLosses2017-03-31SC498820core:RetainedEarningsAccumulatedLosses2016-03-31SC498820core:ShareCapitalOrdinaryShares2017-03-31SC498820core:ShareCapitalOrdinaryShares2016-03-31SC498820core:Goodwill2016-04-012017-03-31SC498820core:PlantMachinery2016-04-012017-03-31SC498820core:NetGoodwill2016-03-31SC498820core:NetGoodwill2016-04-012017-03-31SC498820core:OtherPropertyPlantEquipment2016-03-31SC498820core:OtherPropertyPlantEquipment2016-04-012017-03-31SC498820bus:OrdinaryShareClass12016-04-012017-03-31SC498820bus:OrdinaryShareClass12017-03-31SC498820bus:PrivateLimitedCompanyLtd2016-04-012017-03-31SC498820bus:FRS1022016-04-012017-03-31SC498820bus:AuditExemptWithAccountantsReport2016-04-012017-03-31SC498820bus:SmallCompaniesRegimeForAccounts2016-04-012017-03-31SC498820bus:FullAccounts2016-04-012017-03-31xbrli:purexbrli:sharesiso4217:GBP