IRIS Accounts Production v24.3.0.553 03937247 Board of Directors 1.1.23 31.12.23 31.12.23 true true false true true false false false true true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh039372472022-12-31039372472023-12-31039372472023-01-012023-12-31039372472021-12-31039372472022-01-012022-12-31039372472022-12-3103937247ns15:EnglandWales2023-01-012023-12-3103937247ns14:PoundSterling2023-01-012023-12-3103937247ns10:Director12023-01-012023-12-3103937247ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3103937247ns10:FRS1022023-01-012023-12-3103937247ns10:Audited2023-01-012023-12-3103937247ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3103937247ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3103937247ns10:FullAccounts2023-01-012023-12-310393724712023-01-012023-12-3103937247ns10:OrdinaryShareClass12023-01-012023-12-3103937247ns10:Director22023-01-012023-12-3103937247ns10:CompanySecretary12023-01-012023-12-3103937247ns10:RegisteredOffice2023-01-012023-12-310393724712023-01-012023-12-310393724712022-01-012022-12-3103937247ns5:CurrentFinancialInstruments2023-12-3103937247ns5:CurrentFinancialInstruments2022-12-3103937247ns5:ShareCapital2023-12-3103937247ns5:ShareCapital2022-12-3103937247ns5:CapitalRedemptionReserve2023-12-3103937247ns5:CapitalRedemptionReserve2022-12-3103937247ns5:RetainedEarningsAccumulatedLosses2023-12-3103937247ns5:RetainedEarningsAccumulatedLosses2022-12-3103937247ns5:ShareCapital2021-12-3103937247ns5:RetainedEarningsAccumulatedLosses2021-12-3103937247ns5:CapitalRedemptionReserve2021-12-3103937247ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3103937247ns5:CapitalRedemptionReserve2022-01-012022-12-3103937247ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3103937247ns5:CapitalRedemptionReserve2023-01-012023-12-3103937247ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3103937247ns5:FurnitureFittings2023-01-012023-12-3103937247ns15:UnitedKingdom2023-01-012023-12-3103937247ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-3103937247ns5:OwnedAssets2023-01-012023-12-3103937247ns5:OwnedAssets2022-01-012022-12-3103937247ns5:ComputerSoftware2023-01-012023-12-3103937247ns5:ComputerSoftware2022-01-012022-12-3103937247ns10:OrdinaryShareClass12022-01-012022-12-3103937247ns5:ComputerSoftware2022-12-3103937247ns5:ComputerSoftware2023-12-3103937247ns5:ComputerSoftware2022-12-3103937247ns5:FurnitureFittings2022-12-3103937247ns5:FurnitureFittings2023-12-3103937247ns5:FurnitureFittings2022-12-3103937247ns5:CostValuation2022-12-3103937247ns5:Subsidiary12023-01-012023-12-3103937247ns5:Subsidiary112023-01-012023-12-3103937247ns5:Subsidiary12023-12-3103937247ns5:Subsidiary12022-12-3103937247ns5:Subsidiary12022-01-012022-12-3103937247ns5:Subsidiary22023-01-012023-12-31039372473ns5:Subsidiary22023-01-012023-12-3103937247ns5:Subsidiary22023-12-3103937247ns5:Subsidiary22022-12-3103937247ns5:Subsidiary22022-01-012022-12-3103937247ns5:Subsidiary32023-01-012023-12-3103937247ns5:Subsidiary352023-01-012023-12-3103937247ns5:Subsidiary32023-12-3103937247ns5:Subsidiary32022-12-3103937247ns5:Subsidiary32022-01-012022-12-3103937247ns5:Subsidiary42023-01-012023-12-31039372477ns5:Subsidiary42023-01-012023-12-3103937247ns5:Subsidiary42023-12-3103937247ns5:Subsidiary42022-12-3103937247ns5:Subsidiary42022-01-012022-12-3103937247ns5:Subsidiary62023-01-012023-12-3103937247ns5:Subsidiary6112023-01-012023-12-3103937247ns5:Subsidiary62023-12-3103937247ns5:Subsidiary62022-12-3103937247ns5:Subsidiary62022-01-012022-12-3103937247ns5:Subsidiary72023-01-012023-12-3103937247ns5:Subsidiary7132023-01-012023-12-3103937247ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103937247ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103937247ns10:OrdinaryShareClass12023-12-3103937247ns5:RetainedEarningsAccumulatedLosses2022-12-3103937247ns5:CapitalRedemptionReserve2022-12-31
REGISTERED NUMBER: 03937247 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

EXPANDI AGENCY LIMITED

EXPANDI AGENCY LIMITED (REGISTERED NUMBER: 03937247)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Independent Auditors' Report 5

Income Statement 9

Other Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


EXPANDI AGENCY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: G Fittante
F O Leenhardt





SECRETARY: G Fittante





REGISTERED OFFICE: 38 Craven Street
London
WC2N 5NG





REGISTERED NUMBER: 03937247 (England and Wales)





AUDITORS: N7 Accountants Limited
Statutory Auditors
Central House
1 Ballards Lane
London
N31LQ

EXPANDI AGENCY LIMITED (REGISTERED NUMBER: 03937247)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


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

REVIEW OF BUSINESS
The principal activity of the company in the year under review was that of the provision of marketing services with a focus on the IT industry and specifically in the area of joint marketing between vendors and their distribution channels (co-marketing) towards business customers.

PRINCIPAL RISKS AND UNCERTAINTIES
The group is exposed to a moderate level of price risk, credit risk, liquidity risk, exchange rate risk and cash flow risk. The group manages these risks by financing its operations through retained profits, supplemented by long-term bank borrowings where necessary, to fund expansion or capital expenditure programmes.

Management's objectives are to retain sufficient liquid funds to enable it to meet its day to day requirements, minimise the group's exposure to fluctuating interest rates and match the repayment schedule of any external borrowings or overdrafts with the future cash flows expected to arise from the group's trading activities.

The group makes little use of financial instruments other than an operational bank account and so its exposure to price risk, credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position and profit and loss of the company.

STRATEGY
In accordance with the strategy to maintain the group's leadership in co-marketing services for B2B markets, the board will continue to pursue plans for organic growth and other development opportunities, including:

- implementation of new and innovative co-marketing services, focused on lead generation
- development of an innovative offer in digital marketing service

The directors of the company are of the opinion that analysis using Key Performance Indicators is not necessary for an understanding of the performance and position of the group.

ON BEHALF OF THE BOARD:





Director


31 October 2024

EXPANDI AGENCY LIMITED (REGISTERED NUMBER: 03937247)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of providing marketing services focusing on the IT industry and specifically within the area of joint marketing between Vendors and their distribution channels ("co-marketing") towards business customers.

DIVIDENDS
During the year, £1,600,000 was declared and paid during the year as dividends.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

G Fittante
F O Leenhardt

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 of 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 judgements and accounting estimates that are reasonable and prudent;
-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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

EXPANDI AGENCY LIMITED (REGISTERED NUMBER: 03937247)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, N7 Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



G Fittante - Director


31 October 2024

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
EXPANDI AGENCY LIMITED


Opinion
We have audited the financial statements of Expandi Agency Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other 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 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:
-give a true and fair view of the state of the company's affairs as at 31 December 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 Auditors' 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 contained with the annual report.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, 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 there is 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 the 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
EXPANDI AGENCY LIMITED


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 Report of the Directors.

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 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 Statement of Directors' Responsibilities set out on page three, 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 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.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
EXPANDI AGENCY LIMITED


Auditors' 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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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 risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws was as follows:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those relating to the reporting framework (United Kingdom Generally Accepted Accounting Practice) and the relevant direct and indirect tax compliance regulations.
-The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's activity.
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection.
- We understood how EXPANDI AGENCY LIMITED is complying with those frameworks by making enquiries with management to understand how the group maintains and communicates its policies and procedures to ensure compliance. We corroborated this through our review of the group's board minutes. We also reviewed correspondence with the relevant tax authorities regarding tax compliance.
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
- We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
- understanding the potential incentives and pressures for management to manipulate the financial statements and performed procedures to understand the areas in which this would most likely arise. Based on our risk assessment procedures on this Company as a holding entity, we identified management override of controls as our fraud risk.

To address our fraud risk of management override of controls, we performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining any accounting estimates were indicative of potential bias;
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation.
- reading the minutes of meetings of those charged with governance.


INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
EXPANDI AGENCY LIMITED

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Description of the auditor's responsibilities for the audit of the financial statements

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

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.




Evangelos Charalambous FCCA (Senior Statutory Auditor)
for and on behalf of N7 Accountants Limited
Statutory Auditors
Central House
1 Ballards Lane
London
N31LQ

31 October 2024

EXPANDI AGENCY LIMITED (REGISTERED NUMBER: 03937247)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3 557,112 324,042

Cost of sales (508,207 ) (396,395 )
GROSS PROFIT/(LOSS) 48,905 (72,353 )

Administrative expenses (26,404 ) (27,795 )
22,501 (100,148 )

Other operating income - 7,337
OPERATING PROFIT/(LOSS) 22,501 (92,811 )

Income from shares in group undertakings 1,584,867 615,577
PROFIT BEFORE TAXATION 5 1,607,368 522,766

Tax on profit 6 (1,000 ) (1,288 )
PROFIT FOR THE FINANCIAL YEAR 1,606,368 521,478

EXPANDI AGENCY LIMITED (REGISTERED NUMBER: 03937247)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,606,368 521,478


OTHER COMPREHENSIVE INCOME
Foreign Currency Translation (1,155 ) -
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(1,155

)

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,605,213

521,478

EXPANDI AGENCY LIMITED (REGISTERED NUMBER: 03937247)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 - -
Investments 10 669,861 669,861
669,861 669,861

CURRENT ASSETS
Debtors 11 3,503,128 1,274,581
Cash at bank 1,153,776 3,150,809
4,656,904 4,425,390
CREDITORS
Amounts falling due within one year 12 (5,306,670 ) (5,080,369 )
NET CURRENT LIABILITIES (649,766 ) (654,979 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,095

14,882

CAPITAL AND RESERVES
Called up share capital 13 11,222 11,222
Capital redemption reserve 14 3,660 3,660
Retained earnings 14 5,213 -
SHAREHOLDERS' FUNDS 20,095 14,882

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





G Fittante - Director


EXPANDI AGENCY LIMITED (REGISTERED NUMBER: 03937247)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 11,222 1,397,440 3,660 1,412,322

Changes in equity
Dividends - (1,918,918 ) - (1,918,918 )
Total comprehensive income - 521,478 - 521,478
Balance at 31 December 2022 11,222 - 3,660 14,882

Changes in equity
Dividends - (1,600,000 ) - (1,600,000 )
Total comprehensive income - 1,605,213 - 1,605,213
Balance at 31 December 2023 11,222 5,213 3,660 20,095

EXPANDI AGENCY LIMITED (REGISTERED NUMBER: 03937247)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Expandi Agency Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Expandi Limited, United Kingdom.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is calculated to write off the cost in equal annual installments over their estimated useful life of 5 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33.3% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any impairment in value.


EXPANDI AGENCY LIMITED (REGISTERED NUMBER: 03937247)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Dividend income
Dividend income is recognised when the right to receive payment is established.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market for the year ended 31 December 2023 is given below:

£   
United Kingdom 464,952
Non UK 92,160
557,112

This analysis is not considered to be applicable to the year ended 31 December 2022.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 97,013 137,932

EXPANDI AGENCY LIMITED (REGISTERED NUMBER: 03937247)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Administrative staff 1 1

2023 2022
£    £   
Directors' remuneration 97,013 94,650

5. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 14,185 17,405
Depreciation - owned assets - 22,343
Patents amortisation - 948
Auditors' remuneration 3,172 2,500
Foreign exchange differences (15,013 ) (157,975 )

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
Foreign corporation tax 1,000 1,288
Tax on profit 1,000 1,288

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,607,368 522,766
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

378,053

99,326

Effects of:
Expenses not deductible for tax purposes - 143
Income not taxable for tax purposes (378,053 ) (99,469 )
Foreign tax 1,000 1,288
Total tax charge 1,000 1,288

EXPANDI AGENCY LIMITED (REGISTERED NUMBER: 03937247)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Foreign Currency Translation (1,155 ) - (1,155 )

7. DIVIDENDS
2023 2022
£    £   
Ordinary shares of 1 each
Final 1,600,000 1,918,918

8. INTANGIBLE FIXED ASSETS
Patents
£   
COST
At 1 January 2023 10,795
Exchange differences 244
At 31 December 2023 11,039
AMORTISATION
At 1 January 2023 10,795
Exchange differences 244
At 31 December 2023 11,039
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

9. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023
and 31 December 2023 102,079
DEPRECIATION
At 1 January 2023
and 31 December 2023 102,079
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

EXPANDI AGENCY LIMITED (REGISTERED NUMBER: 03937247)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 669,861
NET BOOK VALUE
At 31 December 2023 669,861
At 31 December 2022 669,861

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

NetPartnering.com Italia Srl
Registered office: Italy
Nature of business: Marketing services
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 887,105 615,842
Profit for the year 281,438 331,105

Netpartnering.com Italia Srl merged with On Channel Italy in year 2021.

NetPartnering.com SARL
Registered office: France
Nature of business: Marketing services
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1,089,533 872,714
Profit for the year 237,482 629,593

NetPartering GmbH
Registered office: Austria
Nature of business: Marketing services
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 393,305 259,381
Profit for the year 140,330 132,315

EXPANDI AGENCY LIMITED (REGISTERED NUMBER: 03937247)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. FIXED ASSET INVESTMENTS - continued

NetPartnering GmbH
Registered office: Germany
Nature of business: Marketing services
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 5,553 11,354
Loss for the year (5,543 ) (2,298 )

Liquidation procedures initiated in year 2021.

Expandi Match SL
Registered office: Spain
Nature of business: Marketing services
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 2,834 4,862
(Loss)/profit for the year (1,925 ) 2,214

Expandi Creation SARLAU
Registered office: Morocco
Nature of business: Marketing services
%
Class of shares: holding
Ordinary 100.00

The company was Dormant in the year.

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade and other debtors 131,751 86,125
Amounts owed by group undertakings 1,454,797 994,489
Other debtors 1,876,342 12,759
Tax 5,622 -
VAT 30,915 41,108
Prepayments and accrued income 3,701 140,100
3,503,128 1,274,581

EXPANDI AGENCY LIMITED (REGISTERED NUMBER: 03937247)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade and other creditors 1,819 38,355
Amounts owed to group undertakings 5,141,590 4,793,586
Tax 32,587 8,153
Other creditors - 47,032
Accruals and deferred income 130,674 193,243
5,306,670 5,080,369

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
11,222 Ordinary 1 11,222 11,222

14. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 - 3,660 3,660
Profit for the year 1,606,368 1,606,368
Dividends (1,600,000 ) (1,600,000 )
Forex diff on branch balances (1,155 ) - (1,155 )
At 31 December 2023 5,213 3,660 8,873

15. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent company is Expandi Limited. Expandi Limited prepares group financial statements and copies can be obtained from Companies House, Crown Way, Maindy, Cardiff,CF14 3UZ.