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Strategic Report, Director's Report and |
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Financial Statements for the Year Ended 31 March 2022 |
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Ant Marketing Limited |
REGISTERED NUMBER:
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Strategic Report, Director's Report and |
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Financial Statements for the Year Ended 31 March 2022 |
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for |
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Ant Marketing Limited |
Ant Marketing Limited (Registered number: 02547741) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2022 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Director's Report | 5 |
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Report of the Independent Auditors | 8 |
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Income Statement | 11 |
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Other Comprehensive Income | 12 |
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Balance Sheet | 13 |
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Statement of Changes in Equity | 14 |
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Notes to the Financial Statements | 15 |
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Ant Marketing Limited |
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Company Information |
for the Year Ended 31 March 2022 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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INDEPENDENT AUDITORS : |
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Statutory Auditor |
68 Queen Street |
Sheffield |
South Yorkshire |
S1 1WR |
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BANKERS: |
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Sheffield & Rotherham Business Centre |
South Yorkshire Commercial Centre |
Unit 4 Europa Park |
Sheffield |
South Yorkshire |
S9 1XE |
Ant Marketing Limited (Registered number: 02547741) |
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Strategic Report |
for the Year Ended 31 March 2022 |
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The director presents his strategic report for the year ended 31 March 2022. |
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RESULTS AND PERFORMANCE |
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The financial year to March 2022 recorded financial results that were nothing short of extraordinary although performance was enhanced above and beyond the ordinary course of business as we continued to support the Government on several COVID-19 related campaigns. Many of our B2B clients felt the immediate effects of the economy's downturn as a result of the continuing pandemic. We witnessed an emergent decline in revenue in this area but were thankful we could secure jobs across our business with a peak in the pandemic services. |
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Our investment in the company's evolution since 2019 did in fact safeguard our ability to respond and react quickly to the pandemic, deploying a work from home solution for our agents and implementing the necessary and important operation requirements to provide our employees with a safe office environment. Our highly skilled teams delivered performance above and beyond that of many of our competitors and we were proud to be one of the last remaining subcontractors working on the Government campaigns, a true testament to the hard work during these challenging times. |
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As such, whilst many businesses contracted and struggled, Ant Marketing strived to deliver the tough demands of these contracts, being innovative in improving its services, creating operational efficiencies, and employed many people who were furloughed as well as continuing to develop and promote its core workforce. As a result, we were recognised as finalists at both the CCMA awards for Contact Centre of the Year and the Aquis Growing Business Awards in the £25m-£40m category for Growing Business of the Year. |
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KEY FINANCIAL PERFORMANCE INDICATORS |
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2022 | 2021 |
£ | £ |
Turnover | 52,883,981 | 26,739,537 |
Operating profit | 7,223,803 | 5,585,288 |
Net assets | 9,747,347 | 4,030,147 |
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During the 2022 financial year, the company achieved revenues of £52.88m (FY21 £26.74m) which were more than double the budgeted revenues of £20m. Our gross profit percentage fell from 37.3% to 27.1% due to the weighting of lower margin subcontract work for the Government Tier 1 suppliers, where our focus was on service excellence and providing vital services for our community within the budgetary constraints of the taxpayer, as opposed to maximising margin. Saying that, delivering £14.3m gross profit resulted in a £7.2m operating profit before tax (£5.6m FY21), which was £5m higher than budgeted, despite overheads increasing from £4.4m in FY21 to just over £7m in FY22. |
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From a balance sheet perspective, our net assets increased from just over £4m in FY21 to £9.7m in FY22. Most notably, we strengthened our tangible asset base from £1.2m in FY21 to £4m in FY22, concluding our acquisition and development of the new flagship site on Church Street in Sheffield and investing a further £895k in plant and machinery (namely IT software and hardware). Furthermore, our current assets increased whilst we have decreased our short-term borrowing and we reduced our creditor days, supporting our suppliers. Long term debt increased due to securing a new long-term loan from HSBC, who supported us financially in the acquisition of the offices at Church Street. |
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Whilst our 2022 financial performance was nothing short of exceptional, there is no room for complacency and we recognise that we must work very hard for the next two years to continue with our overarching five year plan. Our focus remains firmly on being the number one partner of choice in the contact centre industry, recognised for our agility, flexibility and results driven performance. Our longer-term strategy of continuing to build a sustainable, profitable business and investing in our employees and our operational proposition is un-wavered. |
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Ant Marketing Limited (Registered number: 02547741) |
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Strategic Report |
for the Year Ended 31 March 2022 |
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The 2023 financial year will no doubt be challenging, it is filled with uncertainty for clients past, present and future due to the economic turmoil of rising interest rates, inflation, the cost of living crisis driving demand for higher salaries, the Ukraine-Russia war and the rising cost of energy and a forecast decline in growth across many sectors in all countries. Government and fiscal policies have also been tightened creating a knock-on effect for all businesses and we can't ignore the forecast outlook of global GDP growth expecting to top out at 2.2% in 2023 (Morgan Stanley). With this in mind, we have decided to take a prudent view of the forthcoming financial year when considering our forecast financial performance. |
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The dedication and hard work of all our employees during these extraordinary times has truly transformed the business and our focus for this coming year is to grow existing client relationships and win new clients utilising our bespoke case studies and employee specialist knowledge and experience to set our brand aside from the competition. Our operational team are delivering dynamic solutions using talent and cutting-edge technology which is setting us apart in our marketplace and affording our sales team to be bold and confident in our offer to market. |
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The business will face new challenges in this turbulent economic climate and there is a high degree of uncertainty. Whilst we would like to forecast revenues in line with FY22, prudently, we must acknowledge reality and therefore have projected temporary reduction in revenue as the wider economy battles with stability and we are highly likely to be impacted by this directly given the sectors in which we operate. The aim is to maintain as many existing clients as possible, attract new business to secure as many jobs as possible, rationalise the overhead base where required and pause investment activities. Even with these strategic objectives, we recognise there may be a downward trend in profitability in FY23. However, our focus is on retaining talent and expertise in preparation for future growth to ensure our clients benefit from the experience of tenured talent in the business. |
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Stability is the primary agenda for 2023, with a longer term view of continued growth in 2024 and beyond. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
Beyond the specific areas of risk and uncertainty identified above, the company continues to face the following key business risks and uncertainties: |
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Operating risk - associated with the delivery of contract centre services; this is mitigated via the clear definition of services and service level criteria when contracting with clients and regular reporting, review and action on operational key performance indicators. |
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Financial risk - extending credit to end-clients; this is mitigated by credit assessment of prospective clients on engagement, on-going credit checks of all clients, aged debtor reporting and review, and the restriction of credit terms and advance funding where deemed necessary. |
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People risk - recruitment of staff, in order to meet ramp up plans for new clients and to resource for the activity peaks in winter for the company's retail clients. Similarly, retaining talent and improving our employee engagement and attrition statistics. The business will act accordingly to mitigate any future impact via continued flexible and home working, enhanced employee benefits and by continuing positive engagement with its range of blue chip customers. |
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Working capital risk - maintaining adequate working capital and accessing appropriately structured funding is fundamental to operating the business; cash flow is assessed on a monthly basis, and detailed business forecasts are updated monthly, including review of covenants for funding. |
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Ant Marketing Limited (Registered number: 02547741) |
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Strategic Report |
for the Year Ended 31 March 2022 |
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FUTURE DEVELOPMENTS |
We are seeking to continue to diversify our client base and our service offering staying at the cutting edge of customer service and sales related activities in core sectors in which we have excelled. Given the specialisms Ant Marketing has developed, we are reaching out to these sectors with enhanced vigour providing demonstrable evidence of how partnering with Ant Marketing can have a material, beneficial impact on service levels and business performance. |
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We will vacate our Sheaf Quay premises having taken full occupation of Church Street which will reduce our overheads and ensure a favourably enhanced working environment for the employees with fun and relaxing break out areas for greater well-being and mindset. |
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We also continue to strive for excellence in all areas of diversity, equality and disability - supporting and encouraging equal opportunities for all across our business, this was reflected in being chosen as a finalist for the Aquis Growing Business Awards, Diversity and Inclusion Champion. |
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ON BEHALF OF THE BOARD: |
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Ant Marketing Limited (Registered number: 02547741) |
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Director's Report |
for the Year Ended 31 March 2022 |
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The director presents his report with the financial statements of the company for the year ended 31 March 2022. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the provision of telesales and call centre based marketing activities. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2022. |
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DIRECTOR |
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POLITICAL DONATIONS AND EXPENDITURE |
During the year the company made no political donations |
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EMPLOYMENT OF DISABLED PERSONS |
It is the policy of the company that individuals with disabilities, whether registered or not, should receive full and fair consideration for all job vacancies for which they are suitable applicants. |
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Employees who become disabled during their working life will be retrained in employment wherever possible and will be given help with any necessary rehabilitation or retraining. |
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Ant Marketing Limited (Registered number: 02547741) |
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Director's Report |
for the Year Ended 31 March 2022 |
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GOING CONCERN |
There is no material uncertainty that would cast doubt on the company's ability to continue as a going concern. Our conclusion has been reached based on the following assessment:- |
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There are no ongoing risks to our operations despite a challenging FY23 as the company started to rebuild the commercial and corporate client book which was materially impacted during the previous two years due to macro-economic factors including Brexit and Covid-19. Our strategy to protect business operations supporting and focusing on healthcare and retail served the business well in FY21 and FY22, but was this was a short term focus to secure jobs in the longer term. In FY23, we utilised our cash reserves and invested further to retain talent and expertise in the business at our own cost to ensure we were best placed to win new business. We have seen a slow rebuild of the corporate and commercial markets post the peak of demand from Tier 1 suppliers in our industry which resulted in a temporary decline in revenue. The Director took the decision to retain key staff and carry these costs knowing this was an impermanent position. The business also invested in experienced and tenured salespeople in FY23 to focus on growth in our core markets and significant strides have been made in that regard, with a strong secured order book and corresponding enhanced levels of revenue and profitability forecast for FY24. |
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There are no financial difficulties or concerns. Our incumbent bank, HSBC, continue to support the business with a term loan, which is split between fixed and floating interest loans, with the floating interest loan being repaid from a capital perspective. E-Capital (formally Advantage Commercial Finance) also continue to support the business with a working capital facility. There are no macro-economic financial risks that we deem as material to the business. Intercompany loans between the Mayfield Property companies are reducing month on month, albeit we noted some slowing in the property refinance market which we have factored into our projections. |
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We continue to invest in:- |
- Training our employees; |
- Increasing our rates of pay to real living wage for our employees; |
- Promoting and increasing our salaries for team manager and other roles through to the senior team; |
- Increasing salary bandings and creating new roles to support the demands of our clients, ensuring they are competitive in the marketplace; |
- Introducing new employee incentives and improving our working environment; and |
- Our IT platforms, cyber security and internal auditing processes. |
- Capital expenditure has been deployed in creative an inviting, modern workplace at our flagship Church Street premises and ensuring we have sufficient technology and hardware for our employees to continue to deliver successful work from home roles, offering flexibility to our employees and cost-effective services for our clients. The capital expenditure and overheads sustained in the profit and loss account in FY23 were higher than projected due to macro-economic factors pertaining to the cost of raw materials and goods. The business had cash reserves to support this. Looking towards FY24, we have sought to reduce both our capital expenditure and overheads in relation to property having vacated our Sheaf Quay site midway through the FY23 year and fully relocating to Church Street which has doubled our capacity. |
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In making our assessment, we have considered a period of at least 12 months from the date of approval of these financial statements. |
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Ant Marketing Limited (Registered number: 02547741) |
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Director's Report |
for the Year Ended 31 March 2022 |
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STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations. |
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Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, Landin Wilcock & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Ant Marketing Limited |
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Opinion |
We have audited the financial statements of Ant Marketing Limited (the 'company') for the year ended 31 March 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2022 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
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Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Director's Report, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Ant Marketing Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page seven, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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- minimal reliance was placed upon the operating effectiveness of internal controls in the design and performance of our substantive procedures; |
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- discussions were held with management considering known or suspected non-compliance with laws, regulations and fraud; |
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- journal entries were reviewed for any entries made outside the ordinary reporting processes with particular emphasis on those with unusual account combinations, entries crediting revenue and those without specific descriptions; |
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- management assumptions in their significant accounting estimates were challenged and scrutinised. |
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There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Ant Marketing Limited |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Statutory Auditor |
68 Queen Street |
Sheffield |
South Yorkshire |
S1 1WR |
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Ant Marketing Limited (Registered number: 02547741) |
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Income Statement |
for the Year Ended 31 March 2022 |
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31/3/22 | 31/3/21 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses | ( |
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7,068,497 | 5,569,375 |
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Other operating income |
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OPERATING PROFIT | 5 |
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Interest receivable and similar income |
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7,223,957 | 5,585,346 |
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Interest payable and similar expenses | 6 | ( |
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PROFIT BEFORE TAXATION |
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Tax on profit | 7 | ( |
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PROFIT FOR THE FINANCIAL YEAR |
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Ant Marketing Limited (Registered number: 02547741) |
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Other Comprehensive Income |
for the Year Ended 31 March 2022 |
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31/3/22 | 31/3/21 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR |
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Ant Marketing Limited (Registered number: 02547741) |
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Balance Sheet |
31 March 2022 |
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31/3/22 | 31/3/21 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
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Tangible assets | 10 |
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Investments | 11 |
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Investment property | 12 |
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CURRENT ASSETS |
