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Registration number: 02906568

Mondaq Limited

Filleted Financial Statements

for the Year Ended 31 July 2024

 

Mondaq Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 10

 

Mondaq Limited

Company Information

Directors

A J Partridge

P C F Aspinwall

P W L Lake

D J Bailey

Company secretary

A J Partridge

Registered office

2nd Floor
Vintry Building
Wine Street
Bristol
BS1 2BD

Auditors

Innovi Advisors Ltd
Chartered Certified Accountants and Statutory Auditors163 Herne Hill
London
SE24 9LR

 

Mondaq Limited

(Registration number: 02906568)
Statement of Financial Position as at 31 July 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Intangible assets

4

490,296

307,883

Tangible assets

5

19,116

24,793

 

509,412

332,676

Current assets

 

Debtors

6

1,014,506

859,966

Cash at bank and in hand

 

176,227

215,328

 

1,190,733

1,075,294

Creditors: Amounts falling due within one year

7

(844,823)

(701,723)

Net current assets

 

345,910

373,571

Total assets less current liabilities

 

855,322

706,247

Creditors: Amounts falling due after more than one year

7

(272,361)

(164,584)

Provisions for liabilities

-

(4,711)

Net assets

 

582,961

536,952

Capital and reserves

 

Called up share capital

1,773

1,773

Share premium reserve

2,982,654

2,982,654

Retained earnings

(2,401,466)

(2,447,475)

Shareholders' funds

 

582,961

536,952

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 29 April 2025 and signed on its behalf by:
 

A J Partridge
Company secretary and director

   
     
 

Mondaq Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2nd Floor
Vintry Building
Wine Street
Bristol
BS1 2BD
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.

Going concern

As part of the directors' assessment of going concern, they have prepared detailed cash flow and profit and loss forecasts for the next 12 months. The forecasts have been prepared on an appropriate basis, taking into account the current economic conditions that exist.

After making appropriate enquires, the directors have a reasonable expectation that the company has adequate resources to enable it to continue in operational existence for the foreseeable future. They believe it is appropriate to prepare the accounts on a going concern basis.

 

Mondaq Limited

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 29 April 2025 was Sheetal Shah FCCA, who signed for and on behalf of Innovi Advisors Ltd.

.........................................

Changes in accounting policy

The following have been applied for the first time from 1 August 2023 and have had an effect on the financial statements:

Prior period adjustment

The accounts have been restated for deferred income relating to the Gala Dinner and Connect Roundtable and for bonus accruals. The change has resulted in profits available for distribution at 31st July 2024 decreasing by £159,307.

Relating to the current period disclosed in these financial statements

£

Relating to the prior period disclosed in these financial statements

£

Relating to periods before the prior period disclosed in these financial statements

£

Increase in liabilities - Accruals

-

72,782

-

Increase in liabilities - Deferred income

-

86,525

-

Decrease in equity - Retained earnings

-

159,307

-

   

 

Mondaq Limited

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

20% straight line

Computer equipment

25% straight line

 

Mondaq Limited

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Intangible assets

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

Development cost are being amortised evenly over their estimated useful life.

Amortisation

Amortization is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangible assets

Over 20 years

Development Capitalisation

Over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Mondaq Limited

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 54 (2023 - 61).

 

Mondaq Limited

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 August 2023

2,021,114

2,021,114

Additions acquired separately

314,570

314,570

At 31 July 2024

2,335,684

2,335,684

Amortisation

At 1 August 2023

1,713,231

1,713,231

Amortisation charge

132,157

132,157

At 31 July 2024

1,845,388

1,845,388

Carrying amount

At 31 July 2024

490,296

490,296

At 31 July 2023

307,883

307,883

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 August 2023

312,137

312,137

Additions

9,145

9,145

At 31 July 2024

321,282

321,282

Depreciation

At 1 August 2023

287,344

287,344

Charge for the year

14,822

14,822

At 31 July 2024

302,166

302,166

Carrying amount

At 31 July 2024

19,116

19,116

At 31 July 2023

24,793

24,793

 

Mondaq Limited

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

6

Debtors

Current

2024
£

2023
£

Trade debtors

856,152

796,272

Prepayments

12,933

37,612

Other debtors

145,421

26,082

 

1,014,506

859,966

 

Mondaq Limited

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Due within one year

 

Loans and borrowings

8

305,425

205,963

Trade creditors

 

101,875

99,683

Taxation and social security

 

62,160

77,837

Accruals and deferred income

 

334,614

230,621

Other creditors

 

40,749

87,619

 

844,823

701,723

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

272,361

164,584

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

224,444

91,667

Other borrowings

47,917

72,917

272,361

164,584

Current loans and borrowings

2024
£

2023
£

Bank borrowings

76,839

50,000

Bank overdrafts

199,430

130,650

Other borrowings

29,156

25,313

305,425

205,963