Company registration number 06894129 (England and Wales)
WESSON MARKETING LIMITED (CONSOLIDATED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
WESSON MARKETING LIMITED (CONSOLIDATED)
COMPANY INFORMATION
Director
J C Wesson
Secretary
Kurator Secretaries Limited
Company number
06894129
Registered office
Suite 478 - 480 Exchange House
450 Midsummer Boulevard
Central Milton Keynes
Bucks
MK9 2EA
Auditor
Mercer & Hole LLP
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1BP
WESSON MARKETING LIMITED (CONSOLIDATED)
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 32
WESSON MARKETING LIMITED (CONSOLIDATED)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The director presents the strategic report for the year ended 31 March 2024.

Review of the business

The group's principal trading business, Little Star Media Limited, continued its role as an online marketing agency specialising in the UK online gaming market. Despite a challenging year, the company remains a recognised force in the sector. The wider Little Star Media Group, including its U.S. subsidiary, leverages brand consistency and cross-platform scale to maximise reach.

The trade and assets of Stunning Beauty were disposed of during the year and that business has been treated as discontinued in these financial statements.

Although the group reported a loss before tax, this year was characterised by significant investment in infrastructure, personnel, and strategic marketing campaigns, setting a foundation for future recovery and growth. Our U.S. presence continues to grow, and efforts are being made to diversify operator partnerships and strengthen brand visibility across key digital channels.

Results and performance

The results of the group for the year, as set out on page 11, show a profit before tax of £371,345 (2023: profit of £2,989,492). Total shareholders' funds amounted to £3,112,474 (2023: £4,122,633).

Business environment and strategy

The regulatory landscape within the online gaming industry remained stringent, alongside an increasingly competitive and technologically evolving market. In response, the company invested in internal systems and team growth, with particular attention to campaign monitoring, regulatory compliance, and market segmentation. The strategy moving forward is focused on stabilising earnings through optimised partnerships, enhancing player value, and expanding the brand’s footprint both in the UK and U.S. markets.

Key performance indicators("KPIs")

The directors monitor the progress of the group by reference to the following KPIs:

Financial KPI

Units

2024

2023

Turnover (£m)

16.7

18.0

Profit before tax (£m)

0.3

2.9

 

 

 

Principal risks and uncertainties

The company continues to operate under a formal risk management framework addressing strategic, operational, and financial risks. Compliance risks remain significant due to evolving regulations, especially around advertising and responsible gaming policies. The directors and compliance teams actively monitor developments to ensure proactive adjustments are made. Market risks, primarily relating to competition and digital platform policies, are mitigated through diversification of traffic sources and consistent brand testing.

Liquidity risk has been minimised through close monitoring of working capital and maintaining substantial cash reserves. Exposure to foreign currency risk through the U.S. subsidiary remains controlled via foreign currency accounts.

WESSON MARKETING LIMITED (CONSOLIDATED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

Future developments

Little Star Media's (LSM) financial results for 2023/24 fell short of projections, primarily due to significant changes in contractual terms with our largest client, which adversely affected profitability and cash flow in Q4.

In the first half of 2024/25, the LSM Board engaged in strategic discussions with Good Engine Ltd, aiming to combine expertise, networks, resources, technology, and talent. These conversations culminated in the acquisition of the LSM Group by Good Engine Ltd in October 2024.

Wesson Marketing retains a minority interest in LSM via its shareholding in Good Engine Ltd.

The focus for the 2024/2025 financial year will be consolidation and recovery. Key strategic goals include:

The directors remain confident in the group’s long-term growth trajectory and ability to regain profitability in future years.

On behalf of the board

J C Wesson
Director
31 March 2025
WESSON MARKETING LIMITED (CONSOLIDATED)
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 March 2024.

Principal activities

The Wesson Marketing Group as referred to in this report, comprises of Wesson Marketing Limited and its wholly owned subsidiary undertakings.

The Wesson Marketing Group undertakes a number of activities, the primary activity being undertaken by its subsidiary Little Star Media Limited and its wholly owned subsidiary Little Star Media USA Limited, referred to in this report as the Little Star Media Group.

