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Registration number: 02942622

Aspen Media Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2017

Michael J Emery & Co Limited
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Aspen Media Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 10

 

Aspen Media Limited

Company Information

Director

Mr Christopher Dermot MacSherry Collings

Company secretary

Mrs S S Collings

Registered office

22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

Accountants

Michael J Emery & Co Limited
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Aspen Media Limited
for the Year Ended 31 May 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Aspen Media Limited for the year ended 31 May 2017 as set out on pages 3 to 10 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 Aspen Media Limited, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of Aspen Media Limited and state those matters that we have agreed to state to the Board of Directors of Aspen 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 Aspen Media Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Aspen Media Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Aspen Media Limited. You consider that Aspen 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 accounts of Aspen 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 accounts.

......................................

Michael J Emery & Co Limited
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

26 October 2017

 

Aspen Media Limited

(Registration number: 02942622)
Balance Sheet as at 31 May 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

24,747

22,551

Current assets

 

Stocks

5

44,944

35,627

Debtors

6

57,957

58,342

Cash at bank and in hand

 

173,516

196,477

 

276,417

290,446

Creditors: Amounts falling due within one year

7

(66,709)

(56,706)

Net current assets

 

209,708

233,740

Total assets less current liabilities

 

234,455

256,291

Provisions for liabilities

(3,156)

(3,007)

Net assets

 

231,299

253,284

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

231,297

253,282

Total equity

 

231,299

253,284

For the financial year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

 

Aspen Media Limited

(Registration number: 02942622)
Balance Sheet as at 31 May 2017

Approved and authorised by the director on 26 October 2017
 

.........................................

Mr Christopher Dermot MacSherry Collings

Director

 

Aspen Media Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

1

General information

The company is a private company limited by share capital incorporated in England and Wales, 02942622.

The address of its registered office is:
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ
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.

Turnover

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions undertaken in foreign currencies are converted using the ruling rate of exchange on the date of the transaction.

Any monetary assets ot liabilities denominated in foreign currencies are converted at the closing rate of exchange on the balance sheet date.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

 

Aspen Media Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Plant and machinery

25% on cost

Fixtures and fittings

20% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Aspen Media Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, including the director, was 5 (2016 - 5).

 

Aspen Media Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

4

Tangible assets

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 June 2016

3,264

133,205

136,469

Additions

1,732

10,512

12,244

Disposals

(212)

(22,977)

(23,189)

At 31 May 2017

4,784

120,740

125,524

Depreciation

At 1 June 2016

2,916

111,002

113,918

Charge for the year

421

9,377

9,798

Eliminated on disposal

(212)

(22,727)

(22,939)

At 31 May 2017

3,125

97,652

100,777

Carrying amount

At 31 May 2017

1,659

23,088

24,747

At 31 May 2016

348

22,203

22,551

5

Stocks

2017
£

2016
£

Inventory

44,944

35,627

 

Aspen Media Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

6

Debtors

2017
£

2016
£

Trade debtors

32,611

19,885

Prepayments

6,644

8,228

Corporation tax recoverable

18,702

14,859

Director's loan account

-

15,370

Total current trade and other debtors

57,957

58,342

7

Creditors

Note

2017
£

2016
£

Due within one year

 

Accruals

 

2,068

1,813

Corporation tax

 

3,914

-

Other creditors

 

2,920

1,509

PAYE and NIC creditor

 

337

550

Director's loan account

 

5,160

-

Trade creditors

 

9,018

14,719

VAT

 

43,292

38,115

 

66,709

56,706

8

Related party transactions

Transactions with directors

2017

At 1 June 2016
£

Advances to directors
£

Repayments by director
£

At 31 May 2017
£

Mr Christopher Dermot MacSherry Collings

15,370

1,947

(22,477)

(5,160)

         
       

 

2016

Advances to directors
£

At 31 May 2016
£

Mr Christopher Dermot MacSherry Collings

15,370

15,370

     
   

 

 

Aspen Media Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

9

Transition to FRS 102

There are no fundamental differences between the accounting policies applied under FRS 102 and the previous financial reporting framework (UK GAAP). In accordance with the transitional provisions at FRS 102, no material adjustments are required to the comparative financial statements or the opening balance sheet position at the date of transition (1 June 2015).