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Registration number: 06099402

Engage Interactive Limited

Annual Report and Unaudited Financial Statements

For The Year Ended 28 February 2023

 

Engage Interactive Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Engage Interactive Limited

(Registration number: 06099402)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Tangible assets

4

 

206,838

 

246,613

Current assets

   

 

Debtors

5

2,039,680

 

2,075,788

 

Cash at bank and in hand

 

2,274,636

 

5,229,497

 

 

4,314,316

 

7,305,285

 

Creditors: Amounts falling due within one year

6

(2,824,759)

 

(5,841,517)

 

Net current assets

   

1,489,557

 

1,463,768

Total assets less current liabilities

   

1,696,395

 

1,710,381

Provisions for liabilities

 

(22,073)

 

(24,609)

Net assets

   

1,674,322

 

1,685,772

Capital and reserves

   

 

Called up share capital

107

 

107

 

Profit and loss account

1,674,215

 

1,685,665

 

Total equity

   

1,674,322

 

1,685,772

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 November 2023 and signed on its behalf by:
 

.........................................
Mr A. Willcocks
Director

 

Engage Interactive Limited

Notes to the Unaudited Financial Statements For The Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
First Floor
Munro House
Duke Street
Leeds
West Yorkshire
LS9 8AG
United Kingdom

These financial statements were authorised for issue by the Board on 27 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are presented in Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the company.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Engage Interactive Limited

Notes to the Unaudited Financial Statements For The Year Ended 28 February 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & fittings

25% Straight Line

Computer Equipment

25% Straight Line

Motor vehicles

25% Reducing Balance

Plant and machinery

10% Straight Line

Tenants' improvements

10% Straight Line

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Engage Interactive Limited

Notes to the Unaudited Financial Statements For The Year Ended 28 February 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 53 (2022 - 37).

4

Tangible assets

Tenants' improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2022

110,247

213,846

16,052

186,119

526,264

Additions

-

31,074

1,437

-

32,511

At 28 February 2023

110,247

244,920

17,489

186,119

558,775

Depreciation

At 1 March 2022

55,126

119,117

12,348

93,060

279,651

Charge for the year

11,023

40,050

2,601

18,612

72,286

At 28 February 2023

66,149

159,167

14,949

111,672

351,937

Carrying amount

At 28 February 2023

44,098

85,753

2,540

74,447

206,838

At 28 February 2022

55,121

94,729

3,704

93,059

246,613

5

Debtors

Current

2023
£

2022
£

Trade debtors

1,767,638

1,623,269

Prepayments

60,983

59,905

Other debtors

211,059

392,614

 

2,039,680

2,075,788

Included within other debtors is an amount owed by Mr A. Willcocks, a director of the company of £150,000 (2022 £390,000). The loan is interest free and repayable on demand by the company.

 

Engage Interactive Limited

Notes to the Unaudited Financial Statements For The Year Ended 28 February 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

134,729

262,189

Taxation and social security

758,525

1,202,717

Other creditors

1,931,505

4,376,611

2,824,759

5,841,517

7

Parent and ultimate parent undertaking

The company's immediate parent is Engage Interactive Group Limited, incorporated in England & Wales.