Company registration number 10910014 (England and Wales)
ANYTHING IS POSSIBLE MEDIA LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ANYTHING IS POSSIBLE MEDIA LIMITED
COMPANY INFORMATION
Directors
Mr S J Fenton-Elstone
Mr M C Raymond
Company number
10910014
Registered office
Third floor, Fredrick House
41-46 Frederick Place
Brighton
England
BN1 4EA
Auditor
Sumer Audit
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
ANYTHING IS POSSIBLE MEDIA LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 26
ANYTHING IS POSSIBLE MEDIA LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

Anything Is Possible Media Limited provide marketing services; combining media, technology and creative expertise to deliver data-driven, integrated media strategies across all digital and offline channels.

 

The strategy of the business is three fold:

 

In keeping with the company’s overall strategy the directors approved the company’s expansion with the acquisition of Custard Online Marketing Limited on 30 November 2023, acquiring a presence in the North of England. Over 2023, the directors also built an office presence in South Africa, giving us access to another exceptional talent pool.

 

The directors have also continued to invest heavily in learning and development, partnering with industry giants like Google for bespoke training sessions. This ensured team members grew their skills in both soft and technical areas, fostering a culture of continuous improvement and innovation.

 

Tech development has also been a significant investment, with the development of an AI-assisted briefing tool, and a breakthrough Big Query integration, amongst many other unique tools, allowing the team to focus on higher-order activities like strategy and relationship-building, adding extra layers of value to clients.

Principal risks and uncertainties

The directors have identified the following principal risks and uncertainties affecting the company:

 

Market risk: The directors consider that AI will disrupt the market profoundly and have invested significantly into building expertise in this area. The company has sold AI workshops and workstreams to a number of clients and has developed, and will continue to develop, unique AI powered tools for the benefit of clients.

 

Legislative and regulatory risk: In 2024, the evolving landscape of e-privacy and the impending removal of third-party cookies present both challenges and opportunities for the company. As the company navigates these changes, the strategic focus is on bolstering first-party data collection and leveraging advanced analytics to deliver personalised, compliant marketing solutions. By prioritising user consent and transparency, the company aims to build deeper trust with its clients and their audiences. This shift not only aligns the business with regulatory requirements but also positions it at the forefront of a privacy-first digital marketing era, ensuring sustainable growth and continued excellence in its service offerings.

 

Actions of competitors: Key objectives of the company have been the continual investment into staff development and wellbeing, and technological product advancement. The directors consider the company to be not only well protected, but increasingly holding a competitive advantage over the market in key strategic areas.

Development and performance

Turnover grew by 23% to over £19m in 2023, continuing the incredible year-on-year growth over the five years since incorporation.

 

The acquisition of Custard Online Marketing Limited in November 2023 has further added to this growth in 2024, alongside exceptional organic growth with key new business wins, notably the British Library Framework including The Tate, Kew Garden, British Library, V&A and many other prestigious cultural institutions.

Key performance indicators

The company monitors its performance using a number of measures. These include:

 

KPI

2023

2022

Fee Growth %

15%

52%

Normalised EBIT %

17.5%

11.0%

ANYTHING IS POSSIBLE MEDIA LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

On behalf of the board

Mr S J Fenton-Elstone
Director
23 September 2024
ANYTHING IS POSSIBLE MEDIA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company and group continued to be that of marketing.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £288,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S J Fenton-Elstone
Mr M C Raymond
Financial instruments
Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Credit risk

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Future developments

The directors believe that there are no future developments that require disclosure.

Auditor

Sumer Audit were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
Mr S J Fenton-Elstone
Mr M C Raymond
Director
Director
23 September 2024
ANYTHING IS POSSIBLE MEDIA LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ANYTHING IS POSSIBLE MEDIA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ANYTHING IS POSSIBLE MEDIA LIMITED
- 5 -
Opinion

We have audited the financial statements of Anything Is Possible Media Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 Financial Reporting Standard 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:

Basis for opinion

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 group and parent 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 group's and parent 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.

Other information

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ANYTHING IS POSSIBLE MEDIA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANYTHING IS POSSIBLE MEDIA LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or 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:

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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

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.

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.

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the group for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: employment law, and compliance with the UK Companies Act.

ANYTHING IS POSSIBLE MEDIA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANYTHING IS POSSIBLE MEDIA LIMITED
- 7 -

In addition to the above, our procedures to respond to risks identified included the following:

 

 

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

The comparative figures for the year ended 31 December 2022 were not subject to audit.

Use of our report

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.

Alex Chidwick FCCA (Senior Statutory Auditor)
For and on behalf of Sumer Audit
23 September 2024
Chartered Accountants
Statutory Auditor
Worthing
Sumer Audit is the trading name of Sumer Auditco Limited
ANYTHING IS POSSIBLE MEDIA LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
as restated
Notes
£
£
Turnover
3
19,782,642
16,037,282
Cost of sales
(15,258,666)
(12,329,517)
Gross profit
4,523,976
3,707,765
Administrative expenses
(3,578,750)
(3,112,558)
Other operating income
-
13,160
Operating profit
4
945,226
608,367
Interest receivable and similar income
19,703
1,278
Interest payable and similar expenses
-
0
(533)
Profit before taxation
964,929
609,112
Tax on profit
8
(210,441)
(62,994)
Profit for the financial year
754,488
546,118
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
ANYTHING IS POSSIBLE MEDIA LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
155,442
-
0
Other intangible assets
10
35,060
56,380
Total intangible assets
190,502
56,380
Tangible assets
11
63,303
55,431
Investments
12
35,651
37,573
289,456
149,384
Current assets
Debtors
15
5,530,321
2,322,616
Cash at bank and in hand
2,783,910
3,109,604
8,314,231
5,432,220
Creditors: amounts falling due within one year
16
(7,311,560)
(4,759,236)
Net current assets
1,002,671
672,984
Total assets less current liabilities
1,292,127
822,368
Provisions for liabilities
Deferred tax liability
17
13,803
10,532
(13,803)
(10,532)
Net assets
1,278,324
811,836
Capital and reserves
Called up share capital
20
10
10
Profit and loss reserves
1,278,314
811,826
Total equity
1,278,324
811,836

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
23 September 2024
Mr S J Fenton-Elstone
Mr M C Raymond
Director
Director
Company registration number 10910014 (England and Wales)
ANYTHING IS POSSIBLE MEDIA LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
423,409
-
0
Other intangible assets
10
35,060
56,380
Total intangible assets
458,469
56,380
Tangible assets
11
56,493
55,431
Investments
12
35,651
37,573
550,613
149,384
Current assets
Debtors
15
5,499,232
2,322,616
Cash at bank and in hand
2,741,412
3,109,604
8,240,644
5,432,220
Creditors: amounts falling due within one year
16
(7,511,073)
(4,759,236)
Net current assets
729,571
672,984
Total assets less current liabilities
1,280,184
822,368
Provisions for liabilities
Deferred tax liability
17
12,100
10,532
(12,100)
(10,532)
Net assets
1,268,084
811,836
Capital and reserves
Called up share capital
20
10
10
Profit and loss reserves
1,268,074
811,826
Total equity
1,268,084
811,836

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £744,248 (2022 - £546,118 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
23 September 2024
Mr S J Fenton-Elstone
Mr M C Raymond
Director
Director
Company registration number 10910014 (England and Wales)
ANYTHING IS POSSIBLE MEDIA LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
10
653,708
653,718
Year ended 31 December 2022:
Profit and total comprehensive income
-
546,118
546,118
Dividends
9
-
(388,000)
(388,000)
Balance at 31 December 2022
10
811,826
811,836
Year ended 31 December 2023:
Profit and total comprehensive income
-
754,488
754,488
Dividends
9
-
(288,000)
(288,000)
Balance at 31 December 2023
10
1,278,314
1,278,324
ANYTHING IS POSSIBLE MEDIA LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
10
653,708
653,718
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
546,118
546,118
Dividends
9
-
(388,000)
(388,000)
Balance at 31 December 2022
10
811,826
811,836
Year ended 31 December 2023:
Profit and total comprehensive income
-
744,248
744,248
Dividends
9
-
(288,000)
(288,000)
Balance at 31 December 2023
10
1,268,074
1,268,084
ANYTHING IS POSSIBLE MEDIA LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
97,509
2,000,714
Interest paid
-
0
(533)
Income taxes paid
(27,562)
(94,585)
Net cash inflow from operating activities
69,947
1,905,596
Investing activities
Purchase of business
(106,403)
-
Purchase of tangible fixed assets
(17,069)
(47,625)
Purchase of investments
(3,872)
(16,123)
Repayment of loans
-
(625)
Interest received
19,703
1,278
Net cash used in investing activities
(107,641)
(63,095)
Financing activities
Repayment of bank loans
-
(88,333)
Dividends paid to equity shareholders
(288,000)
(388,000)
Net cash used in financing activities
(288,000)
(476,333)
Net (decrease)/increase in cash and cash equivalents
(325,694)
1,366,168
Cash and cash equivalents at beginning of year
3,109,604
1,743,436
Cash and cash equivalents at end of year
2,783,910
3,109,604
ANYTHING IS POSSIBLE MEDIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Anything Is Possible Media Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

