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Company registration number: 08939139
Lindar Media Limited
Financial statements
30 September 2023
Lindar Media Limited
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Lindar Media Limited
Directors and other information
Directors Mr S Fellas
Mr O Keinan
Company number 08939139
Registered office Northside House
Mount Pleasant
Barnet
Herts
EN4 9EE
Business address Unit 8, Sandridge Park
Potters Wood
St Albans
Hertfordshire
AL3 6PH
Auditor Davis Bonley
Northside House
Mount Pleasant
Barnet
Hertfordshire
EN4 9EE
Accountants Davis Bonley
Northside House
Mount Pleasant
Barnet
Hertfordshire
EN4 9EE
Lindar Media Limited
Strategic report
Year ended 30 September 2023
Review of the company's business
The directors would report that for the year to 30th September 2023 was a period during which the company contributed to consolidate its position in the marketplace and continued to maintain market share in the markets developed over recent years.
The new product developments improved usage within the existing customer base and attracted new opportunities to further build for the future. The continued development of the company infrastructure mean that the business is well placed to meet the demands of a market showing signs of contraction on account of the ongoing cost of living crisis and other pressures on discretionary spreads for consumers.
The current static market appears to reflect the slow recovery in the UK economy continually burdened by high taxation. Further growth is forecast for the forthcoming year and the directors are confident the next twelve months will reflect improvement on the previous financial statements despite continued uncertainties posed by the pressures on disposable incomes.
The continued demand for the products now offered by the company reflect the development and innovation already invested, with an organisation which recognises the needs and challenges of changes in the UK market.
The market does remain challenging but the directors' continued drive to provide value added products and services for the market with superior service levels and incentives for clients give confidence for the future of the business.
Key performance indicators
The result for the year is shown in the attached statement of comprehensive income.The business performed in accordance with expectations based on more challenging market conditions, with sales of £69,282,827 (2022: £65,065,621) and operating profit after interest of £3,291,755 (2022: £3,777,673). The tax charge for the year is £255,709 (2022: £219,543) resulting in a profit for the financial year of £3,036,046 (2021: £3,558,130).A detailed reconciliation of the current tax charge to the expected tax charge is given in note 8 to the financial statements. 2023 2022Turnover £69,282,827 £65,065,621Operating profit £3,291,755 £3,777,673Shareholders funds £2,828,943 £3,992,897The board continue to seek cost savings and efficiencies to maintain profitability. The directors consider the company on a sound financial footing for the future.
Principal risks and uncertainties
The company has continued to invest in the internal infrastructure of the business to ensure the company is best equipped to deal with the forthcoming challenges within the industry which the company trades.
The company's does not have a credit risk attributable to it's client base as no form of credit is afforded. The company aims to reduce the risk arising from the loss of customers by continually adapting it's offering and incentives to new and existing clients. The company maintains a high level of contact with customers to reduce the company's exposure to maximise sales potential.
The cash position remained positive during the year. There is no reliance on banking institutions and therefore the company is well placed to avoid any liquidity risk.
The company has suppliers based in the Eurozone and therefore is exposed to currency risk. The currency risk is managed by the company and subsidiaries which are based in the Eurozone to ensure that it remains competitive in the UK market.
The company trades in the UK market and has limited exposure to currency risk from customers and clients.
The company is subject to the risks posed by any downturn in the UK economy as with any business operating in this sector. The level of risk has been reduced wherever possible to ensure the company maintains a prominent position in the market via the combination of the standard of product level and service available to customers.
This report was approved by the board of directors on 31 October 2024 and signed on behalf of the board by:
Mr O Keinan
Director
Mr S Fellas
Director
Lindar Media Limited
Directors report
Year ended 30 September 2023
The directors present their report and the financial statements of the company for the year ended 30 September 2023.
Directors
The directors who served the company during the year were as follows:
Mr S Fellas
Mr O Keinan
Dividends
Particulars of recommended dividends are detailed in note 9 to the financial statements.
Future developments
The directors anticipate the business environment will remain competitive. They believe that the company is in a good financial position and that the risks that have been identified are being well managed. With careful focus on appropriate diversification and development of new products, as well as continuing review of the state of the market and the activities of competitors, the directors are confident in the company's ability to maintain and build on this position, albeit with cautious growth expectations.
Financial instruments
The company's exposure to financial risk management is outlined in the strategic report.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, directors 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 company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 31 October 2024 and signed on behalf of the board by:
Mr O Keinan
Director
Lindar Media Limited
Independent auditor's report to the members of
Lindar Media Limited
Year ended 30 September 2023
Opinion
We have audited the financial statements of Lindar Media Limited (the 'company') for the year ended 30 September 2023 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and notes to the financial statements, including a summary of 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 30 September 2023 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.
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 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.
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. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report 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 strategic report or the directors' report. We have nothing to report in respect of the following matters where 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 the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
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.
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: As part of an audit in accordance with ISAs (UK), we exercise professional judgment 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 purpose of expressing an opinion on the effectiveness of the 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.
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 auditors 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.
Nicholas Godsave (Senior Statutory Auditor)
For and on behalf of
Davis Bonley
Chartered Certified Accountants and Registered Auditors
Northside House
Mount Pleasant
Barnet
Hertfordshire
EN4 9EE
31 October 2024
Lindar Media Limited
Statement of comprehensive income
Year ended 30 September 2023
2023 2022
Note £ £
Turnover 4 69,282,827 65,065,621
Cost of sales ( 51,749,244) ( 47,522,156)
_______ _______
Gross profit 17,533,583 17,543,465
Administrative expenses ( 14,518,486) ( 13,798,605)
_______ _______
Operating profit 5 3,015,097 3,744,860
Other interest receivable and similar income 7 276,658 32,813
_______ _______
Profit before taxation 3,291,755 3,777,673
Tax on profit 8 ( 255,709) ( 219,543)
_______ _______
Profit for the financial year and total comprehensive income 3,036,046 3,558,130
_______ _______
All the activities of the company are from continuing operations.
Lindar Media Limited
Statement of financial position
30 September 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 10 249,628 281,518
Investments 11 51,280 51,080
_______ _______
300,908 332,598
Current assets
Debtors 12 3,812,691 9,432,855
Cash at bank and in hand 12,700,360 4,465,218
_______ _______
16,513,051 13,898,073
Creditors: amounts falling due
within one year 13 ( 13,922,609) ( 10,202,671)
_______ _______
Net current assets 2,590,442 3,695,402
_______ _______
Total assets less current liabilities 2,891,350 4,028,000
Provisions for liabilities 14 ( 62,407) ( 35,103)
_______ _______
Net assets 2,828,943 3,992,897
_______ _______
Capital and reserves
Called up share capital 18 2 2
Profit and loss account 19 2,828,941 3,992,895
_______ _______
Shareholders funds 2,828,943 3,992,897
_______ _______
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Mr O Keinan Mr S Fellas
Director Director
Company registration number: 08939139
Lindar Media Limited
Statement of changes in equity
Year ended 30 September 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 October 2021 2 9,239,765 9,239,767
Profit for the year 3,558,130 3,558,130
_______ _______ _______
Total comprehensive income for the year - 3,558,130 3,558,130
Dividends paid and payable ( 8,805,000) ( 8,805,000)
_______ _______ _______
Total investments by and distributions to owners - ( 8,805,000) ( 8,805,000)
_______ _______ _______
At 30 September 2022 and 1 October 2022 2 3,992,895 3,992,897
Profit for the year 3,036,046 3,036,046
_______ _______ _______
Total comprehensive income for the year - 3,036,046 3,036,046
Dividends paid and payable ( 4,200,000) ( 4,200,000)
_______ _______ _______
Total investments by and distributions to owners - ( 4,200,000) ( 4,200,000)
_______ _______ _______
At 30 September 2023 2 2,828,941 2,828,943
_______ _______ _______
Lindar Media Limited
Notes to the financial statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in the United Kingdom. The address of the registered office is Northside House, Mount Pleasant, Barnet, Herts, EN4 9EE.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2023 2022
£ £
Commissions 69,282,827 65,065,621
_______ _______
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 53,953 62,055
Research and development expenditure written off 2,151,027 1,962,567
Foreign exchange differences ( 50,994) 1,084
_______ _______
6. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2023 2022
Administrative staff 38 28
_______ _______
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 1,382,996 958,111
Social security costs 147,013 96,655
Other pension costs 27,181 19,870
_______ _______
1,557,190 1,074,636
_______ _______
7. Other interest receivable and similar income
2023 2022
£ £
Bank deposits 276,658 32,813
_______ _______
8. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 228,405 214,867
_______ _______
Deferred tax:
Origination and reversal of timing differences 27,304 4,676
_______ _______
Tax on profit 255,709 219,543
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 19.00 % (2022: 19.00%).
