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REGISTERED NUMBER: 06971462 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

EXPANDI LIMITED

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

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










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


EXPANDI LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: R Apostoliti
F O Leenhardt
O Celli
G Fittante
S Herfurth
L K Botha





SECRETARY: G Fittante





REGISTERED OFFICE: 38 Craven Street
London
WC2N 5NG





REGISTERED NUMBER: 06971462 (England and Wales)





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

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The principal activity of Expandi and the companies belonging the Group is the provision of marketing services, specifically in the area of demand generation (digital, social, outbound marketing) on behalf of Technology companies and/or their distribution partners ("co-marketing") targeting business customers (B2B).

PRINCIPAL RISKS AND UNCERTAINTIES
The Group is exposed to a moderate level of price risk, credit risk, liquidity risk, exchange rate risk and cash flow risk. The Group manages these risks by financing its operations mainly through retained profits, to fund expansion or capital expenditure programmes.

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

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

STRATEGY
In accordance with the strategy to maintain the Group's leadership in demand generation services for B2B markets and rationalise Group structure, the management is increasing focus European on business. The board will continue to pursue plans for organic growth and other development opportunities, including:

- development of new and innovative in-house systems to optimise any type of customer interactions for our Clients;
- development of an innovative offer in digital marketing service;
- development of proprietary business end user data to gather strong business analytics and increase efficiency
and effectiveness of our campaigns.

In July 2023 Expandi purchased 51% of Session Media Ltd, a UK based B2B agency focused on search engine marketing. In 2024 the Group launched a new project aiming to develop a unique online platform. Through this platform Expandi intends to maximise the return from the overwhelming company database built in several years of successful experience as B2B marketing service provider.
The directors of the company are of the opinion that analysis using Key Performance Indicators is not necessary for an understanding of the performance and position of the Group.

FUTURE DEVELOPMENTS
The leadership in the B2B demand generation services in EMEA jointly with the investments in data, technology and new services are expected to facilitate further diversification of our client base within the IT industry.

ON BEHALF OF THE BOARD:





G Fittante - Director


31 October 2024

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


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

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £1,760,633.

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

R Apostoliti
F O Leenhardt
O Celli
G Fittante
S Herfurth
L K Botha

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


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

ON BEHALF OF THE BOARD:



G Fittante - Director


31 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EXPANDI LIMITED


Opinion
We have audited the financial statements of Expandi Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 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 Auditors' 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
We are responsible for concluding on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained with the annual report.

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

Our responsibility is to read the other information and, in doing so, whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.

We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EXPANDI LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:

-the information given in the strategic report and the directors' report for the financial year for
which the financial statements are prepared is consistent with the financial statements; and
-the strategic report and 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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept 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 Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EXPANDI LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

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

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

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


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EXPANDI LIMITED

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

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

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

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

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




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

31 October 2024

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3 12,783,440 14,852,097

Cost of sales (9,391,926 ) (10,595,367 )
GROSS PROFIT 3,391,514 4,256,730

Administrative expenses (3,016,968 ) (2,354,464 )
374,546 1,902,266

Other operating income 30,585 133,199
OPERATING PROFIT 5 405,131 2,035,465

Profit/loss on sale of invest 6 - (247 )
405,131 2,035,218

Interest receivable and similar income 14,431 -
419,562 2,035,218
Amounts written off investments 7 (10,906 ) (14,345 )
408,656 2,020,873

Interest payable and similar expenses 8 (19,416 ) (22,098 )
PROFIT BEFORE TAXATION 389,240 1,998,775

Tax on profit 9 (281,257 ) (336,208 )
PROFIT FOR THE FINANCIAL YEAR 107,983 1,662,567
Profit attributable to:
Owners of the parent 83,828 1,601,222
Non-controlling interests 24,155 61,345
107,983 1,662,567

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 107,983 1,662,567


OTHER COMPREHENSIVE INCOME
Foreign Exchange Translation (620,548 ) 346,597
Gain on Acquistion of Minority interest 81,632 -
Income tax relating to components of other
comprehensive income

-

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

(538,916

)

346,597
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(430,933

)

2,009,164

Total comprehensive income attributable to:
Owners of the parent (428,090 ) 2,368,424
Non-controlling interests (2,843 ) (359,260 )
(430,933 ) 2,009,164

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 12 3,385,356 2,137,954
Tangible assets 13 182,376 213,764
Investments 14 - -
3,567,732 2,351,718

CURRENT ASSETS
Debtors 15 4,328,936 4,630,423
Prepayments and accrued income - 30,498
Cash at bank and in hand 5,451,963 8,389,762
9,780,899 13,050,683
CREDITORS
Amounts falling due within one year 16 (4,219,936 ) (4,145,452 )
NET CURRENT ASSETS 5,560,963 8,905,231
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,128,695

11,256,949

CREDITORS
Amounts falling due after more than one
year

17

(1,044,964

)

(954,654

)
NET ASSETS 8,083,731 10,302,295

CAPITAL AND RESERVES
Called up share capital 19 11,031 11,031
Share premium 20 79 79
Capital redemption reserve 20 112 112
Other reserves 20 760,063 760,063
Retained earnings 20 6,773,041 8,988,762
SHAREHOLDERS' FUNDS 7,544,326 9,760,047

NON-CONTROLLING INTERESTS 21 539,405 542,248
TOTAL EQUITY 8,083,731 10,302,295

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





G Fittante - Director


EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

COMPANY BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 12 2,027,564 1,289,532
Tangible assets 13 9,491 17,171
Investments 14 8,203,891 6,844,275
10,240,946 8,150,978

CURRENT ASSETS
Debtors 15 4,596,234 4,800,174
Cash at bank and in hand 1,135,554 1,052,514
5,731,788 5,852,688
CREDITORS
Amounts falling due within one year 16 (3,560,497 ) (4,374,186 )
NET CURRENT ASSETS 2,171,291 1,478,502
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,412,237

9,629,480

CREDITORS
Amounts falling due after more than one
year

17

(380,567

)

-
NET ASSETS 12,031,670 9,629,480

CAPITAL AND RESERVES
Called up share capital 19 11,031 11,031
Capital redemption reserve 79 79
Other reserves 3,782,562 3,782,562
Retained earnings 8,237,998 5,835,808
SHAREHOLDERS' FUNDS 12,031,670 9,629,480

Company's profit for the financial year 4,165,067 3,201,031

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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





G Fittante - Director


EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

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

Called up Capital
share Retained Share redemption
capital earnings premium reserve
£    £    £    £   
Balance at 1 January 2022 11,031 7,446,239 79 112

Changes in equity
Dividends - (405,296 ) - -
Total comprehensive income - 1,947,819 - -
Balance at 31 December 2022 11,031 8,988,762 79 112

Changes in equity
Dividends - (1,760,633 ) - -
Total comprehensive income - (455,088 ) - -
Balance at 31 December 2023 11,031 6,773,041 79 112
Other Non-controlling Total
reserves Total interests equity
£    £    £    £   
Balance at 1 January 2022 760,063 8,217,524 901,508 9,119,032

Changes in equity
Dividends - (405,296 ) - (405,296 )
Total comprehensive income - 1,947,819 (359,260 ) 1,588,559
Balance at 31 December 2022 760,063 9,760,047 542,248 10,302,295

Changes in equity
Dividends - (1,760,633 ) - (1,760,633 )
Total comprehensive income - (455,088 ) (2,843 ) (457,931 )
Balance at 31 December 2023 760,063 7,544,326 539,405 8,083,731

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

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

Called up Capital
share Retained redemption Other Total
capital earnings reserve reserves equity
£    £    £    £    £   
Balance at 1 January 2022 11,031 3,030,283 79 3,782,562 6,823,955

Changes in equity
Dividends - (405,296 ) - - (405,296 )
Total comprehensive income - 3,210,821 - - 3,210,821
Balance at 31 December 2022 11,031 5,835,808 79 3,782,562 9,629,480

Changes in equity
Dividends - (1,760,633 ) - - (1,760,633 )
Total comprehensive income - 4,162,823 - - 4,162,823
Balance at 31 December 2023 11,031 8,237,998 79 3,782,562 12,031,670

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,706,270 1,736,588
Interest paid (19,416 ) (22,098 )
Tax paid (382,120 ) (127,619 )
Net cash from operating activities 1,304,734 1,586,871

Cash flows from investing activities
Purchase of intangible fixed assets (2,172,703 ) (2,033,789 )
Purchase of tangible fixed assets (14,237 ) (44,395 )
Sale of tangible fixed assets 373 257
Interest received 14,431 -
Net cash from investing activities (2,172,136 ) (2,077,927 )

Cash flows from financing activities
New loans in year 652,400 -
Loan repayments in year (341,583 ) (92,018 )
Equity dividends paid (1,760,633 ) (405,296 )
Net cash from financing activities (1,449,816 ) (497,314 )

Decrease in cash and cash equivalents (2,317,218 ) (988,370 )
Cash and cash equivalents at beginning of
year

2

8,389,762

9,378,132
Effect of foreign exchange rate changes (620,581 ) -
Cash and cash equivalents at end of year 2 5,451,963 8,389,762

