The Insert Company (London) Limited
Financial Statements
For the year ended 30 September 2024
Pages for Filing with Registrar
Company Registration No. 02352979 (England and Wales)
The Insert Company (London) Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
The Insert Company (London) Limited
Balance Sheet
As at 30 September 2024
30 September 2024
Page 1
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
1,461,466
1,200,850
Cash at bank and in hand
238,914
225,377
1,700,380
1,426,227
Creditors: amounts falling due within one year
5
(1,519,165)
(1,255,670)
Net current assets
181,215
170,557
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
181,213
170,555
Total equity
181,215
170,557
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 28 March 2025 and are signed on its behalf by:
R E Elliot
Director
Company Registration No. 02352979
The Insert Company (London) Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 2
1
Accounting policies
Company information
The Insert Company (London) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 47 Great Marlborough Street, London, W1F 7JP.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 in operational existence for the foreseeable future. The directors of the parent company, Media Concierge (Holdings) Limited, have prepared a cash flow forecast for a period of 12 months from the date of approval of these financial statements which indicates that the group and company will have sufficient funds to meet liabilities as they fall due for that period. The cash flow forecast has assessed the impacts of trueeconomic uncertainty and has concluded that there is no significant impact to the going concern status of the company. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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.
1.4
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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
The Insert Company (London) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
Page 3
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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 initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
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.
1.6
Taxation
The tax expense represents the tax currently payable.
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 year 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.
1.7
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
The Insert Company (London) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 4
3
Dividends
2024
2023
£
£
Interim paid
75,000
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
705,042
816,877
Corporation tax recoverable
269
Amounts owed by group undertakings
738,690
366,013
Other debtors
10,278
17,960
Prepayments and accrued income
7,187
1,461,466
1,200,850
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
881,395
951,272
Amounts owed to group undertakings
508,576
207,531
Corporation tax
16,262
Accruals and deferred income
129,194
80,605
1,519,165
1,255,670
The Insert Company (London) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 5
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Paul Springfield
Statutory Auditor:
Moore Kingston Smith LLP
8
Related party transactions
The company has taken advantage of the exemption available under paragraph 33.1A of the Financial Reporting Standard 102 not to disclose transactions with any wholly owned members of the group.
9
Parent company
The immediate and ultimate parent company is Media Concierge (Holdings) Limited, a company incorporated in England and Wales.
The smallest and largest entity preparing consolidated accounts is Media Concierge (Holdings) Limited. The consolidated group accounts are available from 47 Great Marlborough Street, London, W1F 7JP.
The ultimate controlling party is M C Denmark by virtue of his shareholding in Media Concierge (Holdings) Limited.