Registration number:
Multimedia International Services Limited
for the Year Ended 30 September 2022
Multimedia International Services Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Multimedia International Services Limited
Company Information
Directors |
Ms AM Darnell Mr AJ Reed |
Company secretary |
Ms AM Darnell |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Multimedia International Services Limited
for the Year Ended 30 September 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Multimedia International Services Limited for the year ended 30 September 2022 as set out on pages 3 to 13 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/regulation.
This report is made solely to the Board of Directors of Multimedia International Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Multimedia International Services Limited and state those matters that we have agreed to state to the Board of Directors of Multimedia International Services 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 Multimedia International Services Limited and its Board of Directors as a body for our work or for this report.
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Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF
Multimedia International Services Limited
(Registration number: 03834803)
Balance Sheet as at 30 September 2022
Note |
2022 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current (liabilities)/assets |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
( |
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Shareholders' (deficit)/funds |
( |
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For the financial year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Multimedia International Services Limited
(Registration number: 03834803)
Balance Sheet as at 30 September 2022
Approved and authorised by the
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Multimedia International Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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.
Going concern
The financial statements have been prepared on a going concern basis.
Multimedia International Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Prior period errors
A restatement was made to the year ended 30th September 2021 financial statements as a result of a change in accounting policy. This resulted in the prepaid agents commissions, which had previously been recognised as work in progess on the balance sheet, being written off in full to the profit and loss account in the year ended 30th September 2021.
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | Relating to periods before the prior period disclosed in these financial statements | |
Agents Commissions | - | 551,450 | - |
Work in Progress | - | (551,450) | - |
Revenue recognition
Turnover comprises advertising contracts sold on a one or two year contract in the ordinary course of the company's activities. Turnover is net of sales/value added tax, rebates and discounts.
The company charges an artwork fee which is treated as income on the date the contract is signed, all other income is recognised over the term of the contract commencing from the date the advertisement is first published. To the extent that income relates to future accounting periods, it is treated as deferred income and included in creditors.
Government grants
Government grants are recognised on an accruals basis.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises 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.
Multimedia International Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
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 |
Leasehold property |
Over term of lease |
Computer equipment |
33% straight line |
Fixtures and fittings |
15% straight line |
Motor vehicles |
20% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
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:
Asset class |
Amortisation method and rate |
Goodwill |
Over 3 years |
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.
Multimedia International Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Trade debtors
Trade debtors are amounts due from customers for advertising services performed in the ordinary course of business.
Trade debtors are recognised initially at the contract value. 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 comprises direct materials. 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.
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
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.
Multimedia International Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 October 2021 |
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At 30 September 2022 |
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Amortisation |
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At 1 October 2021 |
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At 30 September 2022 |
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Carrying amount |
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At 30 September 2022 |
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- |
Multimedia International Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Tangible assets |
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Computer equipment |
Total |
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Cost or valuation |
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At 1 October 2021 |
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Additions |
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- |
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At 30 September 2022 |
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Depreciation |
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At 1 October 2021 |
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Charge for the year |
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At 30 September 2022 |
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Carrying amount |
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At 30 September 2022 |
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At 30 September 2021 |
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Included within the net book value of land and buildings above is £9,551 (2021 - £7,920) in respect of long leasehold land and buildings.
Multimedia International Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Stocks |
2022 |
2021 |
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Other inventories |
- |
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Debtors |
Current |
Note |
2022 |
2021 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
- |
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Other debtors |
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Multimedia International Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
(As restated) |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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10,100.00 |
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10,100.00 |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2022 |
2021 |
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Not later than one year |
- |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £Nil (2021 - £
Multimedia International Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Related party transactions |
Key management compensation
2022 |
2021 |
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Salaries and other short term employee benefits |
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Summary of transactions with other related parties
Loans to related parties
2022 |
Key management |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
Interest transactions |
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At end of period |
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2021 |
Key management |
Total |
At start of period |
( |
( |
Advanced |
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Interest transactions |
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At end of period |
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Terms of loans to related parties
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from www.companieshouse.gov.uk