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Registration number: 03834803

Multimedia International Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2022

 

Multimedia International Services Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 13

 

Multimedia International Services Limited

Company Information

Directors

Ms AM Darnell

Mr AJ Reed

Company secretary

Ms AM Darnell

Registered office

Premier House
Premier Way
Poulton Business Park
Poulton-Le-Fylde
Lancashire
FY6 8JP

Accountants

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

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.

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

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

25 October 2023

 

Multimedia International Services Limited

(Registration number: 03834803)
Balance Sheet as at 30 September 2022

Note

2022
£

(As restated)

2021
£

Fixed assets

 

Tangible assets

5

49,755

36,528

Current assets

 

Stocks

6

-

20,645

Debtors

7

5,487,506

6,094,346

Cash at bank and in hand

 

94,806

235,033

 

5,582,312

6,350,024

Creditors: Amounts falling due within one year

8

(5,649,536)

(6,180,669)

Net current (liabilities)/assets

 

(67,224)

169,355

Net (liabilities)/assets

 

(17,469)

205,883

Capital and reserves

 

Called up share capital

9

10,100

10,100

Retained earnings

(27,569)

195,783

Shareholders' (deficit)/funds

 

(17,469)

205,883

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:

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 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 Board on 25 October 2023 and signed on its behalf by:
 

.........................................
Ms AM Darnell
Company secretary and director

 

Multimedia International Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

1

General information

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

The address of its registered office is:
Premier House
Premier Way
Poulton Business Park
Poulton-Le-Fylde
Lancashire
FY6 8JP
United Kingdom

These financial statements were authorised for issue by the Board on 25 October 2023.

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.

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 34 (2021 - 34).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2021

92,500

92,500

At 30 September 2022

92,500

92,500

Amortisation

At 1 October 2021

92,500

92,500

At 30 September 2022

92,500

92,500

Carrying amount

At 30 September 2022

-

-

 

Multimedia International Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

5

Tangible assets

Land and buildings
£

Fixtures and fittings
 £

Motor vehicles
 £

Computer equipment
 £

Total
£

Cost or valuation

At 1 October 2021

304,847

328,544

1,741

126,888

762,020

Additions

2,187

12,296

-

14,874

29,357

At 30 September 2022

307,034

340,840

1,741

141,762

791,377

Depreciation

At 1 October 2021

296,927

306,080

939

121,546

725,492

Charge for the year

555

8,447

161

6,967

16,130

At 30 September 2022

297,482

314,527

1,100

128,513

741,622

Carrying amount

At 30 September 2022

9,552

26,313

641

13,249

49,755

At 30 September 2021

7,920

22,464

802

5,342

36,528

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

6

Stocks

2022
£

2021
£

Other inventories

-

20,645

7

Debtors

Current

Note

2022
£

2021
£

Trade debtors

 

2,030,393

2,509,837

Amounts owed by related parties

11

3,205,164

3,237,166

Prepayments

 

-

53,580

Other debtors

 

251,949

293,763

   

5,487,506

6,094,346

 

Multimedia International Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

(As restated)

2021
£

Due within one year

 

Trade creditors

 

124,645

182,915

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

1,878,033

1,453,015

Taxation and social security

 

299,334

445,387

Accruals and deferred income

 

3,271,812

4,045,562

Other creditors

 

75,712

53,790

 

5,649,536

6,180,669

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £0.01 each

1,010,000

10,100.00

1,010,000

10,100.00

         

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2022
£

2021
£

Not later than one year

-

3,651

The amount of non-cancellable operating lease payments recognised as an expense during the year was £Nil (2021 - £3,651).

 

Multimedia International Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

11

Related party transactions

Key management compensation

2022
£

2021
£

Salaries and other short term employee benefits

337,864

115,923

Summary of transactions with other related parties

During the year Multimedia International Services Ltd received £571. Media Solutions International Pty Ltd is a company jointly owned by D Ravenscroft, A Darnell and A Reed. At the year end 30th September 2022, the creditor balance owing to Media Solutions International Pty Ltd was £5,861 (2021: £5,290).

 

Loans to related parties

2022

Key management
£

Total
£

At start of period

250,583

250,583

Advanced

169,072

169,072

Repaid

(250,583)

(250,583)

Interest transactions

4,830

4,830

At end of period

173,902

173,902

2021

Key management
£

Total
£

At start of period

(208,218)

(208,218)

Advanced

449,993

449,993

Interest transactions

8,808

8,808

At end of period

250,583

250,583

Terms of loans to related parties

Loans are advanced to the directors. Loans are repayable upon demand and interest is charged at the official rate of interest on any balance that exceeds £10,000 throughout the year.
 

12

Parent and ultimate parent undertaking

The company's immediate parent is Media International Holdings Limited, incorporated in England and Wales.

  These financial statements are available upon request from www.companieshouse.gov.uk