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.

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.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes, being 30 November 2023.

1.3
Basis of consolidation

All financial statements are made up to 31 December 2023. All intra-group transactions and balances between group companies are eliminated on consolidation.

These group financial statements consolidate the financial statements of Anything Is Possible Media Limited and its subsidiary undertakings for the year ended 31 December 2023. This is the first year in which group financial statements have been prepared.

 

Subsidiaries are consolidated from the date of their acquisition, being the date on which the group obtains control and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities.

1.4
Going concern

At 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. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.

 

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

ANYTHING IS POSSIBLE MEDIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business 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 10 years.

1.8
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:

Patents & licences
2% straight line
Development costs
20% straight line
1.9
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:

Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Computers 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 recognised in the profit and loss account.

1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss.

1.11
Impairment of fixed assets

At each reporting period end date, the group 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).

1.12
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include deposits held at call with banks.

ANYTHING IS POSSIBLE MEDIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.13
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other 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 trade and other creditors, and loans from fellow group companies, 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.

1.14
Equity instruments

Equity instruments issued by the group 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 group.

1.15
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.

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.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.17
Retirement benefits

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

1.18
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

1.19
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.

ANYTHING IS POSSIBLE MEDIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Media, Technology and Creative Fees
4,540,525
3,707,765
Paid Media and Other Third Party Fees
15,242,117
12,329,517
19,782,642
16,037,282
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
19,639,396
15,624,817
Europe
143,246
412,465
19,782,642
16,037,282
2023
2022
£
£
Other revenue
Interest income
19,703
1,278
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
719
(1,622)
Depreciation of owned tangible fixed assets
16,157
10,384
(Profit)/loss on disposal of tangible fixed assets
-
6,998
Amortisation of intangible assets
21,320
21,325
Operating lease charges
250,212
181,833
ANYTHING IS POSSIBLE MEDIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
17,500
-
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Marketing and Administration
5
5
5
5
Core Services
41
36
41
36
Management
3
2
3
2
Total
49
43
49
43

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,162,552
1,648,292
2,141,302
1,648,292
Social security costs
232,846
195,589
230,472
195,589
Pension costs
94,351
106,301
93,887
106,301
2,489,749
1,950,182
2,465,661
1,950,182
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
37,040
16,954
Company pension contributions to defined contribution schemes
54,000
68,000
91,040
84,954

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).

The directors are considered the only key management personnel of the group.

ANYTHING IS POSSIBLE MEDIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
207,170
57,304
Deferred tax
Origination and reversal of timing differences
3,271
5,690
Total tax charge
210,441
62,994

