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Registered number: 07046179












MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

 

MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE

CONTENTS



Page
Company information
 
1
Group strategic report
 
2 - 3
Directors' report
 
4
Directors' responsibilities statement
 
5
Independent auditor's report
 
6 - 9
Consolidated profit and loss account
 
10
Consolidated statement of comprehensive income
 
11
Consolidated balance sheet
 
12
Company balance sheet
 
13
Consolidated statement of changes in equity
 
14
Company statement of changes in equity
 
15
Consolidated statement of cash flows
 
16
Notes to the financial statements
 
17 - 32


 

MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
 
COMPANY INFORMATION


Directors
G Macfarlane 
M Macfarlane 




Registered number
07046179



Registered office
Unit 1.01 Vauxhall Sky Gardens
153 Wandsworth Road

London

SW8 2GB




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




1 -

 

MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

Introduction
 
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.

Strategic Business Review
 
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.

Key Financial Indicators
 
 
The below table represents key financial performance indicators as defined by the directors.
ole69b9.png
 
 

Non-Financial Indicators
 
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%
 

Key Events

New Business Wins: New wins have bolstered traditional service sectors.
Client Portfolio Optimization: Strategic decisions were made to discontinue low profitability client contracts.
 
2 -

 

MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Principal Risks and Uncertainties
 
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£.
 

Future Outlook

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.



G Macfarlane
Director

Date: 29 November 2024

3 -

 

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.

Results and dividends

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.

Directors

The directors who served during the year were:

G Macfarlane 
M Macfarlane 

Matters covered in the Group strategic report

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.

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

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.
 





G Macfarlane
Director

Date: 29 November 2024

4 -

 

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 2006They 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.

5 -

 

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

Opinion


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 policiesThe 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 Group's and of the parent Company's affairs as at 29 February 2024 and of the Group's 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 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.


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 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.


6 -

 

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

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 within the annual reportOur 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.


Opinion 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 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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 directors' responsibilities statement set out on page 5, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


7 -

 

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

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 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. 

 

 
8 -

 

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.


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 2006Our 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.





Marc Levy FCA (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

29 November 2024
9 -

 

MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024
2023
Note
£
£

  

Turnover
 3 
11,979,633
12,094,213

Cost of sales
  
(1,959,766)
(2,307,516)

Gross profit
  
10,019,867
9,786,697

Administrative expenses
  
(5,732,815)
(4,594,092)

Operating profit
 4 
4,287,052
5,192,605

Interest receivable and similar income
 7 
535,573
185,573

Interest payable and similar expenses
 8 
(60,533)
(957)

Profit before taxation
  
4,762,092
5,377,221

Tax on profit
 9 
(1,189,114)
(989,637)

Profit for the financial year
  
3,572,978
4,387,584

Profit for the year attributable to:
  

Owners of the parent
  
3,572,978
4,387,584

  
3,572,978
4,387,584

The notes on pages 17 to 32 form part of these financial statements.

10 -

 

MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024
2023
Note
£
£


Profit for the financial year

  

3,572,978
4,387,584

Other comprehensive income
  


Foreign currency translation reserve movement
  
(55,179)
(20,162)

Other comprehensive income for the year
  
(55,179)
(20,162)

Total comprehensive income for the year
  
3,517,799
4,367,422

Profit for the year attributable to:
  


Owners of the parent Company
  
3,572,978
4,387,584

  
3,572,978
4,387,584

Total comprehensive income attributable to:
  


Owners of the parent Company
  
3,517,799
4,367,422

  
3,517,799
4,367,422

The notes on pages 17 to 32 form part of these financial statements.

