Company Registration No. 04742426 (England and Wales)
Marketing In Partnership Limited
Unaudited financial statements
for the year ended 30 April 2023
Pages for filing with the registrar
Marketing In Partnership Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
Marketing In Partnership Limited
Balance sheet
As at 30 April 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,961
8,998
Investments
5
3,914,829
4,022,560
3,917,790
4,031,558
Current assets
Debtors
6
1,577,861
2,381,199
Stocks
59,089
59,089
Cash at bank and in hand
2,399,780
893,879
4,036,730
3,334,167
Creditors: amounts falling due within one year
7
(1,620,402)
(1,847,801)
Net current assets
2,416,328
1,486,366
Total assets less current liabilities
6,334,118
5,517,924
Provisions for liabilities
9
(90,084)
(111,861)
Net assets
6,244,034
5,406,063
Capital and reserves
Called up share capital
10
2
2
Profit and loss reserves
6,244,032
5,406,061
Total equity
6,244,034
5,406,063

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Marketing In Partnership Limited
Balance sheet (continued)
As at 30 April 2023
2
The financial statements were approved by the board of directors and authorised for issue on 6 February 2024 and are signed on its behalf by:
Simon Foster
Director
Company Registration No. 04742426
Marketing In Partnership Limited
Notes to the financial statements
For the year ended 30 April 2023
3
1
Accounting policies
Company information

Marketing In Partnership Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Bell House, Crowbrook Road, Askett, Princes Risborough, HP27 9LS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Event income is recognised at the date of the event and speaker income is recognised at the date at which the agreement is signed. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
20% straight line
Computer equipment
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Marketing In Partnership Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
1
Accounting policies (continued)
4
1.4
Fixed asset investments
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

Marketing In Partnership Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
1
Accounting policies (continued)
5
Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Marketing In Partnership Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
1
Accounting policies (continued)
6
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

The pension costs charges in the financial statements represent the contribution payable by the company during the year.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Marketing In Partnership Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
7
2
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover
6,979,026
5,442,759
2023
2022
£
£
Other significant revenue
Investment income
64,085
45,987
Grants received
-
0
2,565
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
6,857,766
5,408,753
Europe
109,885
32,386
Rest of world
11,375
1,620
6,979,026
5,442,759
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
20
23
Marketing In Partnership Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
8
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2022 and 30 April 2023
177,517
Depreciation and impairment
At 1 May 2022
168,519
Depreciation charged in the year
6,037
At 30 April 2023
174,556
Carrying amount
At 30 April 2023
2,961
At 30 April 2022
8,998

 

5
Fixed asset investments
2023
2022
£
£
Investments
3,914,829
4,022,560
Fixed asset investments revalued

Investments have been revalued to the quoted market price at the reporting date in line with the company's accounting policy. The cost of investments at 30 April 2023 was £3,812,051 (2022: £3,667,487).

Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 May 2022
4,022,560
Unrealised loss
(141,084)
Net investment income
33,353
At 30 April 2023
3,914,829
Carrying amount
At 30 April 2023
3,914,829
At 30 April 2022
4,022,560
Marketing In Partnership Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
9
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,062,852
1,508,709
Other debtors
515,009
872,490
1,577,861
2,381,199
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
484,895
466,915
Corporation tax
160,545
402,569
Other taxation and social security
352,591
252,157
Other creditors
622,371
726,160
1,620,402
1,847,801
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
9
90,084
111,861
90,084
111,861
9
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Balances:
£
£
ACAs
740
2,042
Investments
90,246
110,573
Short term timing differences
(902)
(754)
90,084
111,861
Marketing In Partnership Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
9
Deferred taxation (continued)
10
2023
Movements in the year:
£
Liability at 1 May 2022
111,861
Credit to profit or loss
(21,777)
Liability at 30 April 2023
90,084

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances, temporary timing differences and unrealised gains that are expected to mature within the same period.

The deferred tax balance at 30 April 2023 has been calculated based on the tax rate of 25%, based on rates that have been substantively enacted by the balance sheet date.

10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
Each ordinary share is entitled to one vote in any circumstances.
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
99,586
61,482
Marketing In Partnership Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
11
12
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, who are also directors and shareholders, is as follows.

2023
2022
£
£
Aggregate compensation
650,000
2,650,000

The above amounts include total dividends of £300,000 each (2022: £1,300,000 each) paid to the company's two shareholders who are also the directors.

 

The Directors also received a total salary during the year of £50,000 (2022: £50,000).

A director, is the spouse of a member of key management personnel of a related party. During the financial year, Marketing in Partnership provided events services of £257,054 (2022:£420,452) to the related party, with amounts due to the company of £51,960 as at 30 April 2023 (2022:£28,848) .These transactions were considered to be at arm's length.

 

In addition, a director, is a director of 2H1O Limited. During the year, Marketing in Partnership provided pro bono services worth £nil (2022: £3,000) to 2H1O Limited.

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