REGISTERED NUMBER: 12333152 (England and Wales) |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023 |
FOR |
MEDIA MARKETING COMPLIANCE LIMITED |
REGISTERED NUMBER: 12333152 (England and Wales) |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023 |
FOR |
MEDIA MARKETING COMPLIANCE LIMITED |
MEDIA MARKETING COMPLIANCE LIMITED (REGISTERED NUMBER: 12333152) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 3 |
Consolidated Statement of Comprehensive Income | 7 |
Consolidated Balance Sheet | 8 |
Company Balance Sheet | 9 |
Consolidated Statement of Changes in Equity | 10 |
Company Statement of Changes in Equity | 11 |
Notes to the Consolidated Financial Statements | 12 |
MEDIA MARKETING COMPLIANCE LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
1st Floor |
Ocean Village Innovation Centre |
Ocean Way |
Southampton |
Hampshire |
SO14 3JZ |
MEDIA MARKETING COMPLIANCE LIMITED (REGISTERED NUMBER: 12333152) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023 |
The directors present their report with the financial statements of the company and the group for the period 1 January 2022 to 30 June 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the period under review was that of contract compliance auditing. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing 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 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MEDIA MARKETING COMPLIANCE LIMITED |
Opinion |
We have audited the financial statements of Media Marketing Compliance Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 June 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company 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 group's and of the parent company affairs as at 30 June 2023 and of the group's profit for the period 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 |
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 group's and the parent 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MEDIA MARKETING COMPLIANCE LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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; or |
- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 |
MEDIA MARKETING COMPLIANCE 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant so specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK. |
We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance. |
We assess the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets. |
Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above. |
We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
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. |
Other matters |
In the previous accounting period the Parent company took advantage of the audit exemption under s383 of the Companies Act 2006 and did not prepare group financial statements. Therefore the comparative consolidated financial information presented in the financial statements has not been subject to audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MEDIA MARKETING COMPLIANCE LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
1st Floor |
Ocean Village Innovation Centre |
Ocean Way |
Southampton |
Hampshire |
SO14 3JZ |
MEDIA MARKETING COMPLIANCE LIMITED (REGISTERED NUMBER: 12333152) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023 |
Period |
1.1.22 |
to | Year ended |
30.6.23 | 31.12.21 |
Notes | £ | £ |
TURNOVER | 3,270,431 | 1,218,293 |
Cost of sales | 515,118 | 243,379 |
GROSS PROFIT | 2,755,313 | 974,914 |
Administrative expenses | 1,865,355 | 381,180 |
889,958 | 593,734 |
Other operating income | 10,525 | 760 |
OPERATING PROFIT | 4 | 900,483 | 594,494 |
Interest receivable and similar income | 2 | - |
Interest payable and similar expenses | (2,054 | ) | (1,231 | ) |
PROFIT BEFORE TAXATION | 898,431 | 593,263 |
Tax on profit | 179,795 | 98,990 |
PROFIT FOR THE FINANCIAL PERIOD |
OTHER COMPREHENSIVE LOSS |
Currency translation differences | (39,351 | ) | - |
Income tax relating to other comprehensive loss |
- |
- |
OTHER COMPREHENSIVE LOSS FOR THE PERIOD, NET OF INCOME TAX |
(39,351 |
) |
- |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
679,285 |
494,273 |
Profit attributable to: |
Owners of the parent | 718,636 | 494,273 |
Total comprehensive income attributable to: |
Owners of the parent | 679,285 | 494,273 |
MEDIA MARKETING COMPLIANCE LIMITED (REGISTERED NUMBER: 12333152) |
CONSOLIDATED BALANCE SHEET |
30 JUNE 2023 |
2023 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 | 8,542 | 5,517 |
Investments | 7 | - | - |
8,542 | 5,517 |
CURRENT ASSETS |
Debtors | 8 | 937,913 | 696,113 |
Cash at bank | 238,588 | 90,993 |
1,176,501 | 787,106 |
CREDITORS |
Amounts falling due within one year | 9 | 464,466 | 337,151 |
NET CURRENT ASSETS | 712,035 | 449,955 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 720,577 | 455,472 |
CREDITORS |
Amounts falling due after more than one year |
10 |
(22,418 |
) |
(37,255 |
) |
PROVISIONS FOR LIABILITIES | (1,705 | ) | (1,048 | ) |
NET ASSETS | 696,454 | 417,169 |
CAPITAL AND RESERVES |
Called up share capital | 12 | 105 | 105 |
Other reserves | (39,351 | ) | - |
Retained earnings | 735,700 | 417,064 |
