The Good Agency Group Limited
Annual Report and Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 03038655 (England and Wales)
The Good Agency Group Limited
Contents
Page
Directors' report
1
Independent auditor's report
2 - 5
Statement of income and retained earnings
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 19
The Good Agency Group Limited
Directors' Report
For the year ended 31 March 2024
Page 1
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company continued to be that of marketing and advertising consultancy. The Good Agency is a group of marketing services businesses which specialise in social, ethical and environmental marketing.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
C Norman
G Banks
N Chauvet
Auditor
The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
C Norman
Director
The Good Agency Group Limited
Independent Auditor's Report
To the Members of The Good Agency Group Limited
Page 2
Opinion
We have audited the financial statements of The Good Agency Group Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Income and Retained Earnings, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 company's affairs as at 31 March 2024 and of its profit for the year 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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.
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.
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 course of 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.
The Good Agency Group Limited
Independent Auditor's Report (Continued)
To the Members of The Good Agency Group Limited
Page 3
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.
The Good Agency Group Limited
Independent Auditor's Report (Continued)
To the Members of The Good Agency Group Limited
Page 4
Auditor's 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 an auditor's report 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.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
The Good Agency Group Limited
Independent Auditor's Report (Continued)
To the Members of The Good Agency Group Limited
Page 5
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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 an auditor's report 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.
Esther Carder
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
20 August 2024
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
The Good Agency Group Limited
Statement of Income and Retained Earnings
For the year ended 31 March 2024
Page 6
2024
2023
£
£
Turnover
9,566,796
7,582,340
Cost of sales
(2,962,086)
(2,193,344)
Gross profit
6,604,710
5,388,996
Administrative expenses
(5,055,704)
(4,780,296)
Operating profit
1,549,006
608,700
Interest receivable and similar income
19,346
4,843
Interest payable and similar expenses
(4,302)
Profit before taxation
1,568,352
609,241
Tax on profit
(393,874)
(108,764)
Profit for the financial year
1,174,478
500,477
Retained earnings brought forward
1,443,677
1,316,300
Dividends
(994,000)
(373,100)
Retained earnings carried forward
1,624,155
1,443,677
The Good Agency Group Limited
Balance Sheet
As at 31 March 2024
Page 7
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
6
317,701
406,378
Current assets
Debtors
7
2,870,478
1,851,604
Cash at bank and in hand
1,335,364
1,550,288
4,205,842
3,401,892
Creditors: amounts falling due within one year
8
(2,528,328)
(1,978,245)
Net current assets
1,677,514
1,423,647
Total assets less current liabilities
1,995,215
1,830,025
Provisions for liabilities
(69,110)
(84,398)
Net assets
1,926,105
1,745,627
Capital and reserves
Called up share capital
12
1,682
1,682
Share premium account
299,748
299,748
Capital redemption reserve
520
520
Profit and loss reserves
1,624,155
1,443,677
Total equity
1,926,105
1,745,627
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 20 August 2024 and are signed on its behalf by:
G Banks
Director
Company Registration No. 03038655
The Good Agency Group Limited
Statement of Changes in Equity
For the year ended 31 March 2024
Page 8
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
1,682
299,748
520
1,316,300
1,618,250
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
500,477
500,477
Dividends
-
-
-
(373,100)
(373,100)
Balance at 31 March 2023
1,682
299,748
520
1,443,677
1,745,627
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
-
1,174,478
1,174,478
Dividends
-
-
-
(994,000)
(994,000)
Balance at 31 March 2024
1,682
299,748
520
1,624,155
1,926,105
The Good Agency Group Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 9
1
Accounting policies
Company information
The Good Agency Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Harling House, 47-51 Great Suffolk Street, London, SE1 0BS.
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 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
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The company made a profit for the year of £1,174,478 (2023: £500,477) and as at the balance sheet date had net assets of £1,926,105 (2023: £1,745,627).
The directors have prepared detailed cash flow projections for the period to 31 March 2025 which are based on their current expectations of trading prospects as well as increases in costs in relation to inflation and the cost of living crisis.
The company has positive cash reserves at the date of approval of the financial statements and continues to trade profitably after the year end. This will enable it to continue to meet its liabilities as they fall due for at least the next twelve months.
As a result the directors are confident that they have the ability to respond effectively to continued uncertainty and as a result, the directors believe that the company will be able to continue to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements. Consequently the financial statements have been prepared on a going concern basis.
The Good Agency Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 10
1.3
Turnover
Turnover represents amounts receivable for services in the principal activity of the company net of VAT and trade discounts.
Fee income represents services after consulting revenue earned under a wide variety of contracts to provide marketing and advertising consulting. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
Revenue is generally recognised as contact activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 - 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
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.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings leasehold
Over the length of the lease
Plant and machinery
5 years straight line
Fixtures, fittings & equipment
5 years 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.
The Good Agency Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 11
1.6
Impairment of fixed assets
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.
1.7
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.
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.
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.
The Good Agency Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 12
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in fair value of the hedged asset or liability that are attributable to the hedged risk.
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.
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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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
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.
The Good Agency Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 13
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
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.
The Good Agency Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 14
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Revenue recognition
Revenue is recognised based on management's assessment of a job's percentage completion at the year end. This is determined by assessing actual time spent per timesheets against budgeted time. Management will also apply an element of judgement to determine the stage of completion based on deliverables completed.
Dilapidations provision
Judgement is applied to determine the value of the dilapidations provision, being the cost per square foot to return the leasehold property to it's original condition multiplied by the square footage of the property occupied by the Company.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
58
59
4
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
418,106
433,899
Key Management Personnel
During the year there were 6 key management personnel receiving a cumulative remuneration of £763,333 (2023 - £745,965).
The Good Agency Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 15
5
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
1,440,716
Amortisation and impairment
At 1 April 2023 and 31 March 2024
1,440,716
Carrying amount
At 31 March 2024
At 31 March 2023
The goodwill arising from the purchase of the entire share capital of Eurobrand Communications Limited on 31 December 2004 and the subsequent hiving up of its business to The Good Agency Group Limited, was amortised over a useful economic life of 5 years. This balance was fully amortised in the prior years.
The goodwill arising from the purchase of the entire share capital of Cascaid Limited in 2007 amounting to £830,053 and the subsequent hiving up of its business to The Good Agency Group Limited, was amortised over a useful economic life of 10 years. This balance was fully amortised in the prior years.
6
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
597,010
484,182
1,081,192
Additions
18,731
18,731
Disposals
(30,069)
(30,069)
At 31 March 2024
597,010
472,844
1,069,854
Depreciation and impairment
At 1 April 2023
297,343
377,471
674,814
Depreciation charged in the year
71,714
33,256
104,970
Eliminated in respect of disposals
(27,631)
(27,631)
At 31 March 2024
369,057
383,096
752,153
Carrying amount
At 31 March 2024
227,953
89,748
317,701
At 31 March 2023
299,667
106,711
406,378
The Good Agency Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 16
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,817,969
878,523
Amounts owed by group undertakings
201,489
195,346
Other debtors
227,925
230,945
Prepayments and accrued income
623,095
546,790
2,870,478
1,851,604
Included within other debtors is an amount of £227,878 (2023 - £227,878) in relation to a rent deposit which is due after more than one year.
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
581,895
784,467
Corporation tax
409,162
124,464
Other taxation and social security
379,487
237,162
Accruals and deferred income
1,157,784
832,152
2,528,328
1,978,245
In the event of any bank overdraft arising, the company has provided a fixed and floating guarantee to Coutts & Company.
9
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
89,463
80,691
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
The amount outstanding at the year end is £21,178 (2023 - £20,756).
The Good Agency Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 17
10
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
2024
2023
Balances:
£
£
Accelerated capital allowances
23,585
36,159
Retirement benefit obligations
(5,295)
(5,189)
Dilapidation provision
(16,939)
(14,331)
1,351
16,639
2024
Movements in the year:
£
Liability at 1 April 2023
16,639
Credit to profit or loss
(15,288)
Liability at 31 March 2024
1,351
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
11
Share-based payment transactions
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 April 2023
159
991.00
Granted
159
991.00
Outstanding at 31 March 2024
159
159
991.00
991.00
Exercisable at 31 March 2024
991.00
There were no share options granted in the current year.
The weighted average share price at the date of exercise for share options exercised during the year was £991 (2023 - £991).
The options outstanding at 31 March 2024 had an exercise price of £991 and an average remaining contractual life of one year.
The Good Agency Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
11
Share-based payment transactions
(Continued)
Page 18
The weighted average fair value of options granted in the year was determined using the Black-Scholes option pricing model. The Black-Scholes model is considered to apply the most appropriate valuation method due to the relatively short contractual lives of the options and the requirement to exercise within a short period after the employee becomes entitled to the shares (the “vesting date”).
The expected life used in the model has been adjusted, based on management’s best estimate, for the effect of non-transferability, exercise restrictions, and behavioral considerations.
Non-vesting conditions and market conditions are taken into account when estimating the fair value of the option at grant date. Service conditions and non-market performance conditions are taken into account by adjusting the number of options expected to vest at each reporting date.
12
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
1,598
1,598
1,598
1,598
B Ordinary shares of £1 each
84
84
84
84
1,682
1,682
1,682
1,682
The A Ordinary shares have attached to them full voting, dividend and capital distribution rights. The B Ordinary shares only have capital distribution rights attached to them and no voting or dividend rights.
13
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
£
£
1,189,649
1,483,333
14
Related party transactions
No guarantees have been given or received.
As permitted by FRS 102 Section 33 "related party disclosures", the financial statements do not disclose transactions with other members of a wholly owned group.
At the year end, there were 3 other key management personnel in addition to directors as stated in the director's remuneration note.
The Good Agency Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 19
15
Parent company
There is considered to be no ultimate controlling party.
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