Company Registration No. 04742426 (England and Wales)
Marketing In Partnership Limited
Financial statements
for the year ended 30 April 2024
Pages for filing with the registrar
Marketing In Partnership Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 11
Marketing In Partnership Limited
Statement of financial position
As at 30 April 2024
1
2024
2023
Unaudited
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,099
2,961
Investments
5
3,914,829
3,099
3,917,790
Current assets
Stocks
15,701
59,089
Debtors
6
8,000,591
1,577,861
Cash at bank and in hand
653,729
2,399,780
8,670,021
4,036,730
Creditors: amounts falling due within one year
7
(1,647,793)
(1,620,402)
Net current assets
7,022,228
2,416,328
Total assets less current liabilities
7,025,327
6,334,118
Provisions for liabilities
8
(775)
(90,084)
Net assets
7,024,552
6,244,034
Capital and reserves
Called up share capital
10
2
2
Profit and loss reserves
7,024,550
6,244,032
Total equity
7,024,552
6,244,034
The notes on pages 9 to 17 form part of these financial statements.
The directors of the company have elected not to include a copy of the income statement 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 23 October 2024 and are signed on its behalf by:
Simon Foster
Director
Company Registration No. 04742426
Marketing In Partnership Limited
Notes to the financial statements
For the year ended 30 April 2024
2
1
Accounting policies
Company information
Marketing In Partnership Limited is a private company limited by shares incorporated in England and Wales. The registered office is New London House, 172 Drury Lane, London, WC2B 5QR. The company's principal activity is set out in the Directors' report.
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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company remains profitable and is expected to continue to operate profitably for the foreseeable future. After reviewing the resources and credit facilities available to the company, the directors are confident that the company has sufficient resources to continue its operations for the foreseeable future. Although not expected to be needed, additionally, the directors have received confirmation from the ultimate parent company, Arc Investco Limited, that financial support will be provided if the situation arises. Arc Investco Limited has confirmed both its ability and intention to offer financial assistance to the company for a period of at least 12 months plus one day from the signing of the financial statements. The directors of the company are common directors of the parent company and are confident support will be available if needed.true
Based on the company's business activities and the availability of financial support from its parent company, the directors have a reasonable expectation that the company will be able to continue its operations for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Event income is recognised at the date of the event and speaker income is recognised at the date at which the agreement is signed. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
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:
Fixtures, fittings & equipment
20% straight line
Computer equipment
20% 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.
Marketing In Partnership Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
3
1.5
Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.9
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 statement of financial position 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.
Marketing In Partnership Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
4
Basic financial assets
Basic financial assets, which include debtors, 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.
1.10
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.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Marketing In Partnership Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
5
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
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.
1.13
Retirement benefits
The pension costs charges in the financial statements represent the contribution payable by the company during the year.
1.14
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.
1.15
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.
Marketing In Partnership Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
6
2
Critical accounting 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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Reoverability of amounts owed by group undertakings
Provision for impairment of the carrying value of amounts owed by group undertakings is made based on management's estimate of the prospect of recovering the amounts due, which includes considering the solvency of the counterparty and its future outlook, based on budgets and forecasts prepared by management.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
22
20
Marketing In Partnership Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
7
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
177,517
Additions
1,734
At 30 April 2024
179,251
Depreciation and impairment
At 1 May 2023
174,556
Depreciation charged in the year
1,596
At 30 April 2024
176,152
Carrying amount
At 30 April 2024
3,099
At 30 April 2023
2,961
5
Fixed asset investments
2024
2023
£
£
Investments
-
3,914,829
Fixed asset investments revalued
The cost of investments at 30 April 2024 was £nil (2023: £3,812,051).
Marketing In Partnership Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
5
Fixed asset investments (continued)
8
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 May 2023
3,914,829
Disposals
(3,914,829)
At 30 April 2024
-
Carrying amount
At 30 April 2024
-
At 30 April 2023
3,914,829
The investment portfolio was disposed of during May 2023 for consideration totalling £3,907,994. As such, a loss on disposal has been recognised of £6,835.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
621,515
1,062,852
Amounts owed by group undertakings
6,522,870
Other debtors
856,206
515,009
8,000,591
1,577,861
Amounts owed by group undertakings are unsecured, interest free and there are no set terms of repayment.
