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Registration number: 03354902

Moore-Wilson New Media Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Moore-Wilson New Media Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Moore-Wilson New Media Ltd

Company Information

Director

Mr SC Wilson

Registered office

Portway Centre
Spitfire Road
Old Sarum
Salisbury
Wiltshire
SP4 6EB

Accountants

Grant Sellers Limited
Bank Court
Manor Road
Verwood
Dorset
BH31 6DY

 

Moore-Wilson New Media Ltd

(Registration number: 03354902)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

32,053

42,909

Current assets

 

Debtors

6

1,019,940

410,024

Cash at bank and in hand

 

107,698

48,676

 

1,127,638

458,700

Creditors: Amounts falling due within one year

7

(424,691)

(329,924)

Net current assets

 

702,947

128,776

Total assets less current liabilities

 

735,000

171,685

Creditors: Amounts falling due after more than one year

7

(500,011)

(138,565)

Provisions for liabilities

(8,851)

(10,491)

Net assets

 

226,138

22,629

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

226,038

22,529

Shareholders' funds

 

226,138

22,629

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director on 9 February 2024
 

.........................................
Mr SC Wilson
Director

 

Moore-Wilson New Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
Portway Centre
Spitfire Road
Old Sarum
Salisbury
Wiltshire
SP4 6EB

These financial statements were authorised for issue by the director on 9 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.

The presentation currency of the financial statements is the Pound Sterling (£) and is rounded to the nearest £1.

Revenue recognition

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

Revenue from design contracts is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.

For hosting contracts income is recognised when services are provided.

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.

 

Moore-Wilson New Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

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 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

Computer equipment

33% on reducing balance

Furniture, fixtures, equipment

20% on cost

Goodwill

Goodwill, which was acquired in 2014, is being amortised evenly over its estimated useful life of five years.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Moore-Wilson New Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

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 the director) during the year, was 28 (2022 - 27).

 

Moore-Wilson New Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

277,000

277,000

At 30 June 2023

277,000

277,000

Amortisation

At 1 July 2022

277,000

277,000

At 30 June 2023

277,000

277,000

Carrying amount

At 30 June 2023

-

-

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2022

352,561

12,533

3,463

368,557

Additions

3,572

465

3,189

7,226

At 30 June 2023

356,133

12,998

6,652

375,783

Depreciation

At 1 July 2022

309,705

12,480

3,463

325,648

Charge for the year

18,064

18

-

18,082

At 30 June 2023

327,769

12,498

3,463

343,730

Carrying amount

At 30 June 2023

28,364

500

3,189

32,053

At 30 June 2022

42,856

53

-

42,909

 

Moore-Wilson New Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

459,948

333,436

Amounts owed by related parties

10

476,303

-

Prepayments

 

12,869

15,620

Other debtors

 

70,820

60,968

   

1,019,940

410,024

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

36,973

49,684

Trade creditors

 

44,963

15,975

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

10

83,333

81,107

Taxation and social security

 

210,355

139,708

Accruals and deferred income

 

26,874

30,121

Other creditors

 

22,193

13,329

 

424,691

329,924

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

500,011

138,565

 

Moore-Wilson New Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

58,470

87,541

Hire purchase contracts

-

8,863

Other borrowings

441,541

42,161

500,011

138,565

2023
£

2022
£

Current loans and borrowings

Bank borrowings

29,071

26,289

Bank overdrafts

-

13,227

Hire purchase contracts

7,902

10,168

36,973

49,684

10

Related party transactions

Related Party Disclosures

The company traded with its parent company and fellow subsidiary companies during the year. The balances at the year-end and aggregate sales / purchases during the year were as follows:

Due from parent company - £393,061 (2022 - £81,016 due to parent company), Purchases - £528,120 (2022 - £443,983).

At the year end a company controlled by S Wilson, was due £91 (2022 : £91). There were no purchases or sales in the year.

 

Moore-Wilson New Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

11

On 30 June 2023 Design Incorporated (UK) Limited, a fellow subsidiary, transferred its trade and net assets to the company at book value.