REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
PRECISION MARKETING GROUP LTD |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
PRECISION MARKETING GROUP LTD |
PRECISION MARKETING GROUP LTD (REGISTERED NUMBER: 05322235) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Notes to the Financial Statements | 13 |
PRECISION MARKETING GROUP LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
89 High Street |
Hadleigh |
Ipswich |
Suffolk |
IP7 5EA |
PRECISION MARKETING GROUP LTD (REGISTERED NUMBER: 05322235) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2023 |
The directors present their strategic report for the year ended 31 March 2023. |
REVIEW OF BUSINESS AND DEVELOPMENTS DURING THE YEAR |
Precision is a unique provider of Marketing Services, combined with Technology Solutions, Healthcare, Creative and Media Services, unique with our sustainable supply model and our agility to react quickly to client needs. As a consequence, Precision is used by clients who range from multinationals & government bodies, to SME's. Precision's services manifest as a wide of solutions linking digital and physical across the interlinked businesses of the wider group. |
Precision's commitment to a sustainable business model began in 2014 when we bought our own premises in Bury St Edmunds and covered the roof in solar panels which generate all our electricity requirement on sunny days. A repurposing and recycling programme has been fundamental to our operation. Company cars are electric or hybrid but travel on public transport is optimised; delivery partners are chosen for lowest their lowest carbon impact and evidence that they both run the businesses sustainably and actively drive down their carbon footprint. |
The Directors are satisfied with the results for a year where the ability of Precision's management created new income streams, brought in new clients and with existing clients using more of our solutions, a 20% increase in profit approaching £2m. Net asset value is now over £6m and the company was debt free at the end of the financial year, making us resilient in the face of the interest rate rises in the economy. Precision has limited exposure to specific market sectors with revenue from Utility, Property, Grey and Healthcare sectors. Many of our customers have worked with Precision as their partner, since our incorporation in 2005. Precision is recognised for its aware production and our community relationships matching our client and suppliers ESG needs |
Development of new products and services continues in our Technology team contributing to significant bottom line contribution. Precision committed nearly 4% of turnover to R&D ensuring our solutions and technological product development fulfilled the needs of current and new customers. |
The Board was strengthened with the appointment of 4 new Directors who lead Technology, Sales & Marketing, Healthcare and General Management & Finance. Precision Marketing Group is a wholly owned subsidiary of Precision Marketing Group Holdings Limited, with the Group including Precision Creative and Media, PMGH Property and now Precision Pharmacy and the Directors and Executive team of the wider group along with the superb and stable work force combined to produce the excellent results of FY23 which has continued in the first half of FY24. |
Therefore the directors are satisfied that the company has a strong financial and strategic position. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Employment of talent holds back our ability to accelerate the growth of Precision. |
FINANCIAL KEY PERFORMANCE INDICATORS |
2023 | 2022 |
EBITDA | 1,926,890 | 1,598,280 |
Gross profit margin | 20.6% | 19.6% |
Operating profit margin | 10.5% | 11.8% |
Admin expenses as % of turnover | 9.2% | 7.1% |
Interest cover | 150.7 times | 107.0 times |
Return on capital employed | 29.6% | 28.4% |
Current ratio | 3.02:1 | 2.8:1 |
Average trade debtor days | 52 days | 56 days |
PRECISION MARKETING GROUP LTD (REGISTERED NUMBER: 05322235) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2023 |
OTHER KEY PERFORMANCE INDICATORS |
Staff retention is paramount to our approach, and headcount in Precision has increased to cope with the higher sales we now have a stronger workforce. |
ON BEHALF OF THE BOARD: |
PRECISION MARKETING GROUP LTD (REGISTERED NUMBER: 05322235) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2023 |
The directors present their report with the financial statements of the company for the year ended 31 March 2023. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 March 2023 will be £ |
DIRECTORS |
Other changes in directors holding office are as follows: |
POLITICAL DONATIONS AND EXPENDITURE |
The company did not make any political donations during the year. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
PRECISION MARKETING GROUP LTD (REGISTERED NUMBER: 05322235) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2023 |
AUDITORS |
The auditors, Walter Wright, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PRECISION MARKETING GROUP LTD |
Opinion |
We have audited the financial statements of Precision Marketing Group Ltd (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PRECISION MARKETING GROUP LTD |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our procedures in relation to fraud included but were not limited to: |
- obtained an understanding of the nature of the sector, including the legal and regulatory framework that the company operates in. |
- enquiries of management whether they have knowledge of any actual, suspected or alleged fraud; |
- gaining an understanding of the internal controls established to mitigate risk related to fraud and management override. |
- discussion amongst the engagement team regarding risk of fraud such as opportunities for fraudulent manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates; and |
- addressing the risk of fraud through management override of controls by performing journal entry testing. |
- challenging accounting estimates to ensure no indication of management bias. |
The primary responsibility for the prevention and detection of irregularities including fraud rests with both those charged with governance and management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PRECISION MARKETING GROUP LTD |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
89 High Street |
Hadleigh |
Ipswich |
Suffolk |
IP7 5EA |
PRECISION MARKETING GROUP LTD (REGISTERED NUMBER: 05322235) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
1,762,738 | 1,011,471 |
1,838,690 | 1,463,592 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
1,845,375 | 1,488,956 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
PRECISION MARKETING GROUP LTD (REGISTERED NUMBER: 05322235) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
PRECISION MARKETING GROUP LTD (REGISTERED NUMBER: 05322235) |
BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Capital contribution reserve | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
PRECISION MARKETING GROUP LTD (REGISTERED NUMBER: 05322235) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2023 |
Called up | Capital |
share | Retained | contribution | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2022 |
Changes in equity |
Share-based payment | - | - | 57,770 | 57,770 |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
PRECISION MARKETING GROUP LTD (REGISTERED NUMBER: 05322235) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Precision Marketing Group Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirement of paragraph 33.7. |
Preparation of consolidated financial statements |
The financial statements contain information about Precision Marketing Group Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Precision Marketing Group Holdings Limited, 89 High Street, Hadleigh, Ipswich, IP7 5EA. |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be appropriate and reasonable in the circumstances. |
a) Critical judgements in applying the entity's accounting policies |
There is no area within the company's accounts where management has been required to apply a critical judgement. |
b) Key accounting estimates and assumptions |
(i) Useful economic lives of assets |
The annual depreciation charge for tangible and intangible assets is sensitive to changes in estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets |
PRECISION MARKETING GROUP LTD (REGISTERED NUMBER: 05322235) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover represents the sales of goods and services, is recognised on dispatch of the goods or provision of the service and excludes value added tax. |
Goodwill |
Goodwill representing the amounts paid in connection with the acquisition of a number of businesses, is being amortised evenly over the estimated useful life of each business acquired. The estimated useful lives range from 3 to 18 years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
PRECISION MARKETING GROUP LTD (REGISTERED NUMBER: 05322235) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Government grants |
Government grants are disclosed in other operating income and recognised in the period in which the related expenditure is incurred. Income received in advance of the period in which the relevant expenditure is incurred is carried forward in deferred income. |
Going concern |
Long term finance requirements and the company's day to day working capital requirements are met through cash reserves. |
The nature of the company's business is such that there can be unpredictable variations in the timing of cash flows. The directors have prepared projected cash flow information covering the next twelve months. On the basis of this cash flow information, the directors consider that the company will continue to operate within the facilities currently agreed and within those that they expect to be agreed over the twelve month period from the date of approval of the accounts. |
On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom |
Europe |
Rest of world | 6,610 | 90,625 |
PRECISION MARKETING GROUP LTD (REGISTERED NUMBER: 05322235) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Director | 5 | 1 |
Digital | 5 | 7 |
Administration | 11 | 7 |
Production | 32 | 29 |
Sales | 12 | 19 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director for the year ended 31 March 2023 is as follows: |
2023 |
£ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Machinery lease |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts or finance leases |
Profit on disposal of fixed assets | ( |
) |
Goodwill amortisation |
Computer software and domain names amortisation |
Auditors' remuneration |
Auditors remuneration - other |
