Mesh Marketing Limited
Unaudited Financial Statements
For the year ended 31 August 2024
Pages for Filing with Registrar
Company Registration No. 05051252 (England and Wales)
Mesh Marketing Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
Mesh Marketing Limited
Balance Sheet
As at 31 August 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
298,656
272,503
Current assets
Debtors
6
3,152,751
3,814,500
Cash at bank and in hand
1,577,838
2,262,049
4,730,589
6,076,549
Creditors: amounts falling due within one year
7
(2,893,553)
(4,214,228)
Net current assets
1,837,036
1,862,321
Total assets less current liabilities
2,135,692
2,134,824
Provisions for liabilities
(37,881)
(31,343)
Net assets
2,097,811
2,103,481
Capital and reserves
Called up share capital
8
400
400
Capital redemption reserve
212
212
Profit and loss reserves
2,097,199
2,102,869
Total equity
2,097,811
2,103,481
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 August 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.
Mesh Marketing Limited
Balance Sheet (Continued)
As at 31 August 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 29 May 2025 and are signed on its behalf by:
C Masterson
Director
Company Registration No. 05051252
Mesh Marketing Limited
Notes to the Financial Statements
For the year ended 31 August 2024
Page 3
1
Accounting policies
Company information
Mesh Marketing Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Evolution, Wynyard Business Park, Wynyard, Billingham, TS22 5TB.
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 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
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue to trade in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
1% on costs or over the period of the lease
Land and buildings Leasehold
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance for fixtures and fittings and 25% straight line for computer equipment
Mesh Marketing Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 4
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.6
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.
1.7
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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.
1.9
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.
Mesh Marketing Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 5
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. 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 when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Mesh Marketing Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 6
2
Turnover and other revenue
In the year to 31 August 2024 7% (2023: 17%) of the company's turnover was to markets outside of the United Kingdom.
3
Employees
The average monthly number of persons (including directors) employed by the company during was:
2024
2023
Number
Number
Total
85
84
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
3,959,797
3,768,334
Social security costs
454,398
362,881
Pension costs
85,932
65,195
4,500,127
4,196,410
4
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
256,545
354,335
Mesh Marketing Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 7
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2023
342,861
329,491
672,352
Additions
51,904
23,129
75,033
At 31 August 2024
394,765
352,620
747,385
Depreciation and impairment
At 1 September 2023
153,375
246,474
399,849
Depreciation charged in the year
13,996
34,884
48,880
At 31 August 2024
167,371
281,358
448,729
Carrying amount
At 31 August 2024
227,394
71,262
298,656
At 31 August 2023
189,486
83,017
272,503
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,857,413
3,270,388
Other debtors
29,754
69,558
Prepayments and accrued income
265,584
474,554
3,152,751
3,814,500
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
330,984
1,145,959
Corporation tax
84,043
164,818
Other taxation and social security
70,558
146,040
Other creditors
25,990
40,080
Accruals and deferred income
2,381,978
2,717,331
2,893,553
4,214,228
Mesh Marketing Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 8
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
3,648 Founder shares of 10p each
365
365
232 A shares of 10p each
23
23
120 B shares of 10p each
12
12
400
400
9
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
£
£
Within one year
120,520
192,513
Between two and five years
343,254
97,533
463,774
290,046
Mesh Marketing Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
9
Operating lease commitments
(Continued)
Page 9
Lessor
At the reporting end date the total future minimum sublease payments expected to be received under non-cancellable subleases was:
2024
2023
£
£
Within one year
4,400
10
Related party transactions
During the year the company made sales of £48,493 (2023: £294,122) to MIH Projects Limited, a related by virtue of common control. At the year end, there was an amount included in trade debtors of £273,634 (2023: £177,595) owed by MIH Projects Limited in respect of these sales. At the year end an amount of £5,537 (2023: £4,390) was included in debtors relating to accrued income from MIH Projects Limited. During the year the company also made purchases of £141,953 (2023: £1,311,092 ) from MIH Projects Limited. At the year end, there was an amount included in trade creditors of £2,145 (2023: £331,181) owed to MIH Projects Limited in respect of these purchases.
During the year the company made sales of £18,493 (2023: £nil) to Atscale Digital Limited, a related by virtue of being owned by a family member of a Mesh Marketing director/shareholder. At the year end, there was an amount included in trade debtors of £22,460 (2023: £nil) owed by Atscale Digital Limited in respect of these sales. During the year the company also made purchases of £108,508 (2023: £nil) from Atscale Digital Limited. At the year end, there was an amount included in trade creditors of £2,384 (2023: £nil) owed to Atscale Digital Limited in respect of these purchases.
During the year the company paid dividends of £216,000 (2023: £216,000) to the directors of the company.
11
Control
There is no one ultimate controlling party.