The Little Star Media Group undertakes the overwhelming majority of the activities of the Wesson Marketing Group. The director of Wesson Marketing Limited is of the view that the other Companies within the Wesson Marketing Group have an insignificant impact when considering the annual review of the activities undertaken by the Group as a whole.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £1,257,859. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

J C Wesson
A K Placko
(Resigned 21 August 2024)
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
J C Wesson
Director
31 March 2025
WESSON MARKETING LIMITED (CONSOLIDATED)
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

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

WESSON MARKETING LIMITED (CONSOLIDATED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WESSON MARKETING LIMITED (CONSOLIDATED)
- 5 -
Opinion

We have audited the financial statements of Wesson Marketing Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 and parent company 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

In auditing the financial statements, we have concluded that the director's 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 and 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 director 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 director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

WESSON MARKETING LIMITED (CONSOLIDATED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WESSON MARKETING LIMITED (CONSOLIDATED)
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation.

 

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

 

Audit procedures performed by the engagement team included:

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.

WESSON MARKETING LIMITED (CONSOLIDATED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WESSON MARKETING LIMITED (CONSOLIDATED)
- 7 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

James Wooldridge MSci FCA (Senior Statutory Auditor)
For and on behalf of Mercer & Hole LLP, Statutory Auditor
Chartered Accountants
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1BP
31 March 2025
WESSON MARKETING LIMITED (CONSOLIDATED)
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
Continuing
Discontinued
31 March
Continuing
Discontinued
31 March
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
Turnover
3
16,738,859
9,853
16,748,712
17,908,616
72,675
17,981,291
Cost of sales
(10,887,374)
(12,460)
(10,899,834)
(8,854,632)
(9,745)
(8,864,377)
Gross profit
5,851,485
(2,607)
5,848,878
9,053,984
62,930
9,116,914
Administrative expenses
(5,321,258)
(96,372)
(5,417,630)
(5,887,661)
(259,280)
(6,146,941)
Other operating income
-
395
395
-
100
100
Exceptional item
100,877
(100,877)
-
-
-
-
Exceptional items
(496,199)
496,199
-
-
-
-
Operating profit
4
134,905
296,738
431,643
3,166,323
(196,250)
2,970,073
Interest receivable and similar income
7
40,814
2
40,816
19,413
6
19,419
Interest payable and similar expenses
8
(237)
-
(237)
-
-
-
Profit/(loss) on disposal of operations
- Sale of trade and assets of Stunning Beauty Co Ltd
-
(100,877)
(100,877)
-
-
-
Profit before taxation
175,482
195,863
371,345
3,185,736
(196,244)
2,989,492
Tax on profit
9
(141,024)
17,379
(123,645)
(306,601)
(11,672)
(318,273)
Profit for the financial year
34,458
213,242
247,700
2,879,135
(207,916)
2,671,219
Profit for the financial year is all attributable to the owners of the parent company.
WESSON MARKETING LIMITED (CONSOLIDATED)
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
£
£
Profit for the year
247,700
2,671,219
Other comprehensive income
-
-
Total comprehensive income for the year
247,700
2,671,219
Total comprehensive income for the year is all attributable to the owners of the parent company.
WESSON MARKETING LIMITED (CONSOLIDATED)
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
334,248
143,928
Investments
15
6,948
6,948
341,196
150,876
Current assets
Stocks
17
-
11,000
Debtors
18
2,326,699
3,353,551
Cash at bank and in hand
2,256,723
4,010,690
4,583,422
7,375,241
Creditors: amounts falling due within one year
19
(1,760,559)
(3,380,038)
Net current assets
2,822,863
3,995,203
Total assets less current liabilities
3,164,059
4,146,079
Provisions for liabilities
Provisions
20
22,419
-
0
Deferred tax liability
21
29,166
23,446
(51,585)
(23,446)
Net assets
3,112,474
4,122,633
Capital and reserves
Called up share capital
24
200
200
Share premium account
587,529
587,529
Profit and loss reserves
2,524,745
3,534,904
Total equity
3,112,474
4,122,633

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 31 March 2025 and are signed on its behalf by:
31 March 2025
J C Wesson
Director
Company registration number 06894129 (England and Wales)
WESSON MARKETING LIMITED (CONSOLIDATED)
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
15
1,737,031
1,737,131
Current assets
Debtors
18
40,000
-
0
Cash at bank and in hand
18,990
42,397
58,990
42,397
Creditors: amounts falling due within one year
19
(106,439)
(15,150)
Net current (liabilities)/assets
(47,449)
27,247
Net assets
1,689,582
1,764,378
Capital and reserves
Called up share capital
24
200
200
Share premium account
587,529
587,529
Profit and loss reserves
1,101,853
1,176,649
Total equity
1,689,582
1,764,378