PRECISION MARKETING GROUP LTD (REGISTERED NUMBER: 05322235) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Mortgage |
Hire purchase |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Corporation tax re prior year | (152,786 | ) | (186,659 | ) |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Other differences | 800 | (21,889 | ) |
Adjustments to tax charge in respect of previous period research and development claim | (152,786 |
) |
(186,659 |
) |
Change in tax rates | 138 | 19,562 |
Total tax charge | 197,050 | 91,760 |
8. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Interim |
PRECISION MARKETING GROUP LTD (REGISTERED NUMBER: 05322235) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
9. | INTANGIBLE FIXED ASSETS |
Computer |
software |
and |
domain |
Goodwill | names | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
and 31 March 2023 |
AMORTISATION |
At 1 April 2022 |
Amortisation for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
10. | TANGIBLE FIXED ASSETS |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
PRECISION MARKETING GROUP LTD (REGISTERED NUMBER: 05322235) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
11. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
PROVISIONS |
At 1 April 2022 |
and 31 March 2023 | 430,234 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 89 High Street, Hadleigh, Ipswich, IP7 5EA |
Nature of business: |
% |
Class of shares: | holding |
PRECISION MARKETING GROUP LTD (REGISTERED NUMBER: 05322235) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
Registered office: 89 High Street, Hadleigh, Ipswich, IP7 5EA |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 89 High Street, Hadleigh, Ipswich, IP7 5EA |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 89 High Street, Hadleigh, Ipswich, IP7 5EA |
Nature of business: |
% |
Class of shares: | holding |
12. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
13. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
Included in other debtors is an amount of £1,301,439 (2022: £993,691) due from Precision Healthcare Limited, a related company in which M Caldwell-Nichols has a shareholding. The company has made enquiries of the management of Precision Healthcare Limited and reviewed projected financial information. Based on these discussions and the information provided, the company believes that the loan will be fully recoverable, however there can be no certainty regarding this. |
PRECISION MARKETING GROUP LTD (REGISTERED NUMBER: 05322235) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 16) |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
VAT | 72,465 | 95,133 |
Other creditors |
Accruals and deferred income |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 16) |
Director's loan account | - | 161,148 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans |
17. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
PRECISION MARKETING GROUP LTD (REGISTERED NUMBER: 05322235) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Prior to the repayment in this financial year, the company's bank loan was secured by way of a first charge on the company's freehold property and a debenture over the company's other assets. |
19. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Other timing differences | (16,214 | ) | (13,073 | ) |
60,620 | 58,318 |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Provided during year |
Balance at 31 March 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 10,150 | 10,150 |
Preference | £1 | 200,000 | 200,000 |
210,150 | 210,150 |
21. | RESERVES |
Capital |
Retained | contribution |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2022 | 4,553,542 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Share-based payment | - | 57,770 | 57,770 |
At 31 March 2023 | 6,012,891 |
PRECISION MARKETING GROUP LTD (REGISTERED NUMBER: 05322235) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
22. | ULTIMATE PARENT COMPANY |
Precision Marketing Group Holdings Limited is regarded by the directors as being the company's ultimate parent company. |
The registered office of Precision Marketing Group Holdings Limited is 89 High Street, Hadleigh, Ipswich, IP7 5EA. |
The largest and smallest group in which the results of the company are consolidated is that headed by Precision Marketing Group Holdings Limited. The consolidated accounts of this company are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. No other group accounts includes the results of the company. |
23. | RELATED PARTY DISCLOSURES |
2023 | 2022 |
£ | £ |
Dividends | - | 60,000 |
Remuneration | 411,332 | 53,684 |
Amount due to related party |
2023 | 2022 |
£ | £ |
Sales |
Amount due from related parties |
Provisions for uncollectible receivables relating to amount of outstanding balances |
24. | ULTIMATE CONTROLLING PARTY |
The controlling party is M Caldwell-Nichols. |
25. | SHARE-BASED PAYMENT TRANSACTIONS |
During the year the group entered into an equity-settled share-based payment arrangement with certain directors of group companies by way of the issue of C Ordinary shares in the parent company, Precision Marketing Group Holdings Limited, at par value. The share-based payment expense has been allocated to the related group company with which the director has their service contract and has been measured at the market value of the C Ordinary shares issued. The total expense recognised in the company is £57,770. |