Registered number
11289223
HERALD MEDIA NETWORK LIMITED
Report and Accounts
30 April 2020
HERALD MEDIA NETWORK LIMITED
Registered number: 11289223
Balance Sheet
as at 30 April 2020
Notes 2020 2019
£ £
Fixed assets
Tangible assets 2 512 624
Current assets
Cash at bank and in hand 986 16,785
Creditors: amounts falling due within one year 3 (5,550) (200)
Net current (liabilities)/assets (4,564) 16,585
Total assets less current liabilities (4,052) 17,209
Creditors: amounts falling due after more than one year 4 (21,149) -
Net (liabilities)/assets (25,201) 17,209
Capital and reserves
Called up share capital 100 100
Share premium 23,275 23,275
Profit and loss account (48,576) (6,166)
Shareholders' funds (25,201) 17,209
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ansif ASHRAF
Director
Approved by the board on 3 August 2020
HERALD MEDIA NETWORK LIMITED
Notes to the Accounts
for the year ended 30 April 2020
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2019 761
At 30 April 2020 761
Depreciation
At 1 May 2019 137
Charge for the year 112
At 30 April 2020 249
Net book value
At 30 April 2020 512
At 30 April 2019 624
3 Creditors: amounts falling due within one year 2020 2019
£ £
Trade creditors 550 200
Other creditors 5,000 -
5,550 200
4 Creditors: amounts falling due after one year 2020 2019
£ £
Director's Loan Account 21,149 -
5 Other information
HERALD MEDIA NETWORK LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
156 Brompton Road
London
SW3 1HW
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