Registration number:
Ant Marketing Limited
for the Year Ended 30 September 2017
Chartered Accountants
68 Queen Street
Sheffield
South Yorkshire
S1 1WR
Ant Marketing Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Ant Marketing Limited
Company Information
Director |
A W Hinchliffe |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Ant Marketing Limited
for the Year Ended 30 September 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ant Marketing Limited for the year ended 30 September 2017 as set out on pages 3 to 17 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Ant Marketing Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Ant Marketing Limited and state those matters that we have agreed to state to the Board of Directors of Ant Marketing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ant Marketing Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Ant Marketing Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ant Marketing Limited. You consider that Ant Marketing Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Ant Marketing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Accountants
Sheffield
South Yorkshire
S1 1WR
Page 2 |
Ant Marketing Limited
(Registration number: 02547741)
Balance Sheet as at 30 September 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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||
Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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|
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Capital and reserves |
|||
Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 3 |
Ant Marketing Limited
(Registration number: 02547741)
Balance Sheet as at 30 September 2017
Approved and authorised by the
.........................................
Director
Page 4 |
Ant Marketing Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
This is the first year in which the financial statements have been prepared under FRS102. Refer to note 13 for an
explanation of the transition.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation and functional currency is considered to be pounds sterling because that is the currency in the primary economic environment in which the company operates.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of telemarketing services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Page 5 |
Ant Marketing Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% reducing balance basis |
Fixtures and fittings |
10%/15% reducing balance basis |
Office equipment |
25% straight line/ 15%/25% reducing balance basis |
Leasehold improvements |
10% reducing balance basis |
Investment property
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Page 6 |
Ant Marketing Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
5% straight line basis |
Cherished number plate |
no depreciation |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Page 7 |
Ant Marketing Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 8 |
Ant Marketing Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Intangible assets |
Goodwill |
Trademarks, patents and licenses |
Total |
|
Cost or valuation |
|||
At 1 October 2016 |
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|
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Additions acquired separately |
- |
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At 30 September 2017 |
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Amortisation |
|||
At 1 October 2016 |
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- |
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Amortisation charge |
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- |
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At 30 September 2017 |
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- |
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Carrying amount |
|||
At 30 September 2017 |
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At 30 September 2016 |
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Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Properties under construction |
Total |
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Cost or valuation |
||||
At 1 October 2016 |
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|
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Additions |
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- |
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Disposals |
- |
( |
- |
( |
At 30 September 2017 |
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Depreciation |
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At 1 October 2016 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
- |
( |
At 30 September 2017 |
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Carrying amount |
||||
At 30 September 2017 |
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At 30 September 2016 |
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Page 9 |
Ant Marketing Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Leased assets
Included within the net book value of tangible fixed assets is £195,374 (2016 - £115,228) in respect of assets held under finance leases and similar hire purchases contracts. Depreciation for the year on these assets was £32,740 (2016 - £29,541).
Investment properties |
2017 |
|
At 1 October 2017 & 2016 |
|
The Investment property class of fixed assets was revalued on 30 September 2017 by Mr A W Hinchliffe who is internal to the company. The basis of this valuation was open market value. This class of assets has a current value of £200,000 (2016 - £200,000) and a carrying amount at historical cost of £200,000 (2106 - £200,000. The depreciation on this historical cost is £nil (2016 - £nil).
There has been no valuation of investment property by an independent valuer.
Page 10 |
Ant Marketing Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Debtors |
2017 |
2016 |
|
Trade debtors |
|
|
Other debtors |
|
|
Directors Loan |
103,443 |
135,934 |
Total current trade and other debtors |
|
|
Creditors |
Note |
2017 |
2016 |
|
Due within one year |
|||
Bank overdrafts, loans, borrowing and finance leases |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Bank loans, borrowing and finance leases |
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Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
|||
No. |
£ |
No. |
£ |
|
|
|
50,000 |
|
50,000 |
Page 11 |
Ant Marketing Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Loans and borrowings |
2017 |
2016 |
|
Non-current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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Other borrowings |
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2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Finance lease liabilities |
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Other borrowings |
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Bank borrowings
The company's borrowing with HSBC (Bank loans & overdrafts) are secured by a personal guarantee given by A W Hinchliffe. supported by a second legal mortgage over the freehold property known as Mayfield Chase, 33 School Green Lane, Sheffield (subject to a maximum amount of £295,000), second legal mortgage over the freehold property know as Antenna House, St Marys Gate, Sheffield and a first legal mortgage over the freehold properties known as 22/2/36 Olivet Road, Sheffield. |
Other borrowings
The Finance for Enterprise loan is denominated in pounds sterling with a nominal interest rate of 9.25%, and the final instalment is due on 8 September 2022. The carrying amount at year end is £50,000 (2016 - £Nil). The loan is secured by personal guarantee of A W Hinchliffe. |
The Finance for Enterprise loan is denominated in pounds sterling with a nominal interest rate of 9% over the Bank of England base rate, and the final instalment is due on 30 September 2022. The carrying amount at year end is £150,000 (2016 - £Nil). The loan is secured by personal guarantee of A W Hinchliffe. |
Page 12 |
Ant Marketing Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
St Mary's Gate rental operating lease commitment till 31 July 2021 totalling £325,833 (2016 - £410,833).
Siemens equipment rental operating lease commitment till 16 July 2018 totalling £1,823 (2016 - £1,823).
Related party transactions |
Transactions with directors |
2017 |
At 1 October 2016 |
Advances to directors |
Repayments by director |
At 30 September 2017 |
A W Hinchliffe |
||||
Directors loan account |
(135,934) |
( |
|
( |
2016 |
At 1 October 2015 |
Advances to directors |
Repayments by director |
At 30 September 2016 |
A W Hinchliffe |
||||
Directors loan account |
(160,762) |
( |
|
( |
Page 13 |
Ant Marketing Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Summary of transactions with associates
(A company in which the director is materially interested as a shareholder)
During the year recharges of £11,400 (2016 - £30,000) were made to Ant Marketing Limited for rent, rates and light & heat.
