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REGISTERED NUMBER: 06971462 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

EXPANDI LIMITED

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


EXPANDI LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTORS: R Apostoliti
F O Leenhardt
O Celli
G Fittante
S Herfurth
L K Botha





SECRETARY: G Fittante





REGISTERED OFFICE: 38 Craven Street
London
WC2N 5NG





REGISTERED NUMBER: 06971462 (England and Wales)





AUDITORS: N7 Accountants Limited
Statutory Auditors
Central House
1 Ballards Lane
London
N31LQ

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their strategic report of the company and the group for the year ended 31 December 2022.

REVIEW OF BUSINESS
Expandi is a holding company. The principal activity of the operating companies owned by Expandi is the provision of marketing services, specifically in the area of demand generation (digital, social, outbound marketing) on behalf of technology companies and/or their distribution partners ("co-marketing") targeting business customers (B2B).

PRINCIPAL RISKS AND UNCERTAINTIES
The Group is exposed to a moderate level of price risk, credit risk, liquidity risk, exchange rate risk and cash flow risk. The Group manages these risks by financing its operations through retained profits, to fund expansion or capital expenditure programmes.

Management's objectives are to retain sufficient liquid funds to enable it to meet its day-to-day requirements, minimise the Group's exposure to fluctuating interest rates and match the repayment schedule of any external borrowings or overdrafts with the future cash flows expected to arise from the Group's trading activities.

The Group makes little use of financial instruments other than an operational bank account and so its exposure to price risk, credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position and profit or loss of the company.

STRATEGY
In accordance with the strategy to maintain the Group's leadership in demand generation services for B2B markets and rationalise Group structure, the management is increasing focus European on business. The board will continue to pursue plans for organic growth and other development opportunities, including:

- development of new and innovative in-house systems to optimise any type of customer interactions for our Clients;
- development of an innovative offer in digital marketing service;
- development of proprietary business end user data to gather strong business analytics and increase efficiency
and effectiveness of our campaigns.

In September 2022 Expandi purchased several assets of Cyance a leading global B2B intent-insight data platform with the objective to create a unique provider of multi-language, omnichannel, easy-to-customize intent data not based on cookies. In January 2023 the company further invested in AccountInsight Limited (an account based advertising platform dedicated to B2B) increasing the stake to 88%.
The directors of the company are of the opinion that analysis using Key Performance Indicators is not necessary for an understanding of the performance and position of the Group.

FUTURE DEVELOPMENTS
The undisputed leadership in the demand generation services in EMEA jointly with the investments in data, technology and new services are expected to facilitate further diversification of our client base within the IT industry.

ON BEHALF OF THE BOARD:





G Fittante - Director


26 October 2023

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2022.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of is the provision of marketing services, specifically in the area of demand generation (digital, social, outbound marketing) on behalf of technology companies and/or their distribution partners ("co-marketing") targeting business customers (B2B).

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2022 will be £405,296.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

R Apostoliti
F O Leenhardt
O Celli
G Fittante
S Herfurth
L K Botha

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022


AUDITORS
The auditors, N7 Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G Fittante - Director


26 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EXPANDI LIMITED

Opinion
We have audited the financial statements of EXPANDI LIMITED (the 'company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise of the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statements of Changes in Equity, Consolidated Cash Flow Statement, Notes to the Consolidated Cash Flow Statement 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 FRS 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 group's and of the parent company affairs as at 31 December 2022 and of the group's 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 group 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
We are responsible for concluding on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern.

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 12 months from when the financial statements are authorised for issue.

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.

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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained with the annual report.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of 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 there is 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 the 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 Group 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 Group 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
EXPANDI LIMITED


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 directors' report.

We have nothing to report in respect of the following matters in relation to which 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 three, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EXPANDI LIMITED


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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud


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 risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws was as follows:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those relating to the reporting framework (United Kingdom Generally Accepted Accounting Practice) and the relevant direct and indirect tax compliance regulations.
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the group's activity.
- We focused on specific laws and regulations which we considered may have a direct material effect on the group financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection.
- We understood how Expandi Limited is complying with those frameworks by making enquiries with management to understand how the group maintains and communicates its policies and procedures to ensure compliance. We corroborated this through our review of the group's board minutes. We also reviewed correspondence with the relevant tax authorities regarding tax compliance.
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
-We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud might occur, by:
>Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
>Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
>Understanding the potential incentives and pressures for management to manipulate the financial statements and performed procedures to understand the areas in which this would most likely arise. Based on our risk assessment procedures on this Company as a holding entity, we identified management override of controls as our fraud risk.

