Company registration number 03116388 (England and Wales)
C W ADVERTISING AGENCY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
C W ADVERTISING AGENCY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
C W ADVERTISING AGENCY LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
17,054
13,757
Current assets
Stocks
80,693
162,710
Debtors
5
733,096
1,051,395
Investments
6
8,555
8,555
Cash at bank and in hand
513,204
489,987
1,335,548
1,712,647
Creditors: amounts falling due within one year
7
(508,265)
(696,063)
Net current assets
827,283
1,016,584
Net assets
844,337
1,030,341
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss reserves
839,337
1,025,341
Total equity
844,337
1,030,341
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 31 March 2025 and are signed on its behalf by:
S P Swindells
Director
Company Registration No. 03116388
C W ADVERTISING AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information
C W Advertising Agency Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Saturn House, Mercury Rise, Altham Business Park, Altham, Lancashire, United Kingdom, BB5 5YE.
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
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.
1.3
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 and fittings
15-25% straight line basis
1.4
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level activity. Provision is made for any foreseeable losses when appropriate. No element of profit is included in the valuation of work in progress.
1.5
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
C W ADVERTISING AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
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 recognised at transaction price.
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 at transaction.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
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 company’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.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
C W ADVERTISING AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.10
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.
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:
2024
2023
Number
Number
Total
19
18
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023
186,009
Additions
8,949
At 31 July 2024
194,958
Depreciation and impairment
At 1 August 2023
172,252
Depreciation charged in the year
5,652
At 31 July 2024
177,904
Carrying amount
At 31 July 2024
17,054
At 31 July 2023
13,757
C W ADVERTISING AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
716,550
1,030,955
Other debtors
16,546
20,440
733,096
1,051,395
6
Current asset investments
2024
2023
£
£
Other investments
8,555
8,555
Investments having a net book value of £8,555 (2023: £8,555) are listed on a recognised stock exchange and had a market value of £5,191 (2023: £6,005) at the end of the year.
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
82,697
114,535
Amounts owed to group undertakings
43,995
43,995
Taxation and social security
64,590
158,346
Other creditors
316,983
379,187
508,265
696,063
8
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
£
£
20,139
25,014
C W ADVERTISING AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
9
Related party transactions
The Percepsion Limited SSAS Pension Scheme
A pension scheme of which C S Wood and S P Swindells are members.
During the year the company made contributions of £nil (2023: £nil) to the Percepsion Limited SSAS Pension Scheme.
The company lease their premises from The Percepsion Limited SSAS Pension Scheme. The company sublets part of the premises to ITFX Limited, a fellow subsidiary. The net rent charged to the profit and loss account in respect of this lease was £35,201 (2023: £31,065).
At the balance sheet date the amount due to The Percepsion Limited SSAS Pension Scheme was £nil (2022: £nil).
10
Parent company
The company's parent is Percepsion Limited, a company incorporated in England and Wales.