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For the year ended 31 December 2024
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Registered number: 10212066
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Company Information
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Contents
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Statement of financial position
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Notes to the financial statements
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Algomarketing Ltd - Registered number: 10212066
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Statement of financial position
As at 31 December 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The director considers 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Page 1
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Algomarketing Ltd - Registered number: 10212066
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Statement of financial position (continued)
As at 31 December 2024
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 company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by:
The notes on pages 3 to 10 form part of these financial statements.
Page 2
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Notes to the financial statements
For the year ended 31 December 2024
The company is a private company limited by shares and incorporated in England and Wales. Its registered office is C/O Buzzacott LLP, 130 Wood Street, London, EC2V 6DL. Its company registration number is 10212066.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified
within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act
2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's
accounting policies.
The following principal accounting policies have been applied:
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Foreign currency translation
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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.
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Exemption from preparing consolidated financial statements
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The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
Page 3
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company 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 company 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.
Interest income is recognised in profit or loss using the effective interest method.
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.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company 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 Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
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Current and deferred taxation
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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 reporting date in the countries where the company operates and generates income.
Page 4
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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:
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.
Investments are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Page 5
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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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.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from third parties and loans to and from related parties.
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.
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The average monthly number of employees, including the director, during the year was 19 (2023 - 15).
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During the year, the company paid a settlement cost of £145,983 to terminate an employment contract with a senior employee, this cost is considered exceptional due to its non-recurring nature.
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Page 6
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Notes to the financial statements
For the year ended 31 December 2024
Page 7
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Notes to the financial statements
For the year ended 31 December 2024
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Investment in subsidiary company
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On 13 October 2019, the company acquired 100% of the share capital of A1g0 B.V. The value of the investment was measured at cost.
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Page 8
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Notes to the financial statements
For the year ended 31 December 2024
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Prepayments and accrued income
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Fixed asset timing differences
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Page 9
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Notes to the financial statements
For the year ended 31 December 2024
The company operates a defined contributions pension scheme. The assets of the scheme are held separately
from those of the company in an independently administered fund. The pension cost charge represents
contributions payable by the company to the fund and amounted to £21,002 (2023: £14,337). At 31 December
2024, the amount due to the fund was £nil (2023: £6,750).
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Director's advances, credits and guarantees
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The following advances and credits to the director subsisted during the year ended 31 December 2024 and period ended 31 December 2023:
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Balance outstanding at start of the year/period
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Balance outstanding at end of the year/period
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This loan is repayable on demand and interest has been charged at the official HMRC interest rate.
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Related party transactions
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During the year, the company invoiced £768,283 (2023: £812,737) to A1g0 Pte Ltd and £589,042 (2023:£459,572) to A1g0 LLC in recharge of costs. The company was charged £35,628 (2023: £112,912) by A1g0 Pte Ltd and £410,298 (2023: £362,506) by A1g0 LLC in recharge of income. A1g0 Pte Ltd and A1g0 LLC are connected by virtue of common control.
At the balance sheet date, the company owed £879,458 (2023: was owed £408,855) to/(by) A1g0 Pte Ltd, a company connected by virtue of common control.
At the balance sheet date, the company owed £231,937 (2023: £191,693) to A1g0 LLC, a company connected by virtue of common control.
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Page 10
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