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,183,063 (2023 - £1,650,988 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 31 March 2025 and are signed on its behalf by:
31 March 2025
J C Wesson
Director
Company registration number 06894129 (England and Wales)
WESSON MARKETING LIMITED (CONSOLIDATED)
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
200
587,529
2,500,685
3,088,414
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
2,671,219
2,671,219
Dividends
11
-
-
(1,637,000)
(1,637,000)
Balance at 31 March 2023
200
587,529
3,534,904
4,122,633
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
247,700
247,700
Dividends
11
-
-
(1,257,859)
(1,257,859)
Balance at 31 March 2024
200
587,529
2,524,745
3,112,474
WESSON MARKETING LIMITED (CONSOLIDATED)
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
200
587,529
1,162,661
1,750,390
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
1,650,988
1,650,988
Dividends
11
-
-
(1,637,000)
(1,637,000)
Balance at 31 March 2023
200
587,529
1,176,649
1,764,378
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
1,183,063
1,183,063
Dividends
11
-
-
(1,257,859)
(1,257,859)
Balance at 31 March 2024
200
587,529
1,101,853
1,689,582
WESSON MARKETING LIMITED (CONSOLIDATED)
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
66,921
2,951,163
Interest paid
(237)
-
0
Income taxes paid
(219,031)
(349,149)
Net cash (outflow)/inflow from operating activities
(152,347)
2,602,014
Investing activities
Purchase of tangible fixed assets
(344,577)
(141,972)
Loans to directors
(40,000)
-
Interest received
40,816
19,419
Net cash used in investing activities
(343,761)
(122,553)
Financing activities
Dividends paid to equity shareholders
(1,257,859)
(1,637,000)
Net cash used in financing activities
(1,257,859)
(1,637,000)
Net (decrease)/increase in cash and cash equivalents
(1,753,967)
842,461
Cash and cash equivalents at beginning of year
4,010,690
3,168,229
Cash and cash equivalents at end of year
2,256,723
4,010,690
WESSON MARKETING LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

Wesson Marketing Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Wesson Marketing Limited and all of its subsidiaries.

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.

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.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

WESSON MARKETING LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Wesson Marketing Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

As disclosed in note 26 the company has disposed of its majority holding in Little Star Media Limited since the year end (and its subsidiary Little Star Media USA Limited). These companies accounted for the majority of the group's activities in the year to 31 March 2024.

 

Following the transaction the company still retains a minority interest in Little Star Media Limited via its shareholding in Good Engine Limited which now controls Little Star Media Limited. The director of Wesson Marketing Limited continues to have an active involvement in the activities of Little Star Media Ltd and the expectation is that Wesson Marketing Limited will be able to continue to trade for the foreseeable future as a result of income from Little Star Media Ltd.

 

As a result, these financial statements are prepared on a going concern basis.

WESSON MARKETING LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.5
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 consists of commission income.

 

Commission income consists of revenue generated in the form of commission on players directed to betting operators from the company's website. The commission takes the form of:

 

Revenue share

 

For a revenue share deal, the company received a share of the revenue that the betting operator has generated as a result of a player playing on their betting site. Revenue is recognised in the month that it is earned by the respective betting operator.

 

Cost per acquisition (CPA)

 

For CPA deals, the betting operator pays a one-time fee to the company for each player who deposits money on the betting operators site. CPA contracts consists of a pre-agreed rate with the betting operator. Revenue from such contracts is recognised in the month in which deposits are made.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
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
10% on cost
Plant and equipment
25% to 33% on cost
Fixtures and fittings
25% on cost
Computers
25% to 33% on cost

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 recognised in the profit and loss account.

WESSON MARKETING LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

WESSON MARKETING LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.11
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.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

WESSON MARKETING LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
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 profit and loss account 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is 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.

WESSON MARKETING LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
1.15
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.16
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.

1.17
Retirement benefits

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

1.18
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

 

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

1.19
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 leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.

WESSON MARKETING LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rendering of services
16,748,712
17,981,291
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
11,071,123
14,563,906
United States of America
5,677,589
3,417,385
16,748,712
17,981,291
2024
2023
£
£
Other revenue
Interest income
40,816
19,419
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
109,770
(76,657)
Fees payable to the group's auditor for the audit of the group's financial statements
5,300
7,500
Depreciation of owned tangible fixed assets
44,746
41,583
Impairment of owned tangible fixed assets
8,635
-
Operating lease charges
183,898
127,575
WESSON MARKETING LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Marketing
22
12
-
-
Compliance
5
3
1
1
Directors
5
3
1
1
Creatives
15
11
-
-
Development and analytics
17
16
-
-
Commercial
8
12
-
-
Other - not related to primary activity
-
6
-
-
Total
72
63
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,525,163
4,193,355
203,670
243,090
Social security costs
378,345
487,844
25,595
-
Pension costs
159,009
135,934
1,867
5,564
4,062,517
4,817,133
231,132
248,654
6
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
181,325
209,938
Company pension contributions to defined contribution schemes
1,321
5,564
182,646
215,502
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
181,325
209,938
Company pension contributions to defined contribution schemes
1,321
5,864
WESSON MARKETING LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
28,222
14,385
Interest receivable from group companies
-
0
3,845
Other interest income
12,594
1,189
Total income
40,816
19,419
8
Interest payable and similar expenses
2024
2023
£
£
Other interest
237
-
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
117,925
412,416
Adjustments in respect of prior periods
-
0
(109,915)
Total current tax
117,925
302,501
Deferred tax
Origination and reversal of timing differences
5,720
15,772
Total tax charge
123,645
318,273
WESSON MARKETING LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Taxation
(Continued)
- 25 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
371,345
2,989,492
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
92,836
568,003
Tax effect of expenses that are not deductible in determining taxable profit
5,013
133
Tax effect of income not taxable in determining taxable profit
-
0
(730)
Change in unrecognised deferred tax assets
21,797
-
0
Permanent capital allowances in excess of depreciation
-
0
(6,850)
Research and development tax credit
-
0
(132,368)
Other permanent differences
3,999
-
0
Under/(over) provided in prior years
-
0
(109,915)
Taxation charge
123,645
318,273
10
Discontinued operations
Sale of trade and assets of Stunning Beauty Co Ltd

During the year the group disposed of the trade and assets of its subsidiary company, Stunning Beauty Co Limited.

 

A loss of £100,877 arose on the disposal.

11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
1,257,859
1,637,000
12
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Property, plant and equipment
14
8,635
-
Recognised in:
Administrative expenses
8,635
-
WESSON MARKETING LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Impairments
(Continued)
- 26 -

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

13
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
86,645
Amortisation and impairment
At 1 April 2023 and 31 March 2024
86,645
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
14
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 April 2023
-
0
150,311
4,746
52,407
207,464
Additions
215,179
107,709
-
0
21,689
344,577
Disposals
-
0
(130,215)
(4,746)
(1,946)
(136,907)
At 31 March 2024
215,179
127,805
-
0
72,150
415,134
Depreciation and impairment
At 1 April 2023
-
0
40,521
2,987
20,028
63,536
Depreciation charged in the year
7,330
16,774
-
0
20,642
44,746
Impairment losses
-
0
8,635
-
0
-
0
8,635
Eliminated in respect of disposals
-
0
(31,544)
(2,987)
(1,500)
(36,031)
At 31 March 2024
7,330
34,386
-
0
39,170
80,886
Carrying amount
At 31 March 2024
207,849
93,419
-
0
32,980
334,248
At 31 March 2023
-
0
109,790
1,759
32,379
143,928
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.

More information on impairment movements in the year is given in note 12.

WESSON MARKETING LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
1,737,031
1,737,131
Unlisted investments
6,948
6,948
-
0
-
0
6,948
6,948
1,737,031
1,737,131
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 April 2023 and 31 March 2024
6,948
Carrying amount
At 31 March 2024
6,948
At 31 March 2023
6,948
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
1,737,131
Disposals
(100)
At 31 March 2024
1,737,031
Carrying amount
At 31 March 2024
1,737,031
At 31 March 2023
1,737,131
16
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

WESSON MARKETING LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
16
Subsidiaries
(Continued)
- 28 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Litte Star Media Limited
474-480 Midsummer Boulevard, Milton Keynes, MK9 2EA
Ordinary
100.00
-
Little Star Media USA Limited
474-480 Midsummer Boulevard, Milton Keynes, MK9 2EA
Ordinary
-
100.00
Wesson Music Limited
Regus House, c/o Forty-two Consulting Ltd, Atterbury Lakes, Fairbourne Drive, Atterbury, Milton Keyn
Ordinary
100.00
-
Stunning Beauty Co Limited
Regus House, c/o Forty-two Consulting Ltd, Atterbury Lakes, Fairbourne Drive, Atterbury, Milton Keyn
Ordinary
100.00
-