Other debtors primarily consist of prepayments amounting to £671,602 (2023: £324,816). These prepayments represent costs incurred in advance for events, which will be expensed when the corresponding events take place.
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
182,368
484,895
Corporation tax
91,242
160,545
Other taxation and social security
187,074
352,591
Other creditors
1,187,109
622,371
1,647,793
1,620,402
Marketing In Partnership Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
7
Creditors: amounts falling due within one year (continued)
9
Other creditors primarily consist of deferred income amounting to £920,650 (2023: £562,279). This deferred income represents payments received for events which have not yet taken place, this income will be recognised when the corresponding events take place.
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9
775
90,084
775
90,084
9
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
775
740
Investments
-
90,246
Short term timing differences
-
(902)
775
90,084
2024
Movements in the year:
£
Liability at 1 May 2023
90,084
Credit to profit or loss
(89,309)
Liability at 30 April 2024
775
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances.
The deferred tax balance at 30 April 2024 has been calculated based on the tax rate of 25%, based on rates that have been substantively enacted by the balance sheet date.
Marketing In Partnership Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
10
10
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
Each ordinary share is entitled to one vote in any circumstances.
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.
The comparative figures are unaudited.
Senior Statutory Auditor:
Peter Smithson
Statutory Auditors:
BDO LLP
Date of audit report:
23 October 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:
2024
2023
£
£
38,063
99,586
Marketing In Partnership Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
11
13
Related party transactions
Remuneration of key management personnel
The remuneration of former directors and shareholders is as follows:
2024
2023
£
£
Aggregate compensation
650,000
The above amounts include total dividends of £nil each (2023: £300,000 each) paid to the company's two former shareholders who were also directors and resigned during the year.
The directors at the year end did not receive a salary in the year as they are employed and paid by ARC Media Holdings Limited. Remuneration of key management personnel in the prior year included directors' salaries of £50,000.
Marketing in Partnership Limited is a wholly-owned subsidiary of ARC Media Holdings Limited. The company has taken advantage of the exemption under paragraph 33.1A of the Financial Reporting Standard 102 not to disclose transactions with other wholly owned members of the group.
2024-04-302023-05-01false23 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedSimon LodgeDorothy WagstaffJonathon WhiteleyLeighton NewburyS FosterClaire Kraftfalsefalse047424262023-05-012024-04-30047424262024-04-30047424262023-04-3004742426core:OtherPropertyPlantEquipment2024-04-3004742426core:OtherPropertyPlantEquipment2023-04-3004742426core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3004742426core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3004742426core:ShareCapital2024-04-3004742426core:ShareCapital2023-04-3004742426core:RetainedEarningsAccumulatedLosses2024-04-3004742426core:RetainedEarningsAccumulatedLosses2023-04-3004742426bus:Director52023-05-012024-04-3004742426core:FurnitureFittings2023-05-012024-04-3004742426core:ComputerEquipment2023-05-012024-04-30047424262022-05-012023-04-3004742426core:OtherPropertyPlantEquipment2023-04-3004742426core:OtherPropertyPlantEquipment2023-05-012024-04-3004742426core:CurrentFinancialInstruments2024-04-3004742426core:CurrentFinancialInstruments2023-04-3004742426core:WithinOneYear2024-04-3004742426core:WithinOneYear2023-04-3004742426bus:PrivateLimitedCompanyLtd2023-05-012024-04-3004742426bus:SmallCompaniesRegimeForAccounts2023-05-012024-04-3004742426bus:FRS1022023-05-012024-04-3004742426bus:Audited2023-05-012024-04-3004742426bus:Director12023-05-012024-04-3004742426bus:Director22023-05-012024-04-3004742426bus:Director32023-05-012024-04-3004742426bus:Director42023-05-012024-04-3004742426bus:Director62023-05-012024-04-3004742426bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP