Company registration number 10002410 (England and Wales)
AIR MARKETING GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
AIR MARKETING GROUP LIMITED
COMPANY INFORMATION
Directors
Mr O Richards
Mr R Forrest
Mrs C Raddon
Company number
10002410
Registered office
The Forum
Barnfield Road
Exeter
Devon
EX1 1QR
Accountants
Streets Bush Limited
2 Barnfield Crescent
Exeter
EX1 1QT
AIR MARKETING GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
AIR MARKETING GROUP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
23,934
48,708
Investments
4
100
100
24,034
48,808
Current assets
Debtors
5
533,620
581,381
Cash at bank and in hand
184,113
102,774
717,733
684,155
Creditors: amounts falling due within one year
6
(1,217,629)
(912,393)
Net current liabilities
(499,896)
(228,238)
Total assets less current liabilities
(475,862)
(179,430)
Creditors: amounts falling due after more than one year
7
(53,667)
(264,282)
Net liabilities
(529,529)
(443,712)
Capital and reserves
Called up share capital
100
100
Retained earnings
(529,629)
(443,812)
Total equity
(529,529)
(443,712)
AIR MARKETING GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 23 October 2024 and are signed on its behalf by:
Mr O Richards
Mr R Forrest
Director
Director
Company Registration No. 10002410
AIR MARKETING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Air Marketing Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Forum, Barnfield Road, Exeter, Devon, EX1 1QR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on the basis that the company is a going concern. The directors continue their support for the company and the company will return to making a profit for the financial year ending 31 March 2025.true

 

Across this financial year, losses reduced by over £400k as a result of stringent cost control measures and a revenue increase of almost 15%. The current client base continues to increase spend and in addition, various new contracts equating to £1.7 million in new business have been won; these will continue to increase the turnover going into the financial year ending 31 March 2025 and as a result we predict a significant profit in FY 25.

 

The directors are working closely with the financial controller, reviewing, and managing debts on a regular basis. As well as reducing overall costs in the company where possible.

1.3
Turnover

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

AIR MARKETING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
10% on cost
Fixtures and fittings
25% on cost
Computers
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

AIR MARKETING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 income statement, 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.

1.7
Retirement benefits

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

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

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

2024
2023
Number
Number
Total
84
88
AIR MARKETING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
20,509
195,596
216,105
Additions
-
0
5,905
5,905
Disposals
-
0
(28,315)
(28,315)
At 31 March 2024
20,509
173,186
193,695
Depreciation and impairment
At 1 April 2023
10,141
157,254
167,395
Depreciation charged in the year
2,051
27,844
29,895
Eliminated in respect of disposals
-
0
(27,529)
(27,529)
At 31 March 2024
12,192
157,569
169,761
Carrying amount
At 31 March 2024
8,317
15,617
23,934
At 31 March 2023
10,368
38,340
48,708
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
331,285
370,793
Other debtors
109,697
99,137
440,982
469,930
Deferred tax asset
92,638
111,451
533,620
581,381
AIR MARKETING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Debtors
(Continued)
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
46,000
46,000
Trade creditors
132,931
149,303
Taxation and social security
499,805
382,017
Other creditors
538,893
335,073
1,217,629
912,393
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
53,667
99,667
Taxation and social security
-
0
164,615
53,667
264,282
8
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
£
£
368,885
31,711

The old lease expired during the 2024 financial year and was renewed in August 2023 for another 5 years.

9
Related party transactions

At the year end, the directors owed the company a net balance of £8,783 (2023: £3,729). This balance was repaid within 9 months of the year end.

2024-03-312023-04-01false23 October 2024CCH SoftwareCCH Accounts Production 2024.210The principal activity in the year was that of business development and telemarketing services.
Mr O RichardsMr R ForrestMrs C Raddonfalsefalse
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