25 9 June 2025 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 175,908 21,549 197,457 28,587 48,350 76,937 120,520 147,321 73,026 7,991 63,391 17,626 66,515 5,227 63,391 8,351 9,275 6,511 xbrli:pure xbrli:shares iso4217:GBP 00873769 2024-01-01 2024-12-31 00873769 2024-12-31 00873769 2023-12-31 00873769 2023-01-01 2023-12-31 00873769 2023-12-31 00873769 2022-12-31 00873769 bus:Director16 2024-01-01 2024-12-31 00873769 core:WithinOneYear 2024-12-31 00873769 core:WithinOneYear 2023-12-31 00873769 core:AfterOneYear 2024-12-31 00873769 core:AfterOneYear 2023-12-31 00873769 core:RetainedEarningsAccumulatedLosses 2024-12-31 00873769 core:RetainedEarningsAccumulatedLosses 2023-12-31 00873769 bus:SmallEntities 2024-01-01 2024-12-31 00873769 bus:Audited 2024-01-01 2024-12-31 00873769 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 00873769 bus:CompanyLimitedByGuarantee 2024-01-01 2024-12-31 00873769 bus:FullAccounts 2024-01-01 2024-12-31 00873769 core:FurnitureFittings 2024-01-01 2024-12-31 00873769 core:ComputerSoftware 2023-12-31 00873769 core:ComputerSoftware 2024-01-01 2024-12-31 00873769 core:ComputerSoftware 2024-12-31 00873769 core:ComputerEquipment 2023-12-31 00873769 core:ComputerEquipment 2024-01-01 2024-12-31 00873769 core:ComputerEquipment 2024-12-31
COMPANY REGISTRATION NUMBER: 00873769
The Marketing Society Limited
Company Limited by Guarantee
Filleted Financial Statements
31 December 2024
The Marketing Society Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2024
Contents
Page
Balance sheet
1
Notes to the financial statements
3
The Marketing Society Limited
Company Limited by Guarantee
Balance Sheet
31 December 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
7
120,520
147,321
Tangible assets
8
9,275
6,511
---------
---------
129,795
153,832
Current assets
Debtors
9
331,441
355,472
Cash at bank and in hand
616,599
332,741
---------
---------
948,040
688,213
Creditors: amounts falling due within one year
10
( 1,135,380)
( 941,442)
------------
---------
Net current liabilities
( 187,340)
( 253,229)
---------
---------
Total assets less current liabilities
( 57,545)
( 99,397)
Creditors: amounts falling due after more than one year
11
( 33,333)
( 83,333)
--------
---------
Net liabilities
( 90,878)
( 182,730)
--------
---------
Capital and reserves
Profit and loss account
( 90,878)
( 182,730)
--------
---------
Members deficit
( 90,878)
( 182,730)
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income and expenditure account has not been delivered.
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 Marketing Society Limited
Company Limited by Guarantee
Balance Sheet (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 9 June 2025 , and are signed on behalf of the board by:
J Foo (Treasurer)
Director
Company registration number: 00873769
The Marketing Society Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 167-169 Great Portland Street , London, W1W 5PF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £ unless otherwise stated.
Going concern
At the 31 December 2024, The Marketing Society's balance sheet had net liabilities of £90,878 (2023: £182,730) and net current liabilities of £187,340 (2023: £253,229). The Directors have considered a period of at least 12 months from the date of these accounts and are confident that The Marketing Society is a Going Concern. This is based on there being £617,835 (2023: £395,558) of deferred income included within other creditors and is not money which is owed to external parties. The directors secured a Coronavirus Business Interruption (CBILS) loan of £250k as added security against short term cashflow volatility. The plans for 2025 and 2026 reflect the continuing economic uncertainty although the Company expect to generate a profit. The directors have prepared cash flow forecasts covering the period to 31 December 2026. These indicate that the company has sufficient cash to meet its liabilities as they fall due with the CBILS loan meeting occasional short term cashflow requirements but for most of the period being unutilised.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Turnover is recognised in the following ways: - for membership - on the receipt of the subscription - for events - according to the date of the event - for other services - according to the invoice date - for sponsorship income - this is recognised over the life of the agreement and therefore deferred at the year end if the agreement runs into the following year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Computer software
-
14% or 33% on a straight line basis
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
-
25% on a straight line basis
Computer equipment
-
33% on a straight line basis
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Trade and other debtors Trade and other debtors are initially recorded at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts expect where the effect of discounting would be immaterial. In such cases, receivables and stated at cost less impairment losses for bad and doubtful debts. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Trade and other creditors Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Company limited by guarantee
The company is limited by guarantee, not having share capital and consequently the liability of members is limited. Every member of the Society undertakes to contribute to the assets of the Society. In the event of the Society being wound up, a member may be requested to pay for the debts and liabilities of the Society that were contracted whilst they were a member as well as the costs, charges and expenses of the winding-up of the Society, not exceeding one years subscriptions.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 25 (2023: 24 ).
6. Investment
The Marketing Society Limited holds 10,000 1HKD shares in The Marketing Society Asia (£1,025).
The Marketing Society Asia was dormant for 2023 and 2024 and does not have a bank account.
The accounts for The Marketing Society (UK) are individual parent company accounts only and do not include the subsidiary on the basis that subsidiary is dormant.
7. Intangible assets
Computer software
£
Cost
At 1 January 2024
175,908
Additions
21,549
---------
At 31 December 2024
197,457
---------
Amortisation
At 1 January 2024
28,587
Charge for the year
48,350
---------
At 31 December 2024
76,937
---------
Carrying amount
At 31 December 2024
120,520
---------
At 31 December 2023
147,321
---------
8. Tangible assets
Computer equipment
£
Cost
At 1 January 2024
73,026
Additions
7,991
Disposals
( 63,391)
--------
At 31 December 2024
17,626
--------
Depreciation
At 1 January 2024
66,515
Charge for the year
5,227
Disposals
( 63,391)
--------
At 31 December 2024
8,351
--------
Carrying amount
At 31 December 2024
9,275
--------
At 31 December 2023
6,511
--------
9. Debtors
2024
2023
£
£
Trade debtors
251,517
268,268
Other debtors
79,924
87,204
---------
---------
331,441
355,472
---------
---------
10. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
50,000
50,000
Trade creditors
161,214
293,916
Corporation tax
693
Social security and other taxes
124,002
75,923
Other creditors
799,471
521,603
------------
---------
1,135,380
941,442
------------
---------
The bank loan is secured by fixed and floating charges over the assets of the company.
11. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
33,333
83,333
--------
--------
The bank loan is secured by fixed and floating charges over the assets of the company.
Bank loans and overdrafts includes amounts of £nil payable in instalments due in more than 5 years (2023: £nil).
12. Other financial commitments
The bank holds a security to cover a BACS facility of £100,000 and credit card facility of £50,000.
13. Summary audit opinion
The auditor's report dated 9 June 2025 was unqualified .
The senior statutory auditor was Benjamin Bidnell , for and on behalf of Moore Kingston Smith LLP .
14. Related party transactions
All of the management board are members of the Society. Some members of the Board received free membership during the year totalling £5,280 (2023: £3,005). No other related party transactions were identified which require disclosure under FRS 102 Section 1A.