To address our fraud risk of management override of controls, we performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;
- Assessed whether judgements and assumptions made in determining any accounting estimates were indicative of potential bias;
- Investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- Agreeing financial statement disclosures to underlying supporting documentation.
- Reading the minutes of meetings of those charged with governance.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EXPANDI LIMITED

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.




Evangelos Charalambous FCCA (Senior Statutory Auditor)
for and on behalf of N7 Accountants Limited
Statutory Auditors
Central House
1 Ballards Lane
London
N31LQ

10 November 2023

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £   

TURNOVER 3 14,852,097 14,705,659

Cost of sales 10,595,367 11,532,178
GROSS PROFIT 4,256,730 3,173,481

Administrative expenses 2,354,464 2,637,146
1,902,266 536,335

Other operating income 133,199 14,353
OPERATING PROFIT 5 2,035,465 550,688

Profit/loss on sale of invest 6 (247 ) 898
2,035,218 551,586

Amounts written off investments 7 14,345 15,000
2,020,873 536,586

Interest payable and similar expenses 8 22,098 11,333
PROFIT BEFORE TAXATION 1,998,775 525,253

Tax on profit 9 336,208 146,117
PROFIT FOR THE FINANCIAL YEAR 1,662,567 379,136
Profit attributable to:
Owners of the parent 1,601,222 422,645
Non-controlling interests 61,345 (43,509 )
1,662,567 379,136

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £   

PROFIT FOR THE YEAR 1,662,567 379,136


OTHER COMPREHENSIVE INCOME
Foreign currency differences 346,597 (630,421 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

346,597

(630,421

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,009,164

(251,285

)

Total comprehensive income attributable to:
Owners of the parent 2,368,424 (251,285 )
Non-controlling interests (359,260 ) -
2,009,164 (251,285 )

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 2,137,954 994,534
Tangible assets 13 213,764 235,398
Investments 14 - -
2,351,718 1,229,932

CURRENT ASSETS
Debtors 15 4,630,423 4,269,361
Prepayments and accrued income 30,498 114,954
Cash at bank and in hand 8,389,762 9,378,132
13,050,683 13,762,447
CREDITORS
Amounts falling due within one year 16 4,145,452 4,826,675
NET CURRENT ASSETS 8,905,231 8,935,772
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,256,949

10,165,704

CREDITORS
Amounts falling due after more than one
year

17

954,654

1,046,672
NET ASSETS 10,302,295 9,119,032

CAPITAL AND RESERVES
Called up share capital 19 11,031 11,031
Share premium 20 79 79
Capital redemption reserve 20 112 112
Other reserves 20 760,063 760,063
Retained earnings 20 8,988,762 7,446,239
SHAREHOLDERS' FUNDS 9,760,047 8,217,524

NON-CONTROLLING INTERESTS 21 542,248 901,508
TOTAL EQUITY 10,302,295 9,119,032

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by:





G Fittante - Director


EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

COMPANY BALANCE SHEET
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 1,289,532 473,933
Tangible assets 13 17,171 24,448
Investments 14 6,844,275 5,639,155
8,150,978 6,137,536

CURRENT ASSETS
Debtors 15 4,800,174 2,242,072
Cash at bank and in hand 1,052,514 1,995,232
5,852,688 4,237,304
CREDITORS
Amounts falling due within one year 16 4,374,186 3,550,885
NET CURRENT ASSETS 1,478,502 686,419
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,629,480

6,823,955

CAPITAL AND RESERVES
Called up share capital 19 11,031 11,031
Capital redemption reserve 79 79
Other reserves 3,782,562 3,782,562
Retained earnings 5,835,808 3,030,283
SHAREHOLDERS' FUNDS 9,629,480 6,823,955

Company's profit for the financial year 3,201,031 1,430,446

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by:





G Fittante - Director


EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up Capital
share Retained Share redemption
capital earnings premium reserve
£    £    £    £   
Balance at 1 January 2021 11,031 7,710,975 79 112