Debtors | 13 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 14 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
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15 |
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PROVISIONS FOR LIABILITIES | 19 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 20 |
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Retained earnings | 21 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the director and authorised for issue on
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Ant Marketing Limited (Registered number: 02547741) |
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Statement of Changes in Equity |
for the Year Ended 31 March 2022 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 April 2020 |
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Changes in equity |
Increase in share capital | 450,000 | - | 450,000 |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 March 2021 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 March 2022 |
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Ant Marketing Limited (Registered number: 02547741) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2022 |
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1. | STATUTORY INFORMATION |
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Ant Marketing Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Revenue is recognised in the period which the services were rendered. |
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Goodwill |
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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 end. Goodwill is amortised over its useful life. Goodwill is subject to annual impairment review by the director and senior management. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Cherished number plates are deemed to have an infinite life. If there is an indication of impairment then the company would carry out an impairment review. |
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Website development costs are amortised over their estimated useful lives of five years. |
Ant Marketing Limited (Registered number: 02547741) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Freehold property | - |
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Long leasehold | - |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Tangible fixed assets are initially measured at cost. Subsequently, they are measured at cost less accumulated depreciation and impairment losses. |
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Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Ant Marketing Limited (Registered number: 02547741) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
|
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
|
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
|
Fixed asset investments |
Fixed asset investments are measured at fair value and determined annually by internal valuers. Changes in fair value are recognised in profit or loss. |
|
3. | KEY SOURCES OF ESTIMATION UNCERTAINTY |
|
Goodwill is a material balance within the financial statements that is subject to estimation uncertainty. The director and senior management review the goodwill valuation on an annual basis. The basis of the review is to examine future earnings of the company over the amortisation period, discounted to a present value. If the discounted earnings are less than the goodwill valuation, an impairment loss is recognised. Goodwill is not revalued in the event that discounted earnings exceed the original valuation. |
|
Determination of the future earnings of the company is based upon detailed forecasts prepared by senior management. The main underlying assumption is that the earnings in the period between the balance sheet date and the date of approval of the financial statements will continue throughout the amortisation period adjusted for any known temporary peaks or troughs in earnings. |
|
Following the review in the current year, the director believes that the goodwill is not impaired. |
|
The carrying value of the goodwill subject to estimation uncertainty is £500,000 (2021 - £600,000). |
|
4. | EMPLOYEES AND DIRECTORS |
31/3/22 | 31/3/21 |
£ | £ |
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
|
|
|
The average number of employees during the year was as follows: |
31/3/22 | 31/3/21 |
|
Operators and administrative staff | 1,405 | 455 |
Directors | 1 | 1 |
|
|
Ant Marketing Limited (Registered number: 02547741) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
|
|
4. | EMPLOYEES AND DIRECTORS - continued |
|
31/3/22 | 31/3/21 |
£ | £ |
Director's remuneration |
|
|
|
5. | OPERATING PROFIT |
|
The operating profit is stated after charging: |
|
31/3/22 | 31/3/21 |
£ | £ |
Hire of plant and machinery |
|
|
Other operating leases |
|
|
Depreciation - owned assets |
|
|
Depreciation - assets on hire purchase contracts and finance leases |
|
|
Loss on disposal of fixed assets |
|
|
Goodwill amortisation |
|
|
Computer software amortisation |
|
|
Auditors' remuneration |
|
|
Foreign exchange differences |
|
|
|
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31/3/22 | 31/3/21 |
£ | £ |
Bank loan interest |
|
|
Other interest |
|
|
Loan |
|
|
Surcharges and penalties |
|
|
Hire purchase |
|
|
Leasing |
|
|
|
|
|
7. | TAXATION |
|
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31/3/22 | 31/3/21 |
£ | £ |
Current tax: |
UK corporation tax |
|
|
|
Deferred tax |
|
|
Tax on profit |
|
|