SHAREHOLDERS' FUNDS | 696,454 | 417,169 |
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 27 February 2024 and were signed on its behalf by: |
N Johnson - Director |
MEDIA MARKETING COMPLIANCE LIMITED (REGISTERED NUMBER: 12333152) |
COMPANY BALANCE SHEET |
30 JUNE 2023 |
2023 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 711,220 | 494,284 |
The financial statements were approved by the Board of Directors and authorised for issue on |
MEDIA MARKETING COMPLIANCE LIMITED (REGISTERED NUMBER: 12333152) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 January 2021 | 100 | (77,209 | ) | - | (77,109 | ) |
Changes in equity |
Profit for the year | - | 494,273 | - | 494,273 |
Total comprehensive income | - | 494,273 | - | 494,273 |
Issue of share capital | 5 | - | - | 5 |
Balance at 31 December 2021 | 105 | 417,064 | - | 417,169 |
Changes in equity |
Profit for the period | - | 718,636 | - | 718,636 |
Other comprehensive income | - | - | (39,351 | ) | (39,351 | ) |
Total comprehensive income | - | 718,636 | (39,351 | ) | 679,285 |
Dividends | - | (400,000 | ) | - | (400,000 | ) |
Balance at 30 June 2023 | 105 | 735,700 | (39,351 | ) | 696,454 |
MEDIA MARKETING COMPLIANCE LIMITED (REGISTERED NUMBER: 12333152) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2021 | ( |
) | ( |
) |
Changes in equity |
Profit for the year | - | 494,284 | 494,284 |
Total comprehensive income | - |
Issue of share capital | - |
Balance at 31 December 2021 |
Changes in equity |
Profit for the period | - | 711,220 | 711,220 |
Total comprehensive income | - |
Dividends | - | ( |
) | ( |
) |
Balance at 30 June 2023 |
MEDIA MARKETING COMPLIANCE LIMITED (REGISTERED NUMBER: 12333152) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023 |
1. | STATUTORY INFORMATION |
Media Marketing Compliance Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the company's accounting policies. |
The Group's functional and presentational currency is GBP rounded to the nearest pound. |
Basis of consolidation |
The financial statements consolidate the accounts of the Parent Company and its subsidiary undertakings from the date control is obtained. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Currency differences that arise on translation of those functional currencies of the group that are not GBP have been recognised in Other Comprehensive Income. |
Parent company disclosures exemption |
In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions available in FRS 102: |
- Only one reconciliation of the number of shares outstanding at the beginning and end of the period has been presented as the reconciliations for the group and the parent company would be identical. |
Going concern |
As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time. |
Turnover |
Turnover comprises the invoiced value of services supplied by the Group, exclusive of value added tax and trade discounts, together with work undertaken on revenue contracts in progress where the value can be reliably estimated or has been certified but not yet invoiced to customers at the balance sheet date. |
Term contracts are assessed on a contract by contract basis and are reflected in the Statement of Comprehensive Income by recording turnover and related costs as contract activity progresses. |
Where the outcome of each contract can be assessed with reasonable certainty before its conclusion, the attributable profit is recognised in the Statement of Comprehensive Income as the difference between the reported turnover and related costs for that contract, with provisions being made for all foreseeable losses. |
Where turnover is recognised by reference to stage of completion, completed but un-invoiced, work on contracts in progress is recorded as accrued income within debtors. The debtors recorded are net of any progress payments received from customers. Where amounts are received from customers in advance deferred revenue is recognised being the net un-invoiced, work on contracts in progress and amounts received from customers. |
MEDIA MARKETING COMPLIANCE LIMITED (REGISTERED NUMBER: 12333152) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Office equipment | - |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted |
prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gain and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the statement of comprehensive income. |
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. |
Fixed asset investments |
Investments in subsidiary undertakings are recognised at cost less impairment. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, 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 period 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
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. |
MEDIA MARKETING COMPLIANCE LIMITED (REGISTERED NUMBER: 12333152) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Debtors |
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
Creditors |
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
Financial instruments |