11 -


 
REGISTERED NUMBER:07046179
MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE

CONSOLIDATED BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
109,454
113,435

Current assets
  

Debtors: amounts falling due within one year
 13 
6,087,247
3,708,980

Cash at bank and in hand
 14 
14,921,274
13,003,539

  
21,008,521
16,712,519

Creditors: amounts falling due within one year
 15 
(3,315,426)
(2,162,710)

Net current assets
  
 
 
17,693,095
 
 
14,549,809

Total assets less current liabilities
  
17,802,549
14,663,244

Net assets excluding pension asset
  
17,802,549
14,663,244


Capital and reserves
  

Called up share capital 
 16 
53
53

Capital redemption reserve
 17 
50
50

Foreign exchange reserve
 17 
(72,838)
(17,659)

Profit and loss account
 17 
17,875,284
14,680,800

  
17,802,549
14,663,244


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G Macfarlane
Director

Date: 29 November 2024

The notes on pages 17 to 32 form part of these financial statements.

12 -


 
REGISTERED NUMBER:07046179
MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE

COMPANY BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
87,221
88,199

Investments
 12 
86
86

  
87,307
88,285

Current assets
  

Debtors: amounts falling due within one year
 13 
6,085,537
3,683,141

Cash at bank and in hand
 14 
14,612,701
12,806,728

  
20,698,238
16,489,869

Creditors: amounts falling due within one year
 15 
(3,348,711)
(2,180,319)

Net current assets
  
 
 
17,349,527
 
 
14,309,550

Total assets less current liabilities
  
17,436,834
14,397,835

  

  

Net assets excluding pension asset
  
17,436,834
14,397,835

Net assets
  
17,436,834
14,397,835


Capital and reserves
  

Called up share capital 
 16 
53
53

Capital redemption reserve
 17 
50
50

Profit and loss account brought forward
  
14,397,732
13,926,306

Profit for the year
  
3,417,493
4,241,558

Other changes in the profit and loss account

  

(378,494)
(3,770,132)

Profit and loss account carried forward
  
17,436,731
14,397,732

  
17,436,834
14,397,835


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


G Macfarlane
Director

Date: 29 November 2024

The notes on pages 17 to 32 form part of these financial statements.

13 -

 

MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Capital redemption reserve
Foreign exchange reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 March 2022
53
50
2,503
14,063,348
14,065,954


Comprehensive income for the year

Profit for the year
-
-
-
4,387,584
4,387,584

Movement for the year
-
-
(20,162)
-
(20,162)
Total comprehensive income for the year
-
-
(20,162)
4,387,584
4,367,422


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(3,770,132)
(3,770,132)


Total transactions with owners
-
-
-
(3,770,132)
(3,770,132)



At 1 March 2023
53
50
(17,659)
14,680,800
14,663,244


Comprehensive income for the year

Profit for the year
-
-
-
3,572,978
3,572,978

Movement for the year
-
-
(55,179)
-
(55,179)
Total comprehensive income for the year
-
-
(55,179)
3,572,978
3,517,799


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(378,494)
(378,494)


Total transactions with owners
-
-
-
(378,494)
(378,494)


At 29 February 2024
53
50
(72,838)
17,875,284
17,802,549


The notes on pages 17 to 32 form part of these financial statements.

14 -

 

MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 March 2022
53
50
13,926,306
13,926,409


Comprehensive income for the year

Profit for the year
-
-
4,241,558
4,241,558
Total comprehensive income for the year
-
-
4,241,558
4,241,558


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(3,770,132)
(3,770,132)


Total transactions with owners
-
-
(3,770,132)
(3,770,132)



At 1 March 2023
53
50
14,397,732
14,397,835


Comprehensive income for the year

Profit for the year
-
-
3,417,493
3,417,493
Total comprehensive income for the year
-
-
3,417,493
3,417,493


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(378,494)
(378,494)


Total transactions with owners
-
-
(378,494)
(378,494)


At 29 February 2024
53
50
17,436,731
17,436,834


The notes on pages 17 to 32 form part of these financial statements.