2023 2022
£ £
Profit before taxation 3,291,755 3,777,673
_______ _______
Profit multiplied by rate of tax 625,433 717,758
Effect of expenses not deductible for tax purposes 17,335 21,303
Effect of capital allowances and depreciation ( 4,192) ( 39,440)
Effect of different UK tax rates on some earnings 31,220 -
Enhanced R Expenditure ( 441,391) ( 484,754)
Deferred tax timing differences 27,304 4,676
_______ _______
Tax on profit 255,709 219,543
_______ _______
9. Dividends
Equity dividends
2023 2022
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 4,200,000 8,805,000
_______ _______
10. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 October 2022 147,745 237,240 384,985
Additions 22,063 - 22,063
_______ _______ _______
At 30 September 2023 169,808 237,240 407,048
_______ _______ _______
Depreciation
At 1 October 2022 34,531 68,936 103,467
Charge for the year 20,292 33,661 53,953
_______ _______ _______
At 30 September 2023 54,823 102,597 157,420
_______ _______ _______
Carrying amount
At 30 September 2023 114,985 134,643 249,628
_______ _______ _______
At 30 September 2022 113,214 168,304 281,518
_______ _______ _______
11. Investments
Shares in group undertakings Participating interests Total
£ £ £
Cost
At 1 October 2022 1,080 50,000 51,080
Additions - 200 200
_______ _______ _______
At 30 September 2023 1,080 50,200 51,280
_______ _______ _______
Impairment
At 1 October 2022 and 30 September 2023 - - -
_______ _______ _______
Carrying amount
At 30 September 2023 1,080 50,200 51,280
_______ _______ _______
At 30 September 2022 1,080 50,000 51,080
_______ _______ _______
12. Debtors
2023 2022
£ £
Trade debtors 1,686,664 1,318,943
Amounts owed by group undertakings 120,272 126,694
Prepayments and accrued income 192,775 300,640
Other debtors 1,812,980 7,686,578
_______ _______
3,812,691 9,432,855
_______ _______
Other debtors includes amount owed by the directors which have been repaid after the year end.
13. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 931,417 1,500,045
Amounts owed to group undertakings 7,880,801 3,880,270
Accruals and deferred income 4,665,560 3,809,477
Corporation tax 228,404 214,867
Social security and other taxes 72,920 92,028
Director loan accounts 64,632 -
Other creditors 78,875 705,984
_______ _______
13,922,609 10,202,671
_______ _______
14. Provisions
Deferred tax (note 15) Total
£ £
At 1 October 2022 35,103 35,103
Additions 27,304 27,304
_______ _______
At 30 September 2023 62,407 62,407
_______ _______
15. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 14) 62,407 35,103
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 62,407 35,103
_______ _______
16. Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £ 27,181 (2022: £ 19,870 ).
17. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023 2022
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 1,686,664 1,318,943
Other debtors 2,126,027 8,113,986
Cash at bank and in hand 12,700,360 4,465,218
_______ _______
16,513,051 13,898,147
_______ _______
Financial liabilities measured at amortised cost
Trade creditors 931,417 1,500,045
Other creditors 12,991,192 8,492,509
_______ _______
13,922,609 9,992,554
_______ _______
18. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares shares of £ 1.00 each 2 2 2 2
_______ _______ _______ _______
19. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
20. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr S Fellas 191,690 16,120 207,810
Mr O Keinan 6,500,360 ( 6,564,992) ( 64,632)
_______ _______ _______
6,692,050 ( 6,548,872) 143,178
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr S Fellas - 191,690 191,690
Mr O Keinan - 6,500,360 6,500,360
_______ _______ _______
- 6,692,050 6,692,050
_______ _______ _______
21. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Lindar Malta Limited ( 6,422) - 120,272 126,694
Mad Fox Limited ( 3,781,594) ( 1,861,907) ( 7,466,558) ( 3,684,964)
Tek Fox Limited ( 218,937) ( 391,344) ( 414,243) ( 195,306)
_______ _______ _______ _______
During the year under review, funds were transferred between related parties on an ad hoc basis to make best use of working capital.