Mondaq Limited 02906568 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is provision of business information. Digita Accounts Production Advanced 6.30.9574.0 true true 02906568 2022-08-01 2023-07-31 02906568 2023-07-31 02906568 core:CurrentFinancialInstruments 2023-07-31 02906568 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 02906568 core:Non-currentFinancialInstruments 2023-07-31 02906568 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 02906568 core:OtherResidualIntangibleAssets 2023-07-31 02906568 core:OfficeEquipment 2023-07-31 02906568 bus:SmallEntities 2022-08-01 2023-07-31 02906568 bus:Audited 2022-08-01 2023-07-31 02906568 bus:FullAccounts 2022-08-01 2023-07-31 02906568 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 02906568 bus:RegisteredOffice 2022-08-01 2023-07-31 02906568 bus:CompanySecretaryDirector1 2022-08-01 2023-07-31 02906568 bus:Director2 2022-08-01 2023-07-31 02906568 bus:Director3 2022-08-01 2023-07-31 02906568 bus:Director4 2022-08-01 2023-07-31 02906568 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 02906568 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-08-01 2023-07-31 02906568 core:IntangibleAssetsOtherThanGoodwill 2022-08-01 2023-07-31 02906568 core:OtherResidualIntangibleAssets 2022-08-01 2023-07-31 02906568 core:ComputerEquipment 2022-08-01 2023-07-31 02906568 core:FurnitureFittings 2022-08-01 2023-07-31 02906568 core:OfficeEquipment 2022-08-01 2023-07-31 02906568 countries:EnglandWales 2022-08-01 2023-07-31 02906568 2022-07-31 02906568 core:OtherResidualIntangibleAssets 2022-07-31 02906568 core:OfficeEquipment 2022-07-31 02906568 2021-08-01 2022-07-31 02906568 2022-07-31 02906568 core:CurrentFinancialInstruments 2022-07-31 02906568 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 02906568 core:Non-currentFinancialInstruments 2022-07-31 02906568 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 02906568 core:OtherResidualIntangibleAssets 2022-07-31 02906568 core:OfficeEquipment 2022-07-31 iso4217:GBP xbrli:pure

Registration number: 02906568

Mondaq Limited

Filleted Financial Statements

for the Year Ended 31 July 2023

 

Mondaq Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 9

 

Mondaq Limited

Company Information

Directors

A J Partridge

P C F Aspinwall

P W L Lake

D J Bailey

Company secretary

A J Partridge

Registered office

2nd Floor
Vintry Building
Wine Street
Bristol
BS1 2BD

Auditors

DSK Partners LLP
Chartered Accountants and Statutory Auditors
D S House
306 High Street
Croydon
Surrey
CR0 1NG

 

Mondaq Limited

(Registration number: 02906568)
Statement of Financial Position as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

307,883

42,161

Tangible assets

5

24,793

20,445

 

332,676

62,606

Current assets

 

Debtors

6

859,966

829,767

Cash at bank and in hand

 

215,328

100,234

 

1,075,294

930,001

Creditors: Amounts falling due within one year

7

(542,416)

(389,265)

Net current assets

 

532,878

540,736

Total assets less current liabilities

 

865,554

603,342

Creditors: Amounts falling due after more than one year

7

(164,584)

(141,667)

Provisions for liabilities

(4,711)

(3,885)

Net assets

 

696,259

457,790

Capital and reserves

 

Called up share capital

1,773

1,773

Share premium reserve

2,982,654

2,982,654

Retained earnings

(2,288,168)

(2,526,637)

Shareholders' funds

 

696,259

457,790

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 Income Statement.

Approved and authorised by the Board on 2 April 2024 and signed on its behalf by:
 

A J Partridge
Company secretary and director

   
     
 

Mondaq Limited

Notes to the Financial Statements for the Year Ended 31 July 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:
2nd Floor
Vintry Building
Wine Street
Bristol
BS1 2BD
United Kingdom

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

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

As part of the directors' assessment of going concern, they have prepared detailed cash flow and profit and loss forecasts for the next 12 months. The forecasts have been prepared on an appropriate basis, taking into account the current economic conditions that exist.

After making appropriate enquires, the directors have a reasonable expectation that the company has adequate resources to enable it to continue in operational existence for the foreseeable future. They believe it is appropriate to prepare the accounts on a going concern basis.

 

Mondaq Limited

Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 2 April 2024 was Romit Basu FCA, who signed for and on behalf of DSK Partners LLP.

.........................................

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.

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.

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.

 

Mondaq Limited

Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position 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

Furniture and fittings

20% straight line

Computer equipment

25% straight line

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development cost are being amortised evenly over their estimated useful life.

Amortisation

Amortization 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

Other intangible assets

Over 20 years

Development Capitalisation

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.

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.

 

Mondaq Limited

Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

 

Mondaq Limited

Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 61 (2022 - 46).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 August 2022

1,686,149

1,686,149

Additions acquired separately

334,965

334,965

At 31 July 2023

2,021,114

2,021,114

Amortisation

At 1 August 2022

1,643,988

1,643,988

Amortisation charge

69,243

69,243

At 31 July 2023

1,713,231

1,713,231

Carrying amount

At 31 July 2023

307,883

307,883

At 31 July 2022

42,161

42,161

 

Mondaq Limited

Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 August 2022

291,949

291,949

Additions

20,188

20,188

At 31 July 2023

312,137

312,137

Depreciation

At 1 August 2022

271,504

271,504

Charge for the year

15,840

15,840

At 31 July 2023

287,344

287,344

Carrying amount

At 31 July 2023

24,793

24,793

At 31 July 2022

20,445

20,445

6

Debtors

Current

2023
£

2022
£

Trade debtors

796,272

624,688

Prepayments

37,612

15,777

Other debtors

26,082

189,302

 

859,966

829,767

 

Mondaq Limited

Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

205,963

127,461

Trade creditors

 

99,683

64,264

Taxation and social security

 

77,837

89,683

Accruals and deferred income

 

71,314

68,058

Other creditors

 

87,619

39,799

 

542,416

389,265

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

164,584

141,667

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

91,667

141,667

Other borrowings

72,917

-

164,584

141,667

2023
£

2022
£

Current loans and borrowings

Bank borrowings

50,000

49,999

Bank overdrafts

130,650

74,694

Other borrowings

25,313

2,768

205,963

127,461