Ant Protect Limited recharged wages of £66,790 (2016 - £120,655) to Ant Marketing Limited during the year.
Ant Marketing Limited also received payments and made repayments to Ant Protect Limited in respect of its payroll and other costs.
Ant Protect Limited has provided an Unlimited Composite Company Guarantee to secure all liabilities of Ant Marketing Limited to HSBC Bank Plc. The amount guaranteed is £985,247 (2016 - £781,091). At the balance sheet date the amount due to Ant Protect Limited was £60,138 (2016 - £49,614).
Mayfield Properties Limited
(A company in which the director is materially interested as a shareholder)
During the year Mayfield Properties Limited paid expenses for Ant Marketing Limited of £3,846 (2016 - nil). Ant Marketing Limited made repayments of £1,500 (2016 - 1,200). Mayfield Properties Limited made payment of £nil (2016 - £2,500) to Ant Marketing Limited during the year.
The balance due to Mayfield Properties Limited has been netted off against the Directors Loan account. At the balance sheet date the amount due to Mayfield Properties was £nil (2016 - £nil).
Page 14 |
Ant Marketing Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Summary of transactions with other related parties
(A sole trader business of the director A W Hinchliffe)
During the year £98,943 (2016 - £199,000) was invoiced to Ant Marketing Limited for the provision of rent by Mayfield Properties.
During the year payroll costs amounting to £70,306 (2016 - £109,125) was recharged by the company to Mayfield Properties.
During the year number plates amounting to £250,000 (2016 - £197,515) were transferred to the company by Mayfield Properties.
The balance due to Mayfield Properties has been netted off against the Directors Loan account. At the balance sheet date the amount due to Mayfield Properties was £nil (2016 - £nil).
Mayfield Property Assets LLP
(A partnership business of the director A W Hinchliffe)
During the year Mayfield Property Assets LLP made payments of £18,000 (2016 - £nil) to Ant Marketing Limited. Mayfield Property Assets LLP paid expenses of £3,888 (2016 - £nil) for Ant Marketing Limited.
The balance due to Mayfield Property Assets LLP has been netted off against the Directors Loan account. At the balance sheet date the amount due to Mayfield Property Assets LLP was £nil (2016 - £nil).
A W Hinchliffe Pension Scheme
(The personal pension scheme of the director and shareholder A W Hinchliffe)
During the year rent of £nil (2016 - £38,000) was paid to A W Hinchliffe's personal pension scheme. At the balance sheet date the amount due to A W Hinchliffe Pension Scheme was £nil (2016 - £nil).
N Hinchliffe
(Directors daughter)
During the year Natalie Hinchliffe made a loan of £2,512 (2016 - £15,000). Ant Marketing Limited made repayments of £7,120 (2016 - £nil). At the balance sheet date the amount due to N Hinchliffe was £10,392 (2016 - £15,000).
Transition to FRS 102 |
Page 15 |
Ant Marketing Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Balance Sheet at 1 October 2015
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
||||
Intangible assets |
1,161,995 |
- |
- |
1,161,995 |
Tangible assets |
784,162 |
(200,000) |
- |
584,162 |
Investment property |
- |
200,000 |
- |
200,000 |
1,946,157 |
- |
- |
1,946,157 |
|
Current assets |
||||
Debtors |
832,741 |
- |
- |
832,741 |
Cash at bank and in hand |
481 |
- |
- |
481 |
833,222 |
- |
- |
833,222 |
|
Creditors: Amounts falling due within one year |
(1,976,305) |
- |
- |
(1,976,305) |
Net current liabilities |
(1,143,083) |
- |
- |
(1,143,083) |
Total assets less current liabilities |
803,074 |
- |
- |
803,074 |
Creditors: Amounts falling due after more than one year |
(508,614) |
- |
- |
(508,614) |
Provisions for liabilities |
(44,137) |
- |
- |
(44,137) |
Net assets |
250,323 |
- |
- |
250,323 |
Capital and reserves |
||||
Called up share capital |
50,000 |
- |
- |
50,000 |
Profit and loss account |
200,323 |
- |
- |
200,323 |
Total equity |
250,323 |
- |
- |
250,323 |
Page 16 |
Ant Marketing Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Balance Sheet at 30 September 2016
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
||||
Intangible assets |
1,259,512 |
- |
- |
1,259,512 |
Tangible assets |
807,965 |
(200,000) |
- |
607,965 |
Investment property |
- |
200,000 |
- |
200,000 |
2,067,477 |
- |
- |
2,067,477 |
|
Current assets |
||||
Debtors |
1,003,704 |
- |
- |
1,003,704 |
Cash at bank and in hand |
509 |
- |
- |
509 |
1,004,213 |
- |
- |
1,004,213 |
|
Creditors: Amounts falling due within one year |
(2,193,296) |
- |
- |
(2,193,296) |
Net current liabilities |
(1,189,083) |
- |
- |
(1,189,083) |
Total assets less current liabilities |
878,394 |
- |
- |
878,394 |
Creditors: Amounts falling due after more than one year |
(425,205) |
- |
- |
(425,205) |
Provisions for liabilities |
(47,471) |
- |
- |
(47,471) |
Net assets |
405,718 |
- |
- |
405,718 |
Capital and reserves |
||||
Called up share capital |
50,000 |
- |
- |
50,000 |
Profit and loss account |
355,718 |
- |
- |
355,718 |
Total equity |
405,718 |
- |
- |
405,718 |
Page 17 |