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REGISTERED NUMBER: 02880683 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Explain Market Research Limited

Explain Market Research Limited (Registered number: 02880683)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Explain Market Research Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs K Davis
Mr S D Slater
Mrs R Crinson
Mrs E L Hopkins
Mrs H Shiel-Redfern





REGISTERED OFFICE: The Core
Bath Lane
Newcastle Helix
Newcastle Upon Tyne
Tyne and Wear
NE4 5TF





REGISTERED NUMBER: 02880683 (England and Wales)





ACCOUNTANTS: Evelyn Partners
17 Queens Lane
Newcastle upon Tyne
Tyne and Wear
NE1 1RN

Explain Market Research Limited (Registered number: 02880683)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 98,238 120,562
98,238 120,562

CURRENT ASSETS
Debtors 7 566,989 619,892
Cash at bank and in hand 812,740 636,209
1,379,729 1,256,101
CREDITORS
Amounts falling due within one year 8 (609,433 ) (713,325 )
NET CURRENT ASSETS 770,296 542,776
TOTAL ASSETS LESS CURRENT
LIABILITIES

868,534

663,338

CREDITORS
Amounts falling due after more than one
year

9

-

(37,771

)

PROVISIONS FOR LIABILITIES (22,148 ) (18,531 )
NET ASSETS 846,386 607,036

CAPITAL AND RESERVES
Called up share capital 2,732 2,732
Share premium 15,445 15,445
Profit and loss account 828,209 588,859
SHAREHOLDERS' FUNDS 846,386 607,036

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2024 and were signed on its behalf by:





Mrs K Davis - Director


Explain Market Research Limited (Registered number: 02880683)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Explain Market Research Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for sale of goods and services in the ordinary nature of the business. Turnover is shown net of Value Added Tax, of goods and services provided to customers.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the company.

Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill recognised at acquisition is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis over its useful life, which is estimated to be five years.

In the opinion of the directors this represents the period over which the goodwill is effective.

Other intangible fixed assets
Intangible fixed assets are stated at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is charged so as to allocate the cost of the intangible assets less their residual values over their useful economic life, using the straight line method.

The intangible assets are amortised over the following useful economic lives:

Development costs - 2 years

Fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 100% on cost, 25% on cost and 15% on reducing balance

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Explain Market Research Limited (Registered number: 02880683)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments, unless it is considered immaterial.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities and 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.

Current and deferred tax assets and liabilities are not discounted.

Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is also written off as incurred unless the directors are satisfied as to the technical, commercial and financial viability of individual projects.

Leasing
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Employee benefits
Short term employee benefits are recognised as an expense in the period in which they are incurred.

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 76 (2023 - 76 ) .

5. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 7,500 10,073 17,573
AMORTISATION
At 1 April 2023
and 31 March 2024 7,500 10,073 17,573
NET BOOK VALUE
At 31 March 2024 - - -
At 31 March 2023 - - -

Explain Market Research Limited (Registered number: 02880683)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 424,264
Additions 9,255
At 31 March 2024 433,519
DEPRECIATION
At 1 April 2023 303,702
Charge for year 31,579
At 31 March 2024 335,281
NET BOOK VALUE
At 31 March 2024 98,238
At 31 March 2023 120,562

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 407,405 456,831
Amounts owed by group undertakings 70,378 70,378
Other debtors 89,206 92,683
566,989 619,892

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,100 74,207
Trade creditors 57,376 174,592
Taxation and social security 316,870 258,771
Other creditors 225,087 205,755
609,433 713,325

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 37,771

10. LEASING AGREEMENTS

At 31 March 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £163,333 (2023 - £183,333).

11. ULTIMATE CONTROLLING PARTY

The parent company of the entity is Explain Holdings Limited.

During the year the company voted dividends of £141,000 (2023 - £611,280) to Explain Holdings Limited to facilitate the payment of proceeds to former shareholders following the management buyout that took place in December 2019.