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
964,929
609,112
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
226,951
115,731
Tax effect of expenses that are not deductible in determining taxable profit
5,894
8,972
Permanent capital allowances in excess of depreciation
-
0
(2,519)
Amortisation on assets not qualifying for tax allowances
5,015
-
0
Research and development tax credit
(39,880)
(48,697)
Deferred tax adjustments in respect of prior years
1,368
-
0
Rounding
11,093
(10,493)
Taxation charge
210,441
62,994
9
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
288,000
388,000
ANYTHING IS POSSIBLE MEDIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
10
Intangible fixed assets
Group
Goodwill
Patents & licences
Development costs
Total
£
£
£
£
Cost
At 1 January 2023
-
0
8,000
105,802
113,802
Additions
155,442
-
0
-
0
155,442
At 31 December 2023
155,442
8,000
105,802
269,244
Amortisation and impairment
At 1 January 2023
-
0
413
57,009
57,422
Amortisation charged for the year
-
0
160
21,160
21,320
At 31 December 2023
-
0
573
78,169
78,742
Carrying amount
At 31 December 2023
155,442
7,427
27,633
190,502
At 31 December 2022
-
0
7,587
48,793
56,380
Company
Goodwill
Patents & licences
Development costs
Total
£
£
£
£
Cost
At 1 January 2023
-
0
8,000
105,802
113,802
Additions
423,409
-
0
-
0
423,409
At 31 December 2023
423,409
8,000
105,802
537,211
Amortisation and impairment
At 1 January 2023
-
0
413
57,009
57,422
Amortisation charged for the year
-
0
160
21,160
21,320
At 31 December 2023
-
0
573
78,169
78,742
Carrying amount
At 31 December 2023
423,409
7,427
27,633
458,469
At 31 December 2022
-
0
7,587
48,793
56,380
ANYTHING IS POSSIBLE MEDIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
11
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers equipment
Total
£
£
£
£
Cost
At 1 January 2023
2,334
13,717
56,640
72,691
Additions
-
0
467
16,602
17,069
Business combinations
714
-
0
6,246
6,960
At 31 December 2023
3,048
14,184
79,488
96,720
Depreciation and impairment
At 1 January 2023
363
3,081
13,816
17,260
Depreciation charged in the year
689
2,778
12,690
16,157
At 31 December 2023
1,052
5,859
26,506
33,417
Carrying amount
At 31 December 2023
1,996
8,325
52,982
63,303
At 31 December 2022
1,971
10,636
42,824
55,431
Company
Plant and equipment
Fixtures and fittings
Computers equipment
Total
£
£
£
£
Cost
At 1 January 2023
2,334
13,717
56,640
72,691
Additions
-
0
467
16,602
17,069
At 31 December 2023
2,334
14,184
73,242
89,760
Depreciation and impairment
At 1 January 2023
363
3,081
13,816
17,260
Depreciation charged in the year
584
2,778
12,645
16,007
At 31 December 2023
947
5,859
26,461
33,267
Carrying amount
At 31 December 2023
1,387
8,325
46,781
56,493
At 31 December 2022
1,971
10,636
42,824
55,431
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Unlisted investments
35,651
37,573
35,651
37,573
ANYTHING IS POSSIBLE MEDIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Fixed asset investments
(Continued)
- 22 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2023
37,573
Additions
1,950
Valuation changes
(3,872)
At 31 December 2023
35,651
Carrying amount
At 31 December 2023
35,651
At 31 December 2022
37,573
Movements in fixed asset investments
Company
Investments
£
Cost or valuation
At 1 January 2023
37,573
Additions
1,950
Valuation changes
(3,872)
At 31 December 2023
35,651
Carrying amount
At 31 December 2023
35,651
At 31 December 2022
37,573
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Custard Online Marketing Limited
41-46 Frederick Place, Third Floor Frederick House, Brighton, England, BN1 4EA
Ordinary
100.00
14
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
35,651
37,573
35,651
37,573
ANYTHING IS POSSIBLE MEDIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,094,252
2,080,902
5,065,809
2,080,902
Other debtors
54,140
55,393
54,140
55,393
Prepayments and accrued income
381,929
186,321
379,283
186,321
5,530,321
2,322,616
5,499,232
2,322,616
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
952,004
812,626
951,882
812,626
Amounts owed to group undertakings
-
0
-
0
282,985
-
0
Corporation tax payable
188,615
7,304
150,000
7,304
Other taxation and social security
1,415,263
905,627
1,374,853
905,627
Other creditors
378,233
196,544
375,409
196,544
Accruals and deferred income
4,377,445
2,837,135
4,375,944
2,837,135
7,311,560
4,759,236
7,511,073
4,759,236
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
13,803
10,532
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
12,100
10,532
ANYTHING IS POSSIBLE MEDIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
17
Deferred taxation
(Continued)
- 24 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
10,532
10,532
Charge to profit or loss
3,271
1,568
Liability at 31 December 2023
13,803
12,100
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
94,351
106,301

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

19
Share-based payment transactions

During the year to 31 December 2023, the company had a share option plan in operation.

 

During the year 12,250 options were granted to employees of the company. Of these options, 12,250 £0.001p ordinary share options were still in place as at 31 December 2023. These options were all granted to employees of the company at an exercise price of £0.14.

 

The options can only be exercised if an exit event occurs. If the options remain unexercised after a period of ninety days date following an exit event or if the option holder ceases employment the options expire. The directors have recorded no charge within the income statement on the grounds of immateriality.

20
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.00001p each
1,000,000
1,000,000
10
10

Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights.

ANYTHING IS POSSIBLE MEDIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
21
Acquisition of a business

On 30 November 2023, the company acquired 100 percent of the issued capital of Custard Online Marketing Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
6,961
-
6,961
Trade and other receivables
114,797
-
114,797
Cash and cash equivalents
217,006
-
217,006
Trade and other payables
(70,797)
-
(70,797)
Total identifiable net assets
267,967
-
267,967
Goodwill
155,442
Total consideration
423,409
The consideration was satisfied by:
£
Cash
306,769
Deferred consideration
100,000
Legal expenses
16,640
423,409
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
48,233
Profit after tax
10,239
22
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
137,233
137,233
137,233
137,233
Between two and five years
291,199
428,431
291,199
428,431
428,432
565,664
428,432
565,664
ANYTHING IS POSSIBLE MEDIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
23
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
754,488
546,118
Adjustments for:
Taxation charged
210,441
62,994
Finance costs
-
0
533
Investment income
(19,703)
(1,278)
(Gain)/loss on disposal of tangible fixed assets
-
6,998
Fair value loss
3,872
-
0
Amortisation and impairment of intangible assets
21,320
21,325
Depreciation and impairment of tangible fixed assets
16,157
10,384
Movements in working capital:
Increase in debtors
(3,092,908)
(30,537)
Increase in creditors
2,203,842
1,384,177
Cash generated from operations
97,509
2,000,714
24
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
3,109,604
(325,694)
2,783,910
25
Prior period adjustment
Profit and loss account

Revenue in the comparative period has been restated, decreasing by £2,204,613, in respect of an incorrect posting in relation to deferred revenue. Cost of sales in the comparative period has been restated, decreasing by £2,204,613 in relation to the same posting.

 

The prior year adjustment does not give rise to any effect on profit for the financial year or total equity.