The following 100% subsidiaries were voluntarily dissolved during the year ending 31 March 2024:

 

Enchanted Bars Limited

Super Free Bingo Limited

Acid Developments Limited

The Director confirms that, in accordance with sections 479A and 479C of the Companies Act 2006, Wesson Marketing Limited, as parent company of Wesson Music Limited and Stunning Beauty Limited, has given a parental guarantee to enable those companies to claim exemption from audit. This guarantee relates to the year ended 31 March 2024. The members of these companies have agreed to the exemption from audit by virtue of the guarantee given by Wesson Marketing Limited, for the year ended 31 March 2024.

17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
-
0
11,000
-
0
-
0
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,652,003
3,079,794
-
0
-
0
Corporation tax recoverable
97,334
221,291
-
0
-
0
Other debtors
179,605
-
40,000
-
0
Prepayments and accrued income
397,757
52,466
-
0
-
0
2,326,699
3,353,551
40,000
-
WESSON MARKETING LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
986,786
1,230,854
-
0
-
0
Corporation tax payable
26,481
251,543
-
0
-
0
Other taxation and social security
86,653
84,127
4,379
4,649
Other creditors
107,739
4,481
93,310
1
Accruals and deferred income
552,900
1,809,033
8,750
10,500
1,760,559
3,380,038
106,439
15,150
20
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Provision for cost of disposal of business
22,419
-
-
-
Movements on provisions:
Provision for cost of disposal of business
Group
£
Additional provisions in the year
22,419

The provision reflects the costs of disposal of the trade and assets of Stunning Beauty Co Limited.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
29,166
23,446
The company has no deferred tax assets or liabilities.
WESSON MARKETING LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
21
Deferred taxation
(Continued)
- 30 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
23,446
-
Charge to profit or loss
5,720
-
Liability at 31 March 2024
29,166
-

The deferred tax liability set out above relates to accelerated capital allowances and is expected to be released over the useful economic lifetime of the associated assets.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
159,009
135,934

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share-based payment transactions

During the year ended 31 March 2023 options were granted over shares in a subsidiary, Little Star Media Limited. Options were granted to two directors and one supplier connected with a director of the company. Details of the options granted are shown below:

 

Group
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 April 2023 and 31 March 2024
16,032
16,032
0.01
0.01
Exercisable at 31 March 2024
-
-
-
-

 

The options are exercisable only at the time of a sale of 100% of the share capital of the subsidiary, Little Star Media Limited.

The directors have determined that the value of the options is immaterial and, hence, have not recognised and profit and loss charge.

 

Since the balance sheet date the options have lapsed without being exercised.

WESSON MARKETING LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
201
201
200
200
25
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
263,797
31,527
-
-
Between two and five years
1,151,398
23,000
-
-
In over five years
1,570,225
-
-
-
2,985,420
54,527
-
-
26
Events after the reporting date

Since the balance sheet date, Wesson Marketing Limited has disposed of a 67% stake in Little Star Media UK and Little Star Media USA in a share for share swap, in return for shares in the acquiring company Good Engine Limited.

27
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Purchase of services
2024
2023
£
£
Group
Accountancy services from an entity that is controlled by a member of key management personnel
47,358
22,378
Company
Accountancy services from an entity that is controlled by a member of key management personnel
6,309
7,818
28
Controlling party

The ultimate controlling party is J C Wesson.

WESSON MARKETING LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 32 -
29
Cash generated from group operations
2024
2023
£
£
Profit after taxation
247,700
2,671,219
Adjustments for:
Taxation charged
123,645
318,273
Finance costs
237
-
0
Investment income
(40,816)
(19,419)
Loss on disposal of business
100,877
-
Depreciation and impairment of tangible fixed assets
53,381
41,583
Increase in provisions
22,419
-
Movements in working capital:
Decrease/(increase) in stocks
11,000
(5,500)
Decrease/(increase) in debtors
942,895
(1,279,869)
(Decrease)/increase in creditors
(1,394,417)
1,224,876
Cash generated from operations
66,921
2,951,163
30
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
4,010,690
(1,753,967)
2,256,723
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