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Registration number: 05448120

Micromarketing Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Micromarketing Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Micromarketing Limited

Company Information

Directors

P J Faulkner

P Harris

Company secretary

C Faulkner

Registered office

Unit 1 & 2 Vanbrugh Quarter
Windrush Industrial Park
Northwood Road
Witney
OX29 7AG

Accountants

Clement Rabjohns Limited
Chartered Accountants
111/113 High Street
Evesham
Worcestershire
WR11 4XP

 

Micromarketing Limited

(Registration number: 05448120)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

52,951

75,455

Current assets

 

Stocks

6

5,250

6,500

Debtors

7

248,635

199,806

Cash at bank and in hand

 

240,220

329,047

 

494,105

535,353

Creditors: Amounts falling due within one year

8

(122,953)

(153,245)

Net current assets

 

371,152

382,108

Total assets less current liabilities

 

424,103

457,563

Provisions for liabilities

(11,116)

(14,416)

Net assets

 

412,987

443,147

Capital and reserves

 

Called up share capital

9

4,830

4,830

Share premium reserve

39,000

39,000

Capital redemption reserve

424

424

Retained earnings

368,733

398,893

Shareholders' funds

 

412,987

443,147

For the financial year ending 31 May 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Micromarketing Limited

(Registration number: 05448120)
Balance Sheet as at 31 May 2023

Approved and authorised by the Board on 20 February 2024 and signed on its behalf by:
 

.........................................
P J Faulkner
Director

 

Micromarketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

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

The address of its registered office is:
Unit 1 & 2 Vanbrugh Quarter
Windrush Industrial Park
Northwood Road
Witney
OX29 7AG
England

These financial statements were authorised for issue by the Board on 20 February 2024.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

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

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grants which relate to revenue shall be recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

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.

 

Micromarketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

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

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class

Depreciation method and rate

Leasehold improvements

straight line over the term of the lease

Plant and machinery

25% straight line

Fixtures and fittings

25% straight line

Office equipment

33% straight line

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Micromarketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

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

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.

 

Micromarketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 11).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2022

125,000

125,000

At 31 May 2023

125,000

125,000

Amortisation

At 1 June 2022

125,000

125,000

At 31 May 2023

125,000

125,000

Carrying amount

At 31 May 2023

-

-

 

Micromarketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5

Tangible assets

Leasehold improvements
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

62,039

8,638

-

13,912

70,000

154,589

Additions

-

-

2,375

245

-

2,620

At 31 May 2023

62,039

8,638

2,375

14,157

70,000

157,209

Depreciation

At 1 June 2022

41,226

6,901

-

13,507

17,500

79,134

Charge for the year

10,340

579

594

486

13,125

25,124

At 31 May 2023

51,566

7,480

594

13,993

30,625

104,258

Carrying amount

At 31 May 2023

10,473

1,158

1,781

164

39,375

52,951

At 31 May 2022

20,813

1,737

-

405

52,500

75,455

Included within the net book value of land and buildings above is £10,473 (2022 - £20,813) in respect of short leasehold land and buildings.
 

 

Micromarketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Stocks

2023
£

2022
£

Raw materials and consumables

5,250

6,500

7

Debtors

Current

2023
£

2022
£

Trade debtors

241,708

139,622

Prepayments

1,039

54,296

Other debtors

5,888

5,888

 

248,635

199,806

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

50,992

92,574

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

12

948

1,378

Taxation and social security

 

54,368

45,518

Accruals and deferred income

 

13,754

7,625

Other creditors

 

2,891

6,150

 

122,953

153,245

 

Micromarketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2,325

2,325

2,325

2,325

A Ordinary shares of £1 each

1,000

1,000

1,000

1,000

B Ordinary shares of £1 each

1,505

1,505

1,505

1,505

 

4,830

4,830

4,830

4,830

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

16,618

19,626

Later than one year and not later than five years

-

16,355

16,618

35,981

The amount of non-cancellable operating lease payments recognised as an expense during the year was £19,942 (2022 - £19,626).

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £30.00 per each A Ordinary shares

 

30,000

 

30,000

Interim dividend of £Nil (2022 - £79.74) per each B Ordinary shares

 

-

 

120,000

   

30,000

 

150,000

12

Related party transactions

Unless otherwise disclosed, all related party transactions have been conducted under normal market conditions, including dividend payments to its shareholders.

Directors' remuneration

The directors' remuneration for the year was as follows:

 

Micromarketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

2023
£

2022
£

Remuneration

1,400

416

13

Parent and ultimate parent undertaking

The company's immediate parent is Micro Holdings Group Ltd, incorporated in the United Kingdom.