2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.200Mr S J Fenton-ElstoneMr M C Raymondfalsefalse10910014bus:Consolidated2023-01-012023-12-31109100142023-01-012023-12-3110910014bus:Director12023-01-012023-12-3110910014bus:Director22023-01-012023-12-3110910014bus:RegisteredOffice2023-01-012023-12-31109100142023-12-3110910014bus:Consolidated2023-12-3110910014bus:Consolidated2022-01-012022-12-31109100142022-01-012022-12-3110910014core:Goodwillbus:Consolidated2023-12-3110910014core:Goodwillbus:Consolidated2022-12-3110910014core:OtherResidualIntangibleAssetsbus:Consolidated2023-12-3110910014core:OtherResidualIntangibleAssetsbus:Consolidated2022-12-3110910014core:Goodwill2023-12-3110910014core:Goodwill2022-12-3110910014core:OtherResidualIntangibleAssets2023-12-3110910014core:OtherResidualIntangibleAssets2022-12-31109100142022-12-3110910014core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2023-12-3110910014core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-12-3110910014core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2022-12-3110910014core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2022-12-3110910014bus:Consolidated2022-12-3110910014core:PatentsTrademarksLicencesConcessionsSimilar2023-12-3110910014core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-12-3110910014core:PatentsTrademarksLicencesConcessionsSimilar2022-12-3110910014core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-12-3110910014core:PlantMachinerybus:Consolidated2023-12-3110910014core:FurnitureFittingsbus:Consolidated2023-12-3110910014core:ComputerEquipmentbus:Consolidated2023-12-3110910014core:PlantMachinerybus:Consolidated2022-12-3110910014core:FurnitureFittingsbus:Consolidated2022-12-3110910014core:ComputerEquipmentbus:Consolidated2022-12-3110910014core:PlantMachinery2023-12-3110910014core:FurnitureFittings2023-12-3110910014core:ComputerEquipment2023-12-3110910014core:PlantMachinery2022-12-3110910014core:FurnitureFittings2022-12-3110910014core:ComputerEquipment2022-12-3110910014core:ShareCapitalbus:Consolidated2023-12-3110910014core:ShareCapitalbus:Consolidated2022-12-3110910014core:ShareCapital2023-12-3110910014core:ShareCapital2022-12-3110910014core:RetainedEarningsAccumulatedLosses2023-12-3110910014core:ShareCapitalbus:Consolidated2021-12-3110910014core:RetainedEarningsAccumulatedLossesbus:Consolidated2021-12-3110910014core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-3110910014core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3110910014core:ShareCapital2021-12-3110910014core:RetainedEarningsAccumulatedLosses2021-12-3110910014core:RetainedEarningsAccumulatedLosses2022-12-3110910014bus:Consolidated2021-12-3110910014core:Goodwill2023-01-012023-12-3110910014core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3110910014core:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-3110910014core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-01-012023-12-3110910014core:PlantMachinery2023-01-012023-12-3110910014core:FurnitureFittings2023-01-012023-12-3110910014core:ComputerEquipment2023-01-012023-12-3110910014core:UKTaxbus:Consolidated2023-01-012023-12-3110910014core:UKTaxbus:Consolidated2022-01-012022-12-3110910014bus:Consolidated12023-01-012023-12-3110910014bus:Consolidated12022-01-012022-12-3110910014bus:Consolidated22023-01-012023-12-3110910014bus:Consolidated22022-01-012022-12-3110910014core:Goodwillbus:Consolidated2022-12-3110910014core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2022-12-3110910014core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2022-12-3110910014bus:Consolidated2022-12-3110910014core:Goodwill2022-12-3110910014core:PatentsTrademarksLicencesConcessionsSimilar2022-12-3110910014core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-12-31109100142022-12-3110910014core:Goodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-01-012023-12-3110910014core:PatentsTrademarksLicencesConcessionsSimilarcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-01-012023-12-3110910014core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-01-012023-12-3110910014core:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-01-012023-12-3110910014core:Goodwillcore:ExternallyAcquiredIntangibleAssets2023-01-012023-12-3110910014core:PatentsTrademarksLicencesConcessionsSimilarcore:ExternallyAcquiredIntangibleAssets2023-01-012023-12-3110910014core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:ExternallyAcquiredIntangibleAssets2023-01-012023-12-3110910014core:ExternallyAcquiredIntangibleAssets2023-01-012023-12-3110910014core:Goodwillbus:Consolidated2023-01-012023-12-3110910014core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2023-01-012023-12-3110910014core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-01-012023-12-3110910014core:PlantMachinerybus:Consolidated2022-12-3110910014core:FurnitureFittingsbus:Consolidated2022-12-3110910014core:ComputerEquipmentbus:Consolidated2022-12-3110910014core:PlantMachinery2022-12-3110910014core:FurnitureFittings2022-12-3110910014core:ComputerEquipment2022-12-3110910014core:PlantMachinerybus:Consolidated2023-01-012023-12-3110910014core:FurnitureFittingsbus:Consolidated2023-01-012023-12-3110910014core:ComputerEquipmentbus:Consolidated2023-01-012023-12-3110910014core:UnlistedNon-exchangeTradedbus:Consolidated2023-12-3110910014core:UnlistedNon-exchangeTradedbus:Consolidated2022-12-3110910014core:UnlistedNon-exchangeTraded2023-12-3110910014core:UnlistedNon-exchangeTraded2022-12-311091001412023-01-012023-12-3110910014core:CurrentFinancialInstruments2023-12-3110910014core:CurrentFinancialInstruments2022-12-3110910014core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3110910014core:CurrentFinancialInstrumentsbus:Consolidated2022-12-3110910014core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3110910014core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-12-3110910014core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3110910014core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3110910014bus:PrivateLimitedCompanyLtd2023-01-012023-12-3110910014bus:FRS1022023-01-012023-12-3110910014bus:Audited2023-01-012023-12-3110910014bus:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3110910014bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP