IRIS Accounts Production v23.3.0.418 05322235 Board of Directors 1.4.22 31.3.23 31.3.23 direct marketing services. true true false true true false false false true true true true false Ordinary 1.00000 Preference 1.00000 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REGISTERED NUMBER: 05322235 (England and Wales)











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: M Caldwell-Nichols BSC
Mrs Y Li
S A Ford
G R Howard
T J Stopher





SECRETARY: Mrs Y Li





REGISTERED OFFICE: 89 High Street
Hadleigh
Ipswich
Suffolk
IP7 5EA





BUSINESS ADDRESS: Precision House
Lamdin Road
Bury St Edmunds
Suffolk
IP32 6NU





REGISTERED NUMBER: 05322235 (England and Wales)





AUDITORS: Walter Wright
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:





Mrs Y Li - Director


23 October 2023

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 £ 234,500 .

DIRECTORS
M Caldwell-Nichols BSC has held office during the whole of the period from 1 April 2022 to the date of this report.

Other changes in directors holding office are as follows:

Mrs Y Li - appointed 7 April 2022
S A Ford - appointed 7 April 2022
G R Howard - appointed 7 April 2022
T J Stopher - appointed 7 April 2022

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:



Mrs Y Li - Director


23 October 2023

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.




Kevin Brown ACA MAAT (Senior Statutory Auditor)
for and on behalf of Walter Wright
Chartered Accountants
Statutory Auditor
89 High Street
Hadleigh
Ipswich
Suffolk
IP7 5EA

23 October 2023

PRECISION MARKETING GROUP LTD (REGISTERED NUMBER: 05322235)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 17,507,926 12,652,858

Cost of sales 13,906,498 10,177,795
GROSS PROFIT 3,601,428 2,475,063

Distribution costs 155,473 119,119
Administrative expenses 1,607,265 892,352
1,762,738 1,011,471
1,838,690 1,463,592

Other operating income 348 24,963
OPERATING PROFIT 5 1,839,038 1,488,555

Interest receivable and similar income 6,337 401
1,845,375 1,488,956

Interest payable and similar expenses 6 12,246 13,913
PROFIT BEFORE TAXATION 1,833,129 1,475,043

Tax on profit 7 197,050 91,760
PROFIT FOR THE FINANCIAL YEAR 1,636,079 1,383,283

PRECISION MARKETING GROUP LTD (REGISTERED NUMBER: 05322235)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,636,079 1,383,283


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,636,079

1,383,283

PRECISION MARKETING GROUP LTD (REGISTERED NUMBER: 05322235)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 14,819 31,370
Tangible assets 10 1,261,480 1,260,889
Investments 11 38,405 38,405
1,314,704 1,330,664

CURRENT ASSETS
Stocks 12 49,629 73,086
Debtors 13 5,292,374 4,133,531
Cash at bank and in hand 2,090,083 1,974,161
7,432,086 6,180,778
CREDITORS
Amounts falling due within one year 14 2,463,129 2,204,454
NET CURRENT ASSETS 4,968,957 3,976,324
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,283,661

5,306,988

CREDITORS
Amounts falling due after more than one
year

15

-

(484,978

)

PROVISIONS FOR LIABILITIES 19 (60,620 ) (58,318 )
NET ASSETS 6,223,041 4,763,692

CAPITAL AND RESERVES
Called up share capital 20 210,150 210,150
Capital contribution reserve 21 57,770 -
Retained earnings 21 5,955,121 4,553,542
SHAREHOLDERS' FUNDS 6,223,041 4,763,692

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2023 and were signed on its behalf by:





Mrs Y Li - Director


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 210,150 3,230,259 - 3,440,409

Changes in equity
Dividends - (60,000 ) - (60,000 )
Total comprehensive income - 1,383,283 - 1,383,283
Balance at 31 March 2022 210,150 4,553,542 - 4,763,692

Changes in equity
Share-based payment - - 57,770 57,770
Dividends - (234,500 ) - (234,500 )
Total comprehensive income - 1,636,079 - 1,636,079
Balance at 31 March 2023 210,150 5,955,121 57,770 6,223,041

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Computer software and domain names is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

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 15,091,516 11,580,978
Europe 2,409,800 981,255
Rest of world 6,610 90,625
17,507,926 12,652,858

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 1,929,239 1,777,540
Social security costs 162,269 141,976
Other pension costs 172,207 174,948
2,263,715 2,094,464

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
65 63

2023 2022
£    £   
Directors' remuneration 299,465 18,684
Directors' pension contributions to money purchase schemes 111,867 35,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 1

Information regarding the highest paid director for the year ended 31 March 2023 is as follows:
2023
£   
Emoluments etc 100,465
Pension contributions to money purchase schemes 38,712

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Machinery lease 62,771 65,249
Depreciation - owned assets 71,301 73,679
Depreciation - assets on hire purchase contracts or finance leases - 2,108
Profit on disposal of fixed assets - (2,320 )
Goodwill amortisation 9,996 9,996
Computer software and domain names amortisation 6,555 3,868
Auditors' remuneration 12,000 10,000
Auditors remuneration - other 4,913 4,300

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 11,206 11,758
Hire purchase 1,040 2,155
12,246 13,913

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 347,534 283,218
Corporation tax re prior year (152,786 ) (186,659 )
Total current tax 194,748 96,559

Deferred tax 2,302 (4,799 )
Tax on profit 197,050 91,760

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 1,833,129 1,475,043
Profit multiplied by the standard rate of corporation tax in the UK of
19% (2022 - 19%)

348,295

280,258

Effects of:
Expenses not deductible for tax purposes 603 488
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 234,500 60,000

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 525,488 88,725 614,213
AMORTISATION
At 1 April 2022 509,919 72,924 582,843
Amortisation for year 9,996 6,555 16,551
At 31 March 2023 519,915 79,479 599,394
NET BOOK VALUE
At 31 March 2023 5,573 9,246 14,819
At 31 March 2022 15,569 15,801 31,370

10. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 April 2022 1,200,833 7,238 981,752
Additions - - 65,787
Disposals - - -
At 31 March 2023 1,200,833 7,238 1,047,539
DEPRECIATION
At 1 April 2022 117,961 7,238 854,839
Charge for year 13,936 - 41,075
At 31 March 2023 131,897 7,238 895,914
NET BOOK VALUE
At 31 March 2023 1,068,936 - 151,625
At 31 March 2022 1,082,872 - 126,913

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 134,610 95,630 242,120 2,662,183
Additions 1,253 - 5,839 72,879
Disposals - - (987 ) (987 )
At 31 March 2023 135,863 95,630 246,972 2,734,075
DEPRECIATION
At 1 April 2022 112,743 86,049 222,464 1,401,294
Charge for year 5,624 3,062 7,604 71,301
At 31 March 2023 118,367 89,111 230,068 1,472,595
NET BOOK VALUE
At 31 March 2023 17,496 6,519 16,904 1,261,480
At 31 March 2022 21,867 9,581 19,656 1,260,889

11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 468,639
PROVISIONS
At 1 April 2022
and 31 March 2023 430,234
NET BOOK VALUE
At 31 March 2023 38,405
At 31 March 2022 38,405

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Guardian Products Limited
Registered office: 89 High Street, Hadleigh, Ipswich, IP7 5EA
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

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

Precision Database Marketing Limited
Registered office: 89 High Street, Hadleigh, Ipswich, IP7 5EA
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Precision MG Ltd
Registered office: 89 High Street, Hadleigh, Ipswich, IP7 5EA
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Precision Direct Marketing Limited
Registered office: 89 High Street, Hadleigh, Ipswich, IP7 5EA
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

12. STOCKS
2023 2022
£    £   
Stocks 49,629 73,086

13. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 2,482,351 1,948,908
Amounts owed by group undertakings 1,349,053 900,000
Other debtors 10,903 89,992
Prepayments and accrued income 148,628 200,940
3,990,935 3,139,840

Amounts falling due after more than one year:
Other debtors 1,301,439 993,691

Aggregate amounts 5,292,374 4,133,531

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) - 44,875
Trade creditors 1,442,689 1,291,096
Amounts owed to group undertakings 38,405 38,405
Corporation tax 347,534 283,218
Social security and other taxes 36,930 41,841
VAT 72,465 95,133
Other creditors 39,228 45,660
Accruals and deferred income 485,878 364,226
2,463,129 2,204,454

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 16) - 323,830
Director's loan account - 161,148
- 484,978

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 - 44,875

Amounts falling due between one and two years:
Bank loans - 46,000

Amounts falling due between two and five years:
Bank loans - 277,830

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 134,329 83,635
Between one and five years 203,107 204,817
337,436 288,452

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 - 368,705

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 76,834 71,391
Other timing differences (16,214 ) (13,073 )
60,620 58,318

Deferred
tax
£   
Balance at 1 April 2022 58,318
Provided during year 2,302
Balance at 31 March 2023 60,620

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,150 Ordinary £1 10,150 10,150
200,000 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 - 4,553,542
Profit for the year 1,636,079 1,636,079
Dividends (234,500 ) (234,500 )
Share-based payment - 57,770 57,770
At 31 March 2023 5,955,121 57,770 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

Key management personnel of the entity or its parent (in the aggregate)
2023 2022
£    £   
Dividends - 60,000
Remuneration 411,332 53,684
Amount due to related party - 160,148

Other related parties
2023 2022
£    £   
Sales 391,552 281,639
Amount due from related parties 1,422,962 1,208,645
Provisions for uncollectible receivables relating to amount of
outstanding balances

95,000

23,750

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.