Registered number:
FOR THE YEAR ENDED 29 FEBRUARY 2024
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
CONTENTS
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
COMPANY INFORMATION
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
This report, prepared by the directors of MacFarlane Media Limited trading as The Media Image (TMI), is for the financial reporting year ending 29 February 2024 and is presented on a consolidated basis. The principal activity of the company continues to be that of a global performance media agency.
During the year, TMI experienced slight revenue contraction, primarily driven by client churn. Despite the top-line reduction, there was a notable improvement in gross profit, reflecting efficiency gains from operational enhancements. Labour-related cost pressures, particularly in key markets such as the UK, have contributed to EBITDA decline. Key financial indicators continue to show resilience in core markets, and the company remains committed to executing its long-term strategy.
The below table represents key financial performance indicators as defined by the directors.
TMI experienced a slight reduction in headcount, with a 3.9% decline in overall staff numbers. This reflects strategic realignment, where we have aimed at reducing our labour inefficiency. The launch of TMI’s first graduate scheme in South Africa marks a key milestone in talent acquisition, allowing the company to take advantage of a pool of highly productive and cost-efficient talent.
Indicator Group Company
2024 2023 Movement % 2024 2023 Movement %
Staff numbers 99 103 -3.90% 49 62 -21%
∙New Business Wins: New wins have bolstered traditional service sectors.
∙Client Portfolio Optimization: Strategic decisions were made to discontinue low profitability client contracts.
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
Wage Inflation
To manage rising wage costs in inflationary markets, TMI has implemented a new bi-annual salary review cycle to aid the forecasting process and ensure consistency across the group. Economic Uncertainty Economic challenges particularly in the UK have led to some client contraction in market although this was not evident in US trading. Talent Acquisition and Retention Labour supply continues to be a challenge however ongoing mitigation is bearing fruit. Customer Concentration Ongoing focus on client diversification. Exchange Rate Exposure Exposure to the GBP/USD spot rate remains a concern, while the business retains a structure where most of its revenue is in US$ and most of its costs are borne in GB£.
TMI remains aggressively focused on growth with an ongoing emphasis on enhancing both operational efficiency and client outcomes particularly through the use of new approaches and technologies. Key personnel additions, including strategic client leads, AI/ML talent and business development, are expected to bolster these aims. Internal process and workflow continues to develop, continuing to provide foundation for growth.
This report was approved by the board and signed on its behalf.
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
The directors present their report and the financial statements for the year ended 29 February 2024.
The profit for the year, after taxation, amounted to £3,572,978 (2023 - £4,387,584).
Interim dividends totalling £378,494 (2023: £3,770,132) were declared and paid during the year. The directors do not recommend a final dividend for the year.
The directors who served during the year were:
As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.
There have been no significant events affecting the Group since the year end.
This report was approved by the board and signed on its behalf.
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024
The directors are responsible for preparing the group strategic report, the directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
FOR THE YEAR ENDED 29 FEBRUARY 2024
We have audited the financial statements of MacFarlane Media Limited trading as The Media Image (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 29 February 2024, which comprise the Consolidated profit and loss account, Consolidated statement of comprehensive income, Consolidated and Company balance sheets, the Consolidated and Company statement of changes in equity, the Consolidated statement of cash flows and the related notes, 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).
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 Group's or the parent 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.
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
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 within the annual report. 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. 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 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 this gives rise to 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 this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the group 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 group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
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 Group 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:
∙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 management, and from our commercial knowledge and experience of the media sector;
∙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, anti-bribery, employment, and health and safety legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making inquiries of management and inspecting legal correspondence; and
∙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 obtaining an understanding of 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; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested a sample of journal entries to identify unusual transactions; and
∙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;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HM Revenue and Customs.
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.
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
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.
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 auditor's 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 auditor's 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
WC2B 5AH
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
CONSOLIDATED BALANCE SHEET
AS AT 29 FEBRUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 32 form part of these financial statements.
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
COMPANY BALANCE SHEET
AS AT 29 FEBRUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 32 form part of these financial statements.
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
MacFarlane Media Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office and principal place of business is Unit 1.01 Vauxhall Sky Gardens, 153 Wandsworth Road, London, SW8 2GB.
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 £.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2.Accounting policies (continued)
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2.Accounting policies (continued)
The Group has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the Group becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.
The Group’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the Group would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2.Accounting policies (continued)
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
Analysis of turnover by country of destination:
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
9.Taxation (continued)
In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% for companies with profits over £250,000. A small profits rate will also be introduced for companies with profits of £50,000 or less so that they will continue to pay corporation tax at 19%. From this date companies with profits between £50,000 and £250,000 will pay tax at the main rate reduced by a marginal relief providing a gradual increase in the effective corporation tax rate. This new law was substantively enacted on 24 May 2021. Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
11.Tangible fixed assets (continued)
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
Capital redemption reserve
Foreign exchange reserve
of foreign subsidiaries operations.
Profit and loss account
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £95,284 (2023: £107,578). Contributions totalling £8,706 (2023: £17,828) were payable to the fund at the balance sheet date and are included in creditors.
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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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