15 -

 

MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024

29 February
28 February
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
3,572,978
4,387,584

Adjustments for:

Depreciation of tangible assets
41,552
39,434

Interest paid
60,533
957

Interest received
(535,573)
(185,573)

Taxation charge
1,189,114
989,637

(Increase)/decrease in debtors
(2,378,267)
2,852,227

Increase/(decrease) in creditors
1,425,395
(2,416,283)

Corporation tax (paid)
(1,473,360)
(1,006,082)

Net cash generated from operating activities

1,902,372
4,661,901


Cash flows from investing activities

Purchase of tangible fixed assets
(40,913)
(43,793)

Interest received
535,573
185,573

Net cash from investing activities

494,660
141,780

Cash flows from financing activities

Dividends paid
(378,494)
(3,770,132)

Interest paid
(60,533)
(957)

Net cash used in financing activities
(439,027)
(3,771,089)

Net increase in cash and cash equivalents
1,958,005
1,032,592

Cash and cash equivalents at beginning of year
13,003,537
11,974,663

Foreign exchange gains and losses
(40,268)
(3,716)

Cash and cash equivalents at the end of year
14,921,274
13,003,539


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
14,921,274
13,003,539

14,921,274
13,003,539


The notes on pages 17 to 32 form part of these financial statements.

16 -

 

MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Basis of consolidation

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.

  
2.3

Going Concern

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.

17 -

 

MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the consolidated profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

18 -

 

MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

Taxation

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.

19 -

 

MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Freehold property
-
5%
Long-term leasehold property
-
33%
Fixtures and fittings
-
33%
Office equipment
-
33%

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

20 -

 

MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

  
2.13

Financial instruments

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.

21 -

 

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.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.15

Share capital

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.

22 -

 

MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Media fees
7,475,495
7,124,613

Technology fees
840,225
882,719

SEO fees
3,518,201
3,485,203

Creative fees
97,034
290,085

Consulting fees
48,678
311,593

11,979,633
12,094,213


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
1,470,323
1,742,286

USA
9,067,690
9,513,384

Rest of the world
1,441,620
838,543

11,979,633
12,094,213



4.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
41,552
39,434

Exchange differences
249,938
(683,375)

Operating lease charges
160,727
159,667

Audit fees payable to the group's auditor
41,000
40,000

23 -

 

MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£


Wages and salaries
4,005,304
3,829,946
2,692,669
2,651,010

Social security costs
355,145
358,165
291,531
277,323

Cost of defined contribution scheme
107,354
121,534
95,284
107,578

4,467,803
4,309,645
3,079,484
3,035,911


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Staff
96
100
47
60



Directors
3
3
2
2

99
103
49
62


6.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
17,680
17,688



7.


Interest receivable

2024
2023
£
£


Bank interest receivable
535,573
185,573


8.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
60,533
957

24 -

 

MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,206,050
989,637

Adjustments in respect of previous periods
(16,936)
-


1,189,114
989,637


Total current tax
1,189,114
989,637

Deferred tax

Total deferred tax
-
-


Tax on profit
1,189,114
989,637
25 -

 

MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
4,762,092
5,377,221


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
1,190,523
1,021,672

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
6,771
16,375

Capital allowances for year in excess of depreciation
(1,856)
(81)

Higher rate taxes on overseas earnings
32,553
7,775

Adjustments to tax charge in respect of prior periods
(16,936)
-

Impact of a change in the UK tax rate
(23,133)
-

Other differences leading to an increase (decrease) in the tax charge
1,192
(75)

Research and development credit
-
(56,029)

Total tax charge for the year
1,189,114
989,637


Factors that may affect future tax charges

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.


10.


Dividends

29 February
28 February
2024
2023
£
£


Dividends paid
378,494
3,770,132

26 -

 

MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

11.


Tangible fixed assets

Group








Freehold property
Leasehold improvements
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost 


At 1 March 2023
54,617
7,339
74,100
148,582
284,638


Additions
-
-
20,092
20,821
40,913


Disposals
-
-
-
(72,935)
(72,935)



At 29 February 2024

54,617
7,339
94,192
96,468
252,616



Depreciation


At 1 March 2023
5,125
7,339
62,649
96,090
171,203


Charge for the year on owned assets
2,182
-
10,098
29,272
41,552


Disposals
-
-
-
(69,593)
(69,593)



At 29 February 2024

7,307
7,339
72,747
55,769
143,162



Net book value



At 29 February 2024
47,310
-
21,445
40,699
109,454



At 28 February 2023
49,492
-
11,451
52,492
113,435

27 -

 

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)


Company









Freehold property
Leasehold improvements
Fixtures and fittings
Office equipment
Total

£
£
£
£
£

Cost


At 1 March 2023
54,617
7,339
74,100
110,481
246,537


Additions
-
-
20,092
10,200
30,292


Disposals
-
-
-
(64,380)
(64,380)



At 29 February 2024

54,617
7,339
94,192
56,301
212,449



Depreciation


At 1 March 2023
5,125
7,339
62,649
83,225
158,338


Charge for the year on owned assets
2,182
-
10,098
17,400
29,680


Disposals
-
-
-
(62,790)
(62,790)



At 29 February 2024

7,307
7,339
72,747
37,835
125,228



Net book value



At 29 February 2024
47,310
-
21,445
18,466
87,221



At 28 February 2023
49,492
-
11,451
27,256
88,199






28 -

 

MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

12.


Fixed asset investments

Company








Investments in subsidiary companies

£



Cost


At 1 March 2023
86



At 29 February 2024
86





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

The Media Image US Inc (United States of America)
1209 Orange Street, Wilmington, County of New Castle, Delaware, 19801
Ordinary
100%
J S 2 Trading (Pty) Limited (South Africa)
21 Kroton Street SouthWelteverden ParkRoodepoort1709
Ordinary
100%


13.


Debtors

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£


Trade debtors
4,534,807
3,089,092
4,534,807
3,064,582

Other debtors
1,502,289
494,403
1,502,289
493,074

Prepayments and accrued income
50,151
125,485
48,441
125,485

6,087,247
3,708,980
6,085,537
3,683,141


29 -

 

MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

14.


Cash and cash equivalents

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
14,921,274
13,003,539
14,612,701
12,806,728

14,921,274
13,003,539
14,612,701
12,806,728



15.


Creditors: Amounts falling due within one year

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Trade creditors
873,014
675,280
978,311
735,545

Corporation tax
184,588
457,267
132,357
430,150

Other taxation and social security
718,814
193,451
720,601
183,124

Other creditors
98,454
56,594
92,847
57,898

Accruals and deferred income
1,440,556
780,118
1,424,595
773,602

3,315,426
2,162,710
3,348,711
2,180,319



16.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



50 (2023 - 50) Ordinary shares of £1.00 each
50
50
1 (2023 - 1) "A" Ordinary share of £1.00
1
1
1 (2023 - 1) "B" Ordinary share of £1.00
1
1
1 (2023 - 1) "C" Ordinary share of £1.00
1
1

53

53


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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

17.


Reserves

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve arising from the redemption or purchase of a company's own shares.

Foreign exchange reserve

The foreign exchange reserve represents the cumulative translation differences arising on the translation
of foreign subsidiaries operations.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


18.


Pension commitments

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.


19.


Commitments under operating leases

At 29 February 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
163,958
162,334
163,958
162,334

Later than 1 year and not later than 5 years
672,391
836,348
672,391
836,348

836,349
998,682
836,349
998,682

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MACFARLANE MEDIA LIMITED TRADING AS THE MEDIA IMAGE

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

20.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
During the year, the group paid dividends of £378,494 (2023: £3,770,132) to shareholders that are also directors of the company. At 29 February 2024, a total of £1,469,792 (2023: £384,970 owed to) was owed from a connected company under common control. Also during the year an amount of £160,727 (2023: £159,667) was paid to a connected company under common control for rental expenses in the year.
Included in cost of sales is an amount of £nil (2023: £4,773,481) paid to/on behalf of a connected company.
At 29 February 2024, a total of £366 was owed by a director (2023: £7,576). 
Total salaries paid to key management personnel (including directors) for the year was £1,018,149 (2023: £821,362).  

 
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