Caseware UK (AP4) 2024.0.164 2024.0.164 2024-08-312024-08-312024-08-312025-05-2219257The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false4241true2023-09-01falseNo description of principal activityfalse 05740945 2023-09-01 2024-08-31 05740945 2022-09-01 2023-08-31 05740945 2024-08-31 05740945 2023-08-31 05740945 2022-09-01 05740945 c:Director2 2023-09-01 2024-08-31 05740945 d:Buildings d:LongLeaseholdAssets 2023-09-01 2024-08-31 05740945 d:Buildings d:LongLeaseholdAssets 2024-08-31 05740945 d:Buildings d:LongLeaseholdAssets 2023-08-31 05740945 d:MotorVehicles 2023-09-01 2024-08-31 05740945 d:MotorVehicles 2024-08-31 05740945 d:MotorVehicles 2023-08-31 05740945 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 05740945 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 05740945 d:FurnitureFittings 2023-09-01 2024-08-31 05740945 d:FurnitureFittings 2024-08-31 05740945 d:FurnitureFittings 2023-08-31 05740945 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 05740945 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 05740945 d:ComputerEquipment 2023-09-01 2024-08-31 05740945 d:ComputerEquipment 2024-08-31 05740945 d:ComputerEquipment 2023-08-31 05740945 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 05740945 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 05740945 d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 05740945 d:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 05740945 d:CurrentFinancialInstruments 2024-08-31 05740945 d:CurrentFinancialInstruments 2023-08-31 05740945 d:Non-currentFinancialInstruments 2024-08-31 05740945 d:Non-currentFinancialInstruments 2023-08-31 05740945 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 05740945 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 05740945 d:Non-currentFinancialInstruments d:AfterOneYear 2024-08-31 05740945 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 05740945 d:ShareCapital 2023-09-01 2024-08-31 05740945 d:ShareCapital 2024-08-31 05740945 d:ShareCapital 2022-09-01 2023-08-31 05740945 d:ShareCapital 2023-08-31 05740945 d:ShareCapital 2022-09-01 05740945 d:CapitalRedemptionReserve 2023-09-01 2024-08-31 05740945 d:CapitalRedemptionReserve 2024-08-31 05740945 d:CapitalRedemptionReserve 2022-09-01 2023-08-31 05740945 d:CapitalRedemptionReserve 2023-08-31 05740945 d:CapitalRedemptionReserve 2022-09-01 05740945 d:OtherMiscellaneousReserve 2023-09-01 2024-08-31 05740945 d:OtherMiscellaneousReserve 2024-08-31 05740945 d:OtherMiscellaneousReserve 2022-09-01 2023-08-31 05740945 d:OtherMiscellaneousReserve 2023-08-31 05740945 d:OtherMiscellaneousReserve 2022-09-01 05740945 d:RetainedEarningsAccumulatedLosses 2023-09-01 2024-08-31 05740945 d:RetainedEarningsAccumulatedLosses 2024-08-31 05740945 d:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 05740945 d:RetainedEarningsAccumulatedLosses 2023-08-31 05740945 d:RetainedEarningsAccumulatedLosses 2022-09-01 05740945 d:AcceleratedTaxDepreciationDeferredTax 2024-08-31 05740945 d:AcceleratedTaxDepreciationDeferredTax 2023-08-31 05740945 c:FRS102 2023-09-01 2024-08-31 05740945 c:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 05740945 c:FullAccounts 2023-09-01 2024-08-31 05740945 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 05740945 d:Subsidiary1 2023-09-01 2024-08-31 05740945 d:Subsidiary1 1 2023-09-01 2024-08-31 05740945 d:HirePurchaseContracts d:WithinOneYear 2024-08-31 05740945 d:HirePurchaseContracts d:WithinOneYear 2023-08-31 05740945 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-08-31 05740945 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-08-31 05740945 c:Consolidated 2024-08-31 05740945 c:ConsolidatedGroupCompanyAccounts 2023-09-01 2024-08-31 05740945 2 2023-09-01 2024-08-31 05740945 6 2023-09-01 2024-08-31 05740945 14 2023-09-01 2024-08-31 05740945 e:PoundSterling 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure

Registered number: 05740945









INITIALS MARKETING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
INITIALS MARKETING LIMITED
REGISTERED NUMBER: 05740945

CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
102,885
43,927

  
102,885
43,927

Current assets
  

Stocks
  
363,090
480,717

Debtors: amounts falling due within one year
 6 
1,183,624
1,480,340

Cash at bank and in hand
 7 
603,236
775,402

  
2,149,950
2,736,459

Creditors: amounts falling due within one year
 8 
(1,929,849)
(2,620,117)

Net current assets
  
 
 
220,101
 
 
116,342

Total assets less current liabilities
  
322,986
160,269

Creditors: amounts falling due after more than one year
 9 
(42,824)
-

Provisions for liabilities
  

Deferred tax
 11 
(15,680)
(10,534)

  
 
 
(15,680)
 
 
(10,534)

Net assets
  
264,482
149,735


Capital and reserves
  

Called up share capital 
  
829
829

Capital redemption reserve
 12 
257
257

Other reserves
 12 
(93,272)
(93,272)

Profit and loss account
 12 
356,668
241,921

  
264,482
149,735


Page 1

 
INITIALS MARKETING LIMITED
REGISTERED NUMBER: 05740945
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Matthews
Director

Date: 22 May 2025

The notes on pages 7 to 18 form part of these financial statements.

Page 2

 
INITIALS MARKETING LIMITED
REGISTERED NUMBER: 05740945

COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
102,885
43,927

Investments
 5 
101
101

  
102,986
44,028

Current assets
  

Stocks
  
350,313
344,905

Debtors: amounts falling due within one year
 6 
1,235,008
1,261,013

Cash at bank and in hand
 7 
211,326
614,061

  
1,796,647
2,219,979

Creditors: amounts falling due within one year
 8 
(1,633,332)
(2,160,709)

Net current assets
  
 
 
163,315
 
 
59,270

Total assets less current liabilities
  
266,301
103,298

  

Creditors: amounts falling due after more than one year
 9 
(42,824)
-

Provisions for liabilities
  

Deferred taxation
 11 
(15,680)
(10,534)

  
 
 
(15,680)
 
 
(10,534)

Net assets
  
207,797
92,764


Capital and reserves
  

Called up share capital 
  
829
829

Capital redemption reserve
 12 
257
257

Other reserves
 12 
(93,272)
(93,272)

Profit and loss account brought forward
  
184,950
183,311

Profit for the year
  
589,705
283,329

Other changes in the profit and loss account

  

(474,672)
(281,690)

Profit and loss account carried forward
  
299,983
184,950

  
207,797
92,764


Page 3

 
INITIALS MARKETING LIMITED
REGISTERED NUMBER: 05740945
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


J Matthews
Director

Date: 22 May 2025

The notes on pages 7 to 18 form part of these financial statements.

Page 4

 
INITIALS MARKETING LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Capital redemption reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 September 2022
829
257
(93,272)
187,618
95,432


Comprehensive income for the year

Profit for the year
-
-
-
335,993
335,993


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
335,993
335,993


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(281,690)
(281,690)


Total transactions with owners
-
-
-
(281,690)
(281,690)



At 1 September 2023
829
257
(93,272)
241,921
149,735


Comprehensive income for the year

Profit for the year
-
-
-
589,419
589,419


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
589,419
589,419


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(474,672)
(474,672)


Total transactions with owners
-
-
-
(474,672)
(474,672)


At 31 August 2024
829
257
(93,272)
356,668
264,482


The notes on pages 7 to 18 form part of these financial statements.

Page 5

 
INITIALS MARKETING LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Capital redemption reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 September 2022
829
257
(93,272)
183,311
91,125


Comprehensive income for the year

Profit for the year
-
-
-
283,329
283,329


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
283,329
283,329


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(281,690)
(281,690)


Total transactions with owners
-
-
-
(281,690)
(281,690)



At 1 September 2023
829
257
(93,272)
184,950
92,764


Comprehensive income for the year

Profit for the year
-
-
-
589,705
589,705


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
589,705
589,705


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(474,672)
(474,672)


Total transactions with owners
-
-
-
(474,672)
(474,672)


At 31 August 2024
829
257
(93,272)
299,983
207,797


The notes on pages 7 to 18 form part of these financial statements.

Page 6

 
INITIALS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Initials Marketing Limited is a private company limited by shares, incorporated in the United Kingdom, registered in England and Wales. The registered office address is Ground Floor, 45 Pall Mall, London, England, SW1Y 5JG.
The principal activity of the Group is that of a marketing agency.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 7

 
INITIALS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 8

 
INITIALS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.6

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 9

 
INITIALS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.12

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.13

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 10

 
INITIALS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
over the period of the lease
Motor vehicles
-
25% straight line
Fixtures and fittings
-
25% straight line
Computer equipment
-
33.33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.19

Creditors

Short-term creditors are measured at the transaction price.