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2023 2022
£    £   
Profit before taxation 389,240 1,998,775
Depreciation charges 967,972 647,987
Movement in Minority Interest 58,193 (420,605 )
Other Non Cash Movement - 339,388
- 315,363
Finance costs 19,416 22,098
Finance income (14,431 ) -
1,420,390 2,903,006
Decrease/(increase) in trade and other debtors 454,054 (296,817 )
Decrease in trade and other creditors (168,174 ) (869,601 )
Cash generated from operations 1,706,270 1,736,588

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 5,451,963 8,389,762
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 8,389,762 9,378,132


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 8,389,762 (2,937,799 ) 5,451,963
8,389,762 (2,937,799 ) 5,451,963
Debt
Debts falling due after 1 year (954,654 ) (90,310 ) (1,044,964 )
(954,654 ) (90,310 ) (1,044,964 )
Total 7,435,108 (3,028,109 ) 4,406,999

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

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


1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

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

Computer software is being amortised evenly over its estimated useful life of nil years.

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

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

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


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

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

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 3,438,341 3,580,806
Europe 9,345,099 11,246,394
Rest of the World - 24,897
12,783,440 14,852,097

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 4,262,410 4,410,505
Social security costs 788,016 781,182
Other pension costs 19,215 30,788
5,069,641 5,222,475

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

Sales and Production 142 148
Administrative 5 5
147 153

The directors remuneration including pension contributions were £592,303 (2022: £498,401)
The emoluments of the highest paid directors were £168,813.

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 393,121 438,671
Depreciation - owned assets 43,367 76,128
Goodwill amortisation 201,214 109,421
Computer software amortisation 723,253 460,216
Auditors' remuneration 35,082 31,483
Foreign exchange differences 109,290 (210,058 )

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

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


6. EXCEPTIONAL ITEMS
2023 2022
£    £   
Profit/loss on sale of invest - (247 )

7. AMOUNTS WRITTEN OFF INVESTMENTS
2023 2022
£    £   
Amounts w/o invs 10,906 14,345

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 19,416 20,548
Other loan interest payable - 1,550
19,416 22,098

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 43,404 27,397
Foreign tax 237,853 308,811

Tax on profit 281,257 336,208

UK corporation tax has been charged at 23.52 % (2022 - 19 %).

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Foreign Exchange Translation (620,548 ) - (620,548 )
Gain on Acquistion of Minority interest 81,632 - 81,632
(538,916 ) - (538,916 )

2022
Gross Tax Net
£    £    £   
Foreign currency differences 346,597 - 346,597

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

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


10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


11. DIVIDENDS
2023 2022
£    £   
Ordinary shares of 1 each
Final 1,760,633 405,296

12. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£    £    £   
COST
At 1 January 2023 1,216,690 2,877,680 4,094,370
Additions 917,923 1,254,780 2,172,703
Exchange differences - (3,156 ) (3,156 )
At 31 December 2023 2,134,613 4,129,304 6,263,917
AMORTISATION
At 1 January 2023 262,421 1,693,995 1,956,416
Amortisation for year 201,214 723,253 924,467
Exchange differences - (2,322 ) (2,322 )
At 31 December 2023 463,635 2,414,926 2,878,561
NET BOOK VALUE
At 31 December 2023 1,670,978 1,714,378 3,385,356
At 31 December 2022 954,269 1,183,685 2,137,954

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

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


12. INTANGIBLE FIXED ASSETS - continued

Company
Computer
software
£   
COST
At 1 January 2023 1,517,461
Additions 1,280,770
Exchange differences (553 )
At 31 December 2023 2,797,678
AMORTISATION
At 1 January 2023 227,929
Amortisation for year 542,371
Exchange differences (186 )
At 31 December 2023 770,114
NET BOOK VALUE
At 31 December 2023 2,027,564
At 31 December 2022 1,289,532

13. TANGIBLE FIXED ASSETS

Group
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 904,170 8,291 912,461
Additions 14,237 - 14,237
Disposals (1,307 ) - (1,307 )
Exchange differences (28,563 ) - (28,563 )
At 31 December 2023 888,537 8,291 896,828
DEPRECIATION
At 1 January 2023 690,406 8,291 698,697
Charge for year 43,367 - 43,367
Eliminated on disposal (934 ) - (934 )
Exchange differences (26,678 ) - (26,678 )
At 31 December 2023 706,161 8,291 714,452
NET BOOK VALUE
At 31 December 2023 182,376 - 182,376
At 31 December 2022 213,764 - 213,764

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

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


13. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
and
fittings
£   
COST
At 1 January 2023 51,106
Exchange differences (1,142 )
At 31 December 2023 49,964
DEPRECIATION
At 1 January 2023 33,935
Charge for year 8,536
Exchange differences (1,998 )
At 31 December 2023 40,473
NET BOOK VALUE
At 31 December 2023 9,491
At 31 December 2022 17,171

14. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023 6,844,275
Additions 1,359,718
Exchange differences (102 )
At 31 December 2023 8,203,891
NET BOOK VALUE
At 31 December 2023 8,203,891
At 31 December 2022 6,844,275


EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

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


14. FIXED ASSET INVESTMENTS - continued



Company

Country of registration

Shares
% of
holding

Expandi Digital Limited (1) 38 Craven Street, London, WC2N 5NG, UK Ordinary 50
B2BStars International Limited (1) 38 Craven Street, London, WC2N 5NG, UK Ordinary 100
Accountinsight Limited 38 Craven Street, London, WC2N5NG,UK Ordinary 88
Session Media Limited 32 High Street Guildford GU1 3EL Ordinary 51

B2B Stars Limited (1) 38 Craven Street, London, WC2N 5NG, UK Ordinary 100
Expandi Agency Ltd (Parent for
the following companies)

38 Craven Street, London, WC2N 5NG, UK

Ordinary

100
Expandi Agency Srl Locatelli, 5 - 20124 Milan, Italy Ordinary 100
NetPartering GmbH Fockygasse 29-3 1120 Wien, Austria Ordinary 100

Expandi Agency France Sarl
85 Avenue Pierre Grenier - 92100 Boulogne
Billancourt, France

Ordinary

100

NetPartnering GmbH
Leopoldstr. 8-10 & 12 - 80802 München,
Germany

Ordinary

100

Expandi Match SL
AVDA. MANOTERAS, 24 BJ - 28050
MADRID, Spain

Ordinary

100
3

On Channel GmbH
Leopoldstr. 8-10 & 12 - 80802 München,
Germany

Ordinary

100

Expandi Network SL
AVDA. MANOTERAS, 24 BJ - 28050
MADRID, Spain

Ordinary

100

(1) These undertakings were dormant during the last relevant financial year.
(2) These undertakings were discontinued during the reporting financial year.

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 2,471,512 2,129,771 292,403 559,166
Provision for bad and doubtful
debts (16,915 ) (15,285 ) - (5,082 )
Amounts owed by group undertakings - - 3,980,268 3,369,451
Other debtors 636,453 939,692 91,943 722,676
Tax 187,978 64,964 69,057 -
VAT - - 103,936 46,175
Deferred tax asset 40,812 41,757 - -
Prepayments and accrued income 1,009,096 1,469,524 58,627 107,788
4,328,936 4,630,423 4,596,234 4,800,174

Deferred tax asset
Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 40,812 41,757 - -

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

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


16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade creditors 865,686 1,048,839 173,357 167,714
Amounts owed to group undertakings - - 1,959,747 2,778,525
Tax 210,529 188,378 2,008 42,268
Social security and other taxes 261,520 345,715 78,695 67,643
VAT 41,294 117,542 - -
Other creditors 961,475 911,089 527,818 503,720
Loans due in < 1 yr 222,083 1,576 217,467 5,954
Accruals and deferred income 1,657,349 1,532,313 601,405 808,362
4,219,936 4,145,452 3,560,497 4,374,186

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Other loans (see note 18) 1,044,964 954,654 380,567 -

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due between two and five years:
Other loans - 2-5 years 1,044,964 - 380,567 -
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Other loans more 5yrs non-inst - 954,654 - -

The company has three loans outstanding. The first loan is with Société Générale, bearing an interest rate of 0.58% per annum and maturing in July 2026. Monthly instalments for this loan are variable, currently averaging €16,800, and the loan is secured by a state guarantee provided during the COVID-19 period. The second loan is with Banca Intesa, with an interest rate of 1.75% per annum, maturing in January 2026. The monthly instalment for this loan is €9,721, and it is also secured by a state guarantee, being a post-COVID loan with favorable terms. The third loan is a £652,400 term loan with HSBC UK Bank plc, carrying an interest rate of 2.35% above the Bank of England Base Rate, repayable over 36 months with monthly instalments of £20,255.69. This loan is secured by a debenture over all assets of the company and guarantees from group companies.

EXPANDI LIMITED (REGISTERED NUMBER: 06971462)

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


19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
11,031 Ordinary 1 11,031 11,031

20. RESERVES

Group
Capital
Retained Share redemption Other
earnings premium reserve reserves Totals
£    £    £    £    £   

At 1 January 2023 8,988,762 79 112 760,063 9,749,016
Profit for the year 83,828 83,828
Dividends (1,760,633 ) (1,760,633 )
Foreign currency differences (620,550 ) - - - (620,550 )
Transfer from minorities 81,634 - - - 81,634
At 31 December 2023 6,773,041 79 112 760,063 7,533,295


21. NON-CONTROLLING INTERESTS

At the balance sheet date, Minority interests' share of net assets and liabilities in subsidiary undertakings were £539,405 (2022 - £542,248).