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Registration number: 02919559

Market Intelligence Services Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Market Intelligence Services Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Market Intelligence Services Limited

Company Information

Directors

British Growers Association Limited

J Burgess

Company secretary

J Ward

Registered office

BGA House
Nottingham Road
Louth
Lincolnshire
LN11 0WB

 

Market Intelligence Services Limited

(Registration number: 02919559)
Balance Sheet as at 31 December 2023

Notes

2023
£

2022
£

Fixed assets

 

Tangible assets

5

27,092

10,880

Current assets

 

Debtors

6

20,274

26,853

Cash at bank and in hand

 

6,827

9,120

 

27,101

35,973

Creditors: Amounts falling due within one year

7

(32,282)

(25,095)

Net current (liabilities)/assets

 

(5,181)

10,878

Net assets

 

21,911

21,758

Capital and reserves

 

Called up share capital

8

2

2

Profit and loss account

21,909

21,756

Total equity

 

21,911

21,758

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 August 2024 and signed on its behalf by:
 

.........................................
British Growers Association Limited
Director

 

Market Intelligence Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales, registration number 2919559.

The address of its registered office is:
BGA House
Nottingham Road
Louth
Lincolnshire
LN11 0WB

These financial statements cover the individual entity, Market Intelligence Services Limited.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 15 August 2024 was Adam Millson ACA, who signed for and on behalf of Forrester Boyd.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reported date in the countries where the company operates and generates taxable income.

 

Market Intelligence Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33%, 50% and 100% per annum of cost

Intangible assets

Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks

10% per annum of cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

 

Market Intelligence Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company during the year, was 8 (2022 - 7).

4

Intangible assets

Trademarks
 £

Total
£

Cost or valuation

At 1 January 2023

550

550

At 31 December 2023

550

550

Amortisation

At 1 January 2023

550

550

At 31 December 2023

550

550

Carrying amount

At 31 December 2023

-

-

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

70,416

70,416

Additions

19,138

19,138

Disposals

(59,238)

(59,238)

At 31 December 2023

30,316

30,316

Depreciation

At 1 January 2023

59,536

59,536

Charge for the year

2,926

2,926

Eliminated on disposal

(59,238)

(59,238)

At 31 December 2023

3,224

3,224

Carrying amount

At 31 December 2023

27,092

27,092

At 31 December 2022

10,880

10,880

 

Market Intelligence Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

14,481

23,789

Prepayments and accrued income

4,132

1,556

Other debtors

1,661

1,508

 

20,274

26,853

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2,111

504

Amounts owed to group undertakings and undertakings in which the company has a participating interest

20,361

574

Taxation and social security

743

897

Other creditors

425

425

Accruals and deferred income

8,642

22,695

32,282

25,095

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2