Changes in equity
Dividends - (56,960 ) - -
Total comprehensive income - (207,776 ) - -
Balance at 31 December 2021 11,031 7,446,239 79 112

Changes in equity
Dividends - (405,296 ) - -
Total comprehensive income - 1,947,819 - -
Balance at 31 December 2022 11,031 8,988,762 79 112
Other Non-controlling Total
reserves Total interests equity
£    £    £    £   
Balance at 1 January 2021 760,063 8,482,260 901,508 9,383,768

Changes in equity
Dividends - (56,960 ) - (56,960 )
Total comprehensive income - (207,776 ) - (207,776 )
Balance at 31 December 2021 760,063 8,217,524 901,508 9,119,032

Changes in equity
Dividends - (405,296 ) - (405,296 )
Total comprehensive income - 1,947,819 (359,260 ) 1,588,559
Balance at 31 December 2022 760,063 9,760,047 542,248 10,302,295

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up Capital
share Retained redemption Other Total
capital earnings reserve reserves equity
£    £    £    £    £   
Balance at 1 January 2021 11,031 1,546,908 79 3,782,562 5,340,580

Changes in equity
Dividends - 56,960 - - 56,960
Total comprehensive income - 1,426,415 - - 1,426,415
Balance at 31 December 2021 11,031 3,030,283 79 3,782,562 6,823,955

Changes in equity
Dividends - (405,296 ) - - (405,296 )
Total comprehensive income - 3,210,821 - - 3,210,821
Balance at 31 December 2022 11,031 5,835,808 79 3,782,562 9,629,480

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,736,588 (478,642 )
Interest paid (22,098 ) (11,333 )
Tax paid (127,619 ) (275,272 )
Net cash from operating activities 1,586,871 (765,247 )

Cash flows from investing activities
Purchase of intangible fixed assets (2,033,789 ) (618,327 )
Purchase of tangible fixed assets (44,395 ) (26,163 )
Sale of tangible fixed assets 257 2,904
IFA at acquisition - 40,764
Bank on acquisition - 365,706
Acquisition of subsidiary - (428,027 )
Net cash from investing activities (2,077,927 ) (663,143 )

Cash flows from financing activities
New loans in year - 285,060
Loan repayments in year (92,018 ) -
Equity dividends paid (405,296 ) (56,960 )
Net cash from financing activities (497,314 ) 228,100

Decrease in cash and cash equivalents (988,370 ) (1,200,290 )
Cash and cash equivalents at beginning of
year

2

9,378,132

10,578,422

Cash and cash equivalents at end of year 2 8,389,762 9,378,132

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2022 2021
£    £   
Profit before taxation 1,998,775 525,253
Depreciation charges 647,987 377,395
Movement in minority interest (420,605 ) 821,171
Foreign currency exchange movements 339,388 (907,175 )
Transfer Intangible FA 315,363 14,102
Finance costs 22,098 11,333
2,903,006 842,079
Decrease in stocks - 11,456
(Increase)/decrease in trade and other debtors (296,817 ) 779,486
Decrease in trade and other creditors (869,601 ) (2,111,663 )
Cash generated from operations 1,736,588 (478,642 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 8,389,762 9,378,132
Year ended 31 December 2021
31.12.21 1.1.21
£    £   
Cash and cash equivalents 9,378,132 10,578,422


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.22 Cash flow At 31.12.22
£    £    £   
Net cash
Cash at bank and in hand 9,378,132 (988,370 ) 8,389,762
9,378,132 (988,370 ) 8,389,762
Debt
Debts falling due after 1 year (1,046,672 ) 92,018 (954,654 )
(1,046,672 ) 92,018 (954,654 )
Total 8,331,460 (896,352 ) 7,435,108

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1. STATUTORY INFORMATION

Expandi Limited 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 General Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten 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 is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33.3% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2022 2021
£    £   
United Kingdom 3,580,806 3,616,936
Europe 11,246,394 10,374,552
Rest of the world 24,897 714,171
14,852,097 14,705,659

4. EMPLOYEES AND DIRECTORS
2022 2021
£    £   
Wages and salaries 4,411,365 7,004,978
Social security costs 781,182 43,414
Other pension costs 30,788 2,437
5,223,335 7,050,829

The average number of employees during the year was as follows:
2022 2021

Sales and production 148 174
Administrative 5 8
153 182

2022 2021
£    £   
Directors' remuneration 119,015 495,398

5. OPERATING PROFIT

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

2022 2021
£    £   
Other operating leases 438,671 453,668
Depreciation - owned assets 76,128 66,577
Goodwill amortisation 109,421 30,525
Computer software amortisation 460,216 280,202
Auditors' remuneration 31,483 40,164
Foreign exchange differences (210,058 ) 261,830

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

6. EXCEPTIONAL ITEMS
2022 2021
£    £   
Profit/loss on sale of invest (247 ) 898

7. AMOUNTS WRITTEN OFF INVESTMENTS
2022 2021
£    £   
Amounts w/o invs 14,345 15,000

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Bank interest 20,548 11,333
Other loan interest payable 1,550 -
22,098 11,333

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2022 2021
£    £   
Current tax:
UK corporation tax 27,397 139,078
Foreign tax 308,811 7,039

Tax on profit 336,208 146,117

UK corporation tax has been charged at 19 % (2021 - 19 %).

Tax effects relating to effects of other comprehensive income

2022
Gross Tax Net
£    £    £   
Foreign currency differences 346,597 - 346,597

2021
Gross Tax Net
£    £    £   
Foreign currency differences (630,421 ) - (630,421 )

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

11. DIVIDENDS
2022 2021
£    £   
Ordinary shares of 1 each
Final 405,296 56,960

12. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£    £    £   
COST
At 1 January 2022 427,722 2,062,900 2,490,622
Additions 788,968 1,236,921 2,025,889
Exchange differences - 7,900 7,900
Reclassification/transfer - (430,041 ) (430,041 )
At 31 December 2022 1,216,690 2,877,680 4,094,370
AMORTISATION
At 1 January 2022 153,000 1,343,088 1,496,088
Amortisation for year 109,421 460,216 569,637
Exchange differences - 5,369 5,369
Reclassification/transfer - (114,678 ) (114,678 )
At 31 December 2022 262,421 1,693,995 1,956,416
NET BOOK VALUE
At 31 December 2022 954,269 1,183,685 2,137,954
At 31 December 2021 274,722 719,812 994,534

Company
Computer
software
£   
COST
At 1 January 2022 515,688
Additions 1,000,489
Exchange differences 1,284
At 31 December 2022 1,517,461
AMORTISATION
At 1 January 2022 41,755
Amortisation for year 185,981
Exchange differences 193
At 31 December 2022 227,929
NET BOOK VALUE
At 31 December 2022 1,289,532
At 31 December 2021 473,933

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

13. TANGIBLE FIXED ASSETS

Group
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2022 838,387 8,291 846,678
Additions 47,542 - 47,542
Exchange differences 18,241 - 18,241
At 31 December 2022 904,170 8,291 912,461
DEPRECIATION
At 1 January 2022 602,989 8,291 611,280
Charge for year 76,128 - 76,128
Eliminated on disposal 257 - 257
Exchange differences 11,032 - 11,032
At 31 December 2022 690,406 8,291 698,697
NET BOOK VALUE
At 31 December 2022 213,764 - 213,764
At 31 December 2021 235,398 - 235,398

Company
Fixtures
and
fittings
£   
COST
At 1 January 2022 48,452
Exchange differences 2,654
At 31 December 2022 51,106
DEPRECIATION
At 1 January 2022 24,004
Charge for year 8,601
Exchange differences 1,330
At 31 December 2022 33,935
NET BOOK VALUE
At 31 December 2022 17,171
At 31 December 2021 24,448

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

14. FIXED ASSET INVESTMENTS

Company
Investment
Shares in in
group subsidiary
undertakings company Totals
£    £    £   
COST
At 1 January 2022 5,634,870 4,285 5,639,155
Additions 1,209,573 - 1,209,573
Disposals (4,691 ) - (4,691 )
Exchange differences - 238 238
At 31 December 2022 6,839,752 4,523 6,844,275
NET BOOK VALUE
At 31 December 2022 6,839,752 4,523 6,844,275
At 31 December 2021 5,634,870 4,285 5,639,155



Company

Country of registration

Shares
% of
holding

Expandi Digital Limited 38 Craven Street, London, WC2N 5NG, UK Ordinary 50
Expandi Match limited 38 Craven Street, London, WC2N 5NG, UK Ordinary 100
Accountinsight Limited 38 Craven Street, London, WC2N 5NG,UK Ordinary 75
Expandi Agency Ltd (Parent for
the following companies)

38 Craven Street, London, WC2N 5NG, UK

Ordinary

100
Expandi Agency Srl Locatelli, 5 - 20124 Milan, Italy Ordinary 100
NetPartering GmbH Fockygasse 29-3 1120 Wien, Austria Ordinary 100

Expandi Agency France Sarl
85 Avenue Pierre Grenier - 92100 Boulogne
Billancourt, France

Ordinary

100

NetPartnering GmbH
Leopoldstr. 8-10 & 12 - 80802 München,
Germany

Ordinary

100

Expandi Match SL
AVDA. MANOTERAS, 24 BJ - 28050
MADRID, Spain

Ordinary

100
On Channel Limited 8 Craven Street, London, WC2N 5NG, UK Ordinary 100

On Channel BV (2)
Theseusstraat 14 H, 1076XL Amsterdam,
Netherlands

Ordinary

100

On Channel GmbH
Leopoldstr. 8-10 & 12 - 80802 München,
Germany

Ordinary

100

On Channel SARL
85 Avenue Pierre Grenier - 92100 Boulogne
Billancourt, France

Ordinary

100
Expandi Network DMCC (2) United Arab Emirates Ordinary 100

Expandi Network SL
AVDA. MANOTERAS, 24 BJ - 28050
MADRID, Spain

Ordinary

100
On channel SARLAU (1) Morocco Ordinary 100
On Channel Servicios de marketing
SAPldeCV (1)

Mexico

Ordinary

50

(1) These undertakings were dormant during the last relevant financial year.
(2) These undertakings were discontinued during the reporting financial year.

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Trade debtors 2,129,771 3,221,453 559,166 548,414
Provision for bad and doubtful
debts (15,285 ) - (5,082 ) -
Amounts owed by group undertakings - - 3,369,451 1,389,572
Other debtors 939,692 294,865 722,676 104,061
Tax 64,964 126,932 - 715
VAT - - 46,175 69,794
Deferred tax asset 41,757 - - -
Prepayments and accrued income 1,469,524 626,111 107,788 129,516
4,630,423 4,269,361 4,800,174 2,242,072

Deferred tax asset
Group Company
2022 2021 2022 2021
£    £    £    £   
Deferred tax 41,757 - - -

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Trade creditors 1,048,838 970,313 167,714 375,462
Amounts owed to group undertakings - - 2,778,525 1,569,583
Tax 188,378 - 42,268 -
Social security and other taxes 345,715 284,235 67,643 83,844
VAT 117,542 125,340 - -
Other creditors 670,793 700,936 503,720 317,477
Loans due in < 1 yr 1,576 4,818 5,954 -
No description 240,297 - - -
Accruals and deferred income 1,532,313 2,741,033 808,362 1,204,519
4,145,452 4,826,675 4,374,186 3,550,885

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2022 2021
£    £   
Other loans (see note 18) 954,654 1,046,672

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

18. LOANS

An analysis of the maturity of loans is given below:

Group
2022 2021
£    £   
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Other loans more 5yrs non-inst 954,654 1,046,672

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
11,031 Ordinary 1 11,031 11,031

20. RESERVES

Group
Capital
Retained Share redemption Other
earnings premium reserve reserves Totals
£    £    £    £    £   

At 1 January 2022 7,446,239 79 112 760,063 8,206,493
Profit for the year 1,601,222 1,601,222
Dividends (405,296 ) (405,296 )
Foreign currency differences 346,597 - - - 346,597
At 31 December 2022 8,988,762 79 112 760,063 9,749,016


21. NON-CONTROLLING INTERESTS

At the balance sheet date, Minority interests' share of net assets and liabilities in subsidiary undertakings were £542,248 (2021 - £901,508).

22. RELATED PARTY DISCLOSURES

During the year the £119,015 (2021: £130,400) was paid to one of the directors as consultancy fees.

23. ULTIMATE CONTROLLING PARTY

The directors do not consider there to be an ultimate controlling party.