Page 11

 
INITIALS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.22

Employee share ownership plan

The cost of the Group's shares held by the ESOP is deducted from equity in the Group and Company balance sheets under the heading other reserves. Any cash received by the ESOP on disposal of the shares it holds is also recognised directly in equity. Other assets and liabilities of the ESOP (including borrowings) are recognised as assets and liabilities of the Group.


3.


Employees

The average monthly number of employees, including directors, during the year was 42 (2023 - 41).

Page 12

 
INITIALS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Tangible fixed assets

Group






Long-term leasehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 September 2023
385,982
-
156,724
709,053
1,251,759


Additions
13,839
51,474
3,455
40,682
109,450



At 31 August 2024

399,821
51,474
160,179
749,735
1,361,209



Depreciation


At 1 September 2023
368,503
-
152,988
686,341
1,207,832


Charge for the year on owned assets
19,257
-
2,403
15,963
37,623


Charge for the year on financed assets
-
12,869
-
-
12,869



At 31 August 2024

387,760
12,869
155,391
702,304
1,258,324



Net book value



At 31 August 2024
12,061
38,605
4,788
47,431
102,885



At 31 August 2023
17,479
-
3,736
22,712
43,927

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
38,605
-

38,605
-

Page 13

 
INITIALS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

           4.Tangible fixed assets (continued)


Company






Long-term leasehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£

Cost or valuation


At 1 September 2023
385,982
-
156,724
708,153
1,250,859


Additions
13,839
51,474
3,455
40,682
109,450



At 31 August 2024

399,821
51,474
160,179
748,835
1,360,309



Depreciation


At 1 September 2023
368,503
-
152,988
685,441
1,206,932


Charge for the year on owned assets
19,257
-
2,403
15,963
37,623


Charge for the year on financed assets
-
12,869
-
-
12,869



At 31 August 2024

387,760
12,869
155,391
701,404
1,257,424



Net book value



At 31 August 2024
12,061
38,605
4,788
47,431
102,885



At 31 August 2023
17,479
-
3,736
22,712
43,927






The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
38,605
-

38,605
-

Page 14

 
INITIALS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 September 2023
101



At 31 August 2024
101





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

To Boldly Go Limited
Ordinary
100%


6.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
595,355
958,195
465,083
820,722

Amounts owed by group undertakings
-
-
247,083
49,283

Other debtors
181,720
102,520
181,720
102,520

Prepayments and accrued income
406,549
419,625
341,122
288,488

1,183,624
1,480,340
1,235,008
1,261,013



7.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
603,236
775,402
211,326
614,061

603,236
775,402
211,326
614,061


Page 15

 
INITIALS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
-
100,545
-
100,545

Trade creditors
239,513
503,282
239,513
464,841

Corporation tax
229,631
195,840
42,859
98,342

Other taxation and social security
176,356
265,015
131,621
230,366

Obligations under finance lease and hire purchase contracts
5,398
-
5,398
-

Other creditors
135,725
106,073
135,725
106,073

Accruals and deferred income
1,143,226
1,449,362
1,078,216
1,160,542

1,929,849
2,620,117
1,633,332
2,160,709



9.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Net obligations under finance leases and hire purchase contracts
42,824
-
42,824
-

42,824
-
42,824
-


Bank loans consisted of a facility with Barclays under the Coronavrius Business Interruption Loan Scheme ("CBILS"). The facility incurred interest at a fixed rate of 2.59% and has been repaid in full in the year.
The bank loan is secured by a fixed and floating charge over the company’s assets.


10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Within one year
11,119
-
11,119
-

Between 1-5 years
19,458
-
19,458
-

30,577
-
30,577
-

Page 16

 
INITIALS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

11.


Deferred taxation


Group



2024


£






At beginning of year
(10,534)


Charged to profit or loss
(5,146)



At end of year
(15,680)

Company


2024


£






At beginning of year
(10,534)


Charged to profit or loss
(5,146)



At end of year
(15,680)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(15,680)
(10,534)
(15,680)
(10,534)

(15,680)
(10,534)
(15,680)
(10,534)


12.


Reserves

Capital redemption reserve

The capital redemption reserve includes all amounts transferred after the redemption of the company's own shares.

Other reserves

Other reserves includes the cost of the Group's shares held by the ESOP less any cash received by the ESOP on disposal of the shares it holds.

Profit and loss account

The profit and loss account includes all current and prior year retained profits and losses. 

Page 17

 
INITIALS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

13.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £115,283 (2023 - £103,449). Contributions totalling £17,254 (2023 - £11,360) were payable to the fund at the balance sheet date and are included in creditors.


14.


Commitments under operating leases

At 31 August 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
218,238
181,865

Later than 1 year and not later than 5 years
654,713
-

872,951
181,865
 
Page 18