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Registration number: 06099402

Engage Interactive Limited

Annual Report and Unaudited Financial Statements

For The Year Ended 29 February 2024

 

Engage Interactive Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Engage Interactive Limited

(Registration number: 06099402)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

179,728

 

206,838

Current assets

   

 

Debtors

5

2,248,801

 

2,039,680

 

Cash at bank and in hand

 

2,123,476

 

2,274,636

 

 

4,372,277

 

4,314,316

 

Creditors: Amounts falling due within one year

6

(2,688,494)

 

(2,824,759)

 

Net current assets

   

1,683,783

 

1,489,557

Total assets less current liabilities

   

1,863,511

 

1,696,395

Provisions for liabilities

 

(22,705)

 

(22,073)

Net assets

   

1,840,806

 

1,674,322

Capital and reserves

   

 

Called up share capital

107

 

107

 

Profit and loss account

1,840,699

 

1,674,215

 

Total equity

   

1,840,806

 

1,674,322

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 

.........................................
Mr A. Willcocks
Director

 

Engage Interactive Limited

Notes to the Unaudited Financial Statements For The Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
First Floor
Munro House
Duke Street
Leeds
LS9 8AG

These financial statements were authorised for issue by the Board on 19 September 2024.

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

The financial statements are presented in Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

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 value added tax, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the company.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Engage Interactive Limited

Notes to the Unaudited Financial Statements For The Year Ended 29 February 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & fittings

25% Straight Line

Computer Equipment

25% Straight Line

Motor vehicles

25% Reducing Balance

Plant and machinery

10% Straight Line

Tenants' improvements

10% Straight Line

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Engage Interactive Limited

Notes to the Unaudited Financial Statements For The Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 54 (2023 - 53).

4

Tangible assets

Tenants' improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2023

110,247

244,920

17,489

186,119

558,775

Additions

-

41,561

2,332

-

43,893

Disposals

-

(101,895)

(9,690)

-

(111,585)

At 29 February 2024

110,247

184,586

10,131

186,119

491,083

Depreciation

At 1 March 2023

66,149

159,167

14,949

111,672

351,937

Charge for the year

11,024

39,225

2,142

18,611

71,002

Eliminated on disposal

-

(101,894)

(9,690)

-

(111,584)

At 29 February 2024

77,173

96,498

7,401

130,283

311,355

Carrying amount

At 29 February 2024

33,074

88,088

2,730

55,836

179,728

At 28 February 2023

44,098

85,753

2,540

74,447

206,838

5

Debtors

Current

2024
£

2023
£

Trade debtors

1,587,217

1,767,638

Prepayments

122,026

60,983

Other debtors

539,558

211,059

 

2,248,801

2,039,680

Included within other debtors is an amount owed by Mr A. Willcocks, a director of the company of £450,000 (2023 £150,000). The loan is interest free and repayable on demand by the company.

 

Engage Interactive Limited

Notes to the Unaudited Financial Statements For The Year Ended 29 February 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

173,060

134,729

Taxation and social security

854,138

758,526

Other creditors

1,661,296

1,931,504

2,688,494

2,824,759

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £365,199 (2023 - £419,321).

8

Parent and ultimate parent undertaking

The company's immediate parent is Engage Interactive Group Limited, incorporated in England & Wales.