Financial liabilities and equity are classified according to the substance of the financial instrument’s contractual obligations, rather than the financial instrument’s legal form. |
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Provisions |
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
1.1.22 |
to | Year ended |
30.6.23 | 31.12.21 |
£ | £ |
Other operating leases | 41,647 | 23,241 |
Depreciation - owned assets | 2,746 | 1,153 |
5. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
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. |
MEDIA MARKETING COMPLIANCE LIMITED (REGISTERED NUMBER: 12333152) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023 |
6. | TANGIBLE FIXED ASSETS |
Group |
Office |
equipment |
£ |
COST |
At 1 January 2022 | 8,096 |
Additions | 5,771 |
At 30 June 2023 | 13,867 |
DEPRECIATION |
At 1 January 2022 | 2,579 |
Charge for period | 2,746 |
At 30 June 2023 | 5,325 |
NET BOOK VALUE |
At 30 June 2023 | 8,542 |
At 31 December 2021 | 5,517 |
Company |
Office |
equipment |
£ |
COST |
At 1 January 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 January 2022 |
Charge for period |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 31 December 2021 |
MEDIA MARKETING COMPLIANCE LIMITED (REGISTERED NUMBER: 12333152) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023 |
7. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Media Marketing Compliance Pty Ltd |
Registered office: 247 Church Street, Parramatta, Sydney, Australia. |
Nature of business: Contract Compliance Auditing |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Media Marketing Compliance LLC |
Registered office: 1160 Battery St. EAST, Suite 100, San Francisco USA |
Nature of business: Contract Compliance Auditing |
% |
Class of shares: | holding |
Ordinary | 100.00 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2021 | 2023 | 2021 |
£ | £ | £ | £ |
Trade debtors | 679,483 | 543,646 |
Amounts owed by group undertakings | - | - |
Other debtors | 26,883 | 12,971 |
Accrued income | 207,461 | 121,132 | 161,715 | 77,725 |
Prepayments | 24,086 | 18,364 |
937,913 | 696,113 |
Accrued income of £207,461 (2021: £121,132) for the Group has been reclassified from Other debtors and is now presented separately within Debtors due within one year, due to its significance to the readers of the financial statements. The reclassification has had no impact on profit for the year or net assets. |
MEDIA MARKETING COMPLIANCE LIMITED (REGISTERED NUMBER: 12333152) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2021 | 2023 | 2021 |
£ | £ | £ | £ |
Bank loans and overdrafts | 10,528 | 9,587 |
Other loans | 1,845 | 1,854 |
Trade creditors | 148,300 | 76,114 |
Amounts owed to group undertakings | - | - |
Corporation tax | 179,138 | 97,942 |
Social security and other taxes | 61,907 | 11,605 |
Other creditors | 62,748 | 42,718 |
Deferred income | - | 97,331 | - | 97,331 |
464,466 | 337,151 |
Deferred income of £Nil (2021: £97,331) has been reclassified from Other creditors and is now presented separately within Creditors due within one year, due to its significance to the readers of the financial statements. The reclassification has had no impact on profit for the year or net assets. |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2021 | 2023 | 2021 |
£ | £ | £ | £ |
Bank loans more than 1 year | 22,418 | 37,255 | 22,418 | 37,255 |
11. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable | operating leases |
2023 | 2021 |
£ | £ |
Within one year | 21,521 | - |
Company |
Non-cancellable | operating leases |
2023 | 2021 |
£ | £ |
Within one year |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2021 |
value: | £ | £ |
Ordinary | £0.10 | 100 | 100 |
Preference | £1 | 5 | 5 |
105 | 105 |
MEDIA MARKETING COMPLIANCE LIMITED (REGISTERED NUMBER: 12333152) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023 |
12. | CALLED UP SHARE CAPITAL - continued |
Ordinary and Preference shares rank pari passu. Consent from preference shareholders is required for the transfer, sale or disposal of any Ordinary shares. Each Preference share can be converted to a number of Ordinary shares as determined at inception. |
13. | PENSION COMMITMENTS |
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £157,241 (2021: £100,750). Contributions totalling £46,490 (2021: £38,290) were payable to the fund at the balance sheet date and are included in other creditors. |
14. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
During the year Marketing Compliance Associates Ltd, of which Mr S. Broderick is a director and shareholder, provided consultancy services to the company at market rates. The total value of the services provided was £154,850 (2021: £90,853). |
In the previous year EJS Compliance Ltd, of which Mr E. Sherrington is a director and shareholder, provided consultancy services to the company at market rates. The total value of the services provided in this period was Nil (2021: £30,000). |
In the previous year MediaPath Compliance US, of which Mr E Sherrington is a partner, received professional services from the company at market rates. The total value of services provided in this period was Nil (2021: £72,884) |
15. | ULTIMATE CONTROLLING PARTY |