Company registration number 06661464 (England and Wales)
M.I. MEDIA SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
M.I. MEDIA SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
M.I. MEDIA SERVICES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
5
15,352
18,186
Tangible assets
6
36,949
44,471
52,301
62,657
Current assets
Debtors
7
3,229,923
3,561,416
Cash at bank and in hand
1,597,137
1,866,219
4,827,060
5,427,635
Creditors: amounts falling due within one year
8
(3,555,514)
(3,569,274)
Net current assets
1,271,546
1,858,361
Net assets
1,323,847
1,921,018
Capital and reserves
Called up share capital
10,893
10,893
Share premium account
91,730
91,730
Profit and loss reserves
1,221,224
1,818,395
Total equity
1,323,847
1,921,018

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered 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 24 December 2024 and are signed on its behalf by:
Mr C S Howse
Director
Company registration number 06661464 (England and Wales)
M.I. MEDIA SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

M.I. Media Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 95 Southwark Street, 4th Floor, Southwark Street, London, SE1 0HX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for at least 12 months from the date of approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. This assumption is based on the budgets for 2025 and the company’s long-term forecasts for the following years.

 

The company has made a loss after tax for the year of £483,032 (2022 Profit: £412,214), and as at the balance sheet date had net assets of £1,325,768 (2022: £1,921,018). The company had positive cash reserves at the date of approval of the financial statements, albeit current trading remains challenging. Which is being closely monitored by the directors. This will enable it to continue to settle its liabilities as they fall due for at least 12 months from the date of approval of these financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Turnover is recognised based on the provision of media agency services. Turnover is recognised in respect of media costs incurred on behalf of clients and agency commission charged thereon. Income is accrued or deferred such that income is recognised in the period to which it relates.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
over 7 years
M.I. MEDIA SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over life of lease
Computers
25% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

M.I. MEDIA SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

M.I. MEDIA SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
39
41
4
Dividends
2023
2022
£
£
Interim paid
114,139
155,335
5
Intangible fixed assets
Software
£
Cost
At 1 January 2023 and 31 December 2023
19,839
Amortisation and impairment
At 1 January 2023
1,653
Amortisation charged for the year
2,834
At 31 December 2023
4,487
Carrying amount
At 31 December 2023
15,352
At 31 December 2022
18,186
M.I. MEDIA SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Tangible fixed assets
Leasehold improvements
Computers
Total
£
£
£
Cost
At 1 January 2023
22,576
34,060
56,636
Additions
-
0
6,595
6,595
At 31 December 2023
22,576
40,655
63,231
Depreciation and impairment
At 1 January 2023
3,000
9,165
12,165
Depreciation charged in the year
4,531
9,586
14,117
At 31 December 2023
7,531
18,751
26,282
Carrying amount
At 31 December 2023
15,045
21,904
36,949
At 31 December 2022
19,576
24,895
44,471
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,703,959
1,841,244
Corporation tax recoverable
91,238
-
0
Other debtors
1,386,201
1,671,647
3,181,398
3,512,891
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
48,525
48,525
Total debtors
3,229,923
3,561,416
M.I. MEDIA SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,573,851
2,395,902
Corporation tax
-
0
106,628
Other taxation and social security
64,530
119,797
Other creditors
1,917,133
946,947
3,555,514
3,569,274
9
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
97,879
99,096

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Pension contributions totalling £16,857 (2022: £14,573) were payable to the fund at the reporting date and are included within creditors.

10
Share-based payment transactions
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023
770
920
15.77
15.77
Forfeited
(185)
(150)
15.77
15.77
Outstanding at 31 December 2023
585
770
15.77
15.77
Exercisable at 31 December 2023
-
0
-
0
-
0
-
0

At 31 December 2023 the company had issued 585 share options under an approved EMI scheme that remained outstanding at the year end. The share options are all in relation to A ordinary shares and are available for exercise at £15.77 per share. Under the scheme rules, the share options may only be exercised immediately prior to an Exit event, and are subject to continuing employment. The deemed cost of the share options has been estimated using the Black Scholes option pricing model and is not considered material to the financial statements and so no provision has been recognised in these financial statements. The share options under the approved EMI scheme lapse after 10 years in accordance with the scheme rules.

M.I. MEDIA SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Kalbinder Sanghera
Statutory Auditor:
Kirk Rice LLP
Date of audit report:
27 December 2024
12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
161,750
161,750
Between two and five years
74,135
242,625
In over five years
-
0
-
0
235,885
404,375
13
Events after the reporting date

In November 2023, two of the company's directors resigned from office. The directors were also minority shareholders in the company and, following the balance sheet date, discussions are ongoing regarding the re-purchase of the shares held by the former directors. As the value of those shares has not yet been agreed, the financial impact of the transaction cannot currently be estimated. However, the directors are of the opinion that final settlement values are not expected to be material.

2023-12-312023-01-01falsefalsefalse27 December 2024CCH SoftwareCCH Accounts Production 2024.310No description of principal activityMr A P BranderMs S DenningMr J A HewittMr C S HowseMr D T KyffinMr R G SlaterMs E HowseMr D SequeiraMr J  Charles066614642023-01-012023-12-31066614642023-12-31066614642022-12-3106661464core:IntangibleAssetsOtherThanGoodwill2023-12-3106661464core:IntangibleAssetsOtherThanGoodwill2022-12-3106661464core:LeaseholdImprovements2023-12-3106661464core:ComputerEquipment2023-12-3106661464core:LeaseholdImprovements2022-12-3106661464core:ComputerEquipment2022-12-3106661464core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3106661464core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3106661464core:CurrentFinancialInstruments2023-12-3106661464core:CurrentFinancialInstruments2022-12-3106661464core:ShareCapital2023-12-3106661464core:ShareCapital2022-12-3106661464core:SharePremium2023-12-3106661464core:SharePremium2022-12-3106661464core:RetainedEarningsAccumulatedLosses2023-12-3106661464core:RetainedEarningsAccumulatedLosses2022-12-3106661464bus:Director42023-01-012023-12-3106661464core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3106661464core:ComputerSoftware2023-01-012023-12-3106661464core:LeaseholdImprovements2023-01-012023-12-3106661464core:ComputerEquipment2023-01-012023-12-31066614642022-01-012022-12-3106661464core:IntangibleAssetsOtherThanGoodwill2022-12-3106661464core:LeaseholdImprovements2022-12-3106661464core:ComputerEquipment2022-12-31066614642022-12-3106661464core:WithinOneYear2023-12-3106661464core:WithinOneYear2022-12-3106661464core:AfterOneYear2023-12-3106661464core:AfterOneYear2022-12-31066614642021-12-3106661464core:BetweenTwoFiveYears2023-12-3106661464core:BetweenTwoFiveYears2022-12-3106661464core:MoreThanFiveYears2023-12-3106661464core:MoreThanFiveYears2022-12-3106661464bus:PrivateLimitedCompanyLtd2023-01-012023-12-3106661464bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3106661464bus:FRS1022023-01-012023-12-3106661464bus:Audited2023-01-012023-12-3106661464bus:Director12023-01-012023-12-3106661464bus:Director22023-01-012023-12-3106661464bus:Director32023-01-012023-12-3106661464bus:Director52023-01-012023-12-3106661464bus:Director62023-01-012023-12-3106661464bus:Director72023-01-012023-12-3106661464bus:Director82023-01-012023-12-3106661464bus:CompanySecretary12023-01-012023-12-3106661464bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP