Company registration number 01344718 (England and Wales)
MARKE CREATIVE MERCHANDISE LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 FEBRUARY 2024
FILLETED ACCOUNTS
MARKE CREATIVE MERCHANDISE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
MARKE CREATIVE MERCHANDISE LTD
BALANCE SHEET
AS AT
3 FEBRUARY 2024
03 February 2024
- 1 -
3 February 2024
28 January 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
50,342
77,636
Tangible assets
5
-
0
142,319
50,342
219,955
Current assets
Stocks
150,874
150,810
Debtors
7
3,000,996
2,565,980
Cash at bank and in hand
381,279
794,973
3,533,149
3,511,763
Creditors: amounts falling due within one year
8
(1,799,098)
(1,385,090)
Net current assets
1,734,051
2,126,673
Total assets less current liabilities
1,784,393
2,346,628
Provisions for liabilities
-
0
(95,000)
Net assets
1,784,393
2,251,628
Capital and reserves
Called up share capital
2,510,000
2,510,000
Capital contribution reserve
1,819,307
1,819,307
Profit and loss reserves
(2,544,914)
(2,077,679)
Total equity
1,784,393
2,251,628

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

These financial statements have been prepared and delivered 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 13 August 2024 and are signed on its behalf by:
Mr I Hodgson
Director
Company Registration No. 01344718
MARKE CREATIVE MERCHANDISE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information

Marke Creative Merchandise Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Smith, 145 London Road, Kingston Upon Thames, KT2 6NH.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Software licences
15 - 20% on cost
1.4
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 and fittings
10 - 33% on cost

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.

MARKE CREATIVE MERCHANDISE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 3 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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 complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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 and cash equivalents

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.

MARKE CREATIVE MERCHANDISE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 3 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

MARKE CREATIVE MERCHANDISE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 3 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
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
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
39
41
4
Intangible fixed assets
Software licences
£
Cost
At 29 January 2023 and 3 February 2024
176,748
Amortisation and impairment
At 29 January 2023
99,112
Amortisation charged for the period
27,294
At 3 February 2024
126,406
Carrying amount
At 3 February 2024
50,342
At 28 January 2023
77,636
MARKE CREATIVE MERCHANDISE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 3 FEBRUARY 2024
- 6 -
5
Tangible fixed assets
Fixtures and fittings
£
Cost
At 29 January 2023
345,072
Disposals
(345,072)
At 3 February 2024
-
0
Depreciation and impairment
At 29 January 2023
202,753
Depreciation charged in the period
30,384
Eliminated in respect of disposals
(233,137)
At 3 February 2024
-
0
Carrying amount
At 3 February 2024
-
0
At 28 January 2023
142,319
6
Subsidiaries

Details of the company's subsidiaries at 3 February 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Marke Creative Netherlands BV
Netherlands
Ordinary shares
100.00

The Company is exempt from the requirement to prepare consolidated financial statements, on the grounds that both it and the group it heads qualify as small.

7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,019,549
769,981
Amounts owed by group undertakings
1,777,559
844,270
Other debtors
203,888
951,729
3,000,996
2,565,980
MARKE CREATIVE MERCHANDISE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 3 FEBRUARY 2024
- 7 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
383,787
436,033
Taxation and social security
215,143
220,809
Other creditors
1,200,168
728,248
1,799,098
1,385,090
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Sam Thomas
Statutory Auditor:
Azets Audit Services
10
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:

2024
2023
£
£
972,123
1,259,466
11
Events after the reporting date

In February 2024 the company completed the surrender of the lease of its warehouse and office premises, eliminating all lease commitments in place at the period end, with exceptional costs amounting to £246,000, including £95,000 previously provided for.

 

In February 2024 the company also signed a lease on a new office, with commitments amounting to £244,059 over 2 years, of which £119,571 is due in the first year of the agreement.

12
Parent company

The ultimate controlling party is Staples Inc, which is incorporated in Delaware, USA.

The smallest group in which the results of the company are included is Staples Promotional Products Canada Ltd, with registered office 55 Interchange Way, Unit 4, Vaughan, ON L4K 5W3, Canada. The largest group in which the results of the company are included is Staples Inc, with registered address 500 Staples Drive, Framingham, Massachusetts, 01702, United States.

MARKE CREATIVE MERCHANDISE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 3 FEBRUARY 2024
- 8 -
13
Related party transactions

The company has taken advantage of the exemption available in accordance with FRS 102, section 33 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

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