Ant Marketing Limited (Registered number: 02547741) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
|
|
7. | TAXATION - continued |
|
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
|
31/3/22 | 31/3/21 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
|
|
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Depreciation in excess of capital allowances |
|
|
Change in tax rates | 78,245 | - |
Group relief | (26,119 | ) | - |
Previously unrecognised deferred tax asset | - | (155,701 | ) |
Total tax charge | 1,439,949 | 898,971 |
|
8. | DIVIDENDS |
31/3/22 | 31/3/21 |
£ | £ |
Ordinary shares of £1 each |
Interim |
|
|
|
9. | INTANGIBLE FIXED ASSETS |
Patents |
and | Computer |
Goodwill | licences | software | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2021 |
|
|
|
|
Additions |
|
|
|
|
At 31 March 2022 |
|
|
|
|
AMORTISATION |
At 1 April 2021 |
|
|
|
|
Amortisation for year |
|
|
|
|
At 31 March 2022 |
|
|
|
|
NET BOOK VALUE |
At 31 March 2022 |
|
|
|
|
At 31 March 2021 |
|
|
|
|
Ant Marketing Limited (Registered number: 02547741) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
|
|
9. | INTANGIBLE FIXED ASSETS - continued |
|
Cost or valuation at 31 March 2022 is represented by: |
|
Patents |
and | Computer |
Goodwill | licences | software | Totals |
£ | £ | £ | £ |
Valuation in 2021 | - | (52,325 | ) | - | (52,325 | ) |
Cost | 2,000,000 | 380,801 | 15,485 | 2,396,286 |
2,000,000 | 328,476 | 15,485 | 2,343,961 |
|
10. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | Long | to |
property | leasehold | property |
£ | £ | £ |
COST |
At 1 April 2021 |
|
|
|
Additions |
|
|
|
Disposals |
|
|
( |
) |
At 31 March 2022 |
|
|
|
DEPRECIATION |
At 1 April 2021 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
|
( |
) |
At 31 March 2022 |
|
|
|
NET BOOK VALUE |
At 31 March 2022 |
|
|
|
At 31 March 2021 |
|
|
|
Ant Marketing Limited (Registered number: 02547741) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
|
|
10. | TANGIBLE FIXED ASSETS - continued |
|
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2021 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
|
( |
) |
|
( |
) |
At 31 March 2022 |
|
|
|
|
DEPRECIATION |
At 1 April 2021 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal |
|
( |
) |
|
( |
) |
At 31 March 2022 |
|
|
|
|
NET BOOK VALUE |
At 31 March 2022 |
|
|
|
|
At 31 March 2021 |
|
|
|
|
|
Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows: |
Improvements |
to | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2021 |
|
|
|
|
Additions |
|
|
|
|
Transfer to ownership | - | - | (145,167 | ) | (145,167 | ) |
At 31 March 2022 |
|
|
|
|
DEPRECIATION |
At 1 April 2021 |
|
|
|
|
Charge for year |
|
|
|
|
Transfer to ownership | - | - | (90,091 | ) | (90,091 | ) |
At 31 March 2022 |
|
|
|
|
NET BOOK VALUE |
At 31 March 2022 |
|
|
|
|
At 31 March 2021 |
|
|
|
|
Ant Marketing Limited (Registered number: 02547741) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
|
|
11. | FIXED ASSET INVESTMENTS |
|
Investments (neither listed nor unlisted) were as follows: |
31/3/22 | 31/3/21 |
£ | £ |
Paintings | 33,375 | 33,375 |
Classic motor vehicles | 150,000 | 150,000 |
183,375 | 183,375 |
|
12. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
|
At 31 March 2022 |
|
NET BOOK VALUE |
At 31 March 2022 |
|
|
The investment properties acquired by the company were done so close to the balance sheet date and as such cost is considered to be a suitable measure of their fair valuation for the current year. |
|
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/22 | 31/3/21 |
£ | £ |
Trade debtors |
|
|
Bad debt provision | - | (6,541 | ) |
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Directors' current accounts | 1,367,993 | - |
Prepayments and accrued income |
|
|
|
|
Ant Marketing Limited (Registered number: 02547741) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
|
|
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/22 | 31/3/21 |
£ | £ |
Bank loans and overdrafts (see note 16) |
|
|
Other loans (see note 16) |
|
|
Hire purchase contracts and finance leases (see note 17) |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Tax |
|
|
Social security and other taxes |
|
|
VAT | 1,406,865 | 1,238,342 |
Other creditors |
|
|
Wages and pensions | 1,378,956 | 366,956 |
Ant Protect Limited | 111,010 | 97,341 |
Invoice financing | 276,587 | 511,874 |
Directors' current accounts | - | 22,712 |
Accruals and deferred income |
|
|
|
|
|
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/3/22 | 31/3/21 |
£ | £ |
Bank loans (see note 16) |
|
|
Other loans (see note 16) |
|
|
Hire purchase contracts and finance leases (see note 17) |
|
|
|
|
|
16. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
31/3/22 | 31/3/21 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
|
|
Credit cards and other loans |
|
|
|
|
|
Amounts falling due between one and two years: |
Other loans - 1-2 years | 68,091 |
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
Other loans - 2-5 years |
|
|
|
|
Ant Marketing Limited (Registered number: 02547741) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
|
|
17. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts | Finance leases |
31/3/22 | 31/3/21 | 31/3/22 | 31/3/21 |
£ | £ | £ | £ |
Net obligations repayable: |
Within one year |
|
|
|
|
Between one and five years |
|
|
|
|
|
|
|
|
|
18. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
31/3/22 | 31/3/21 |
£ | £ |
Bank loans |
|
|
Hire purchase contracts and finance leases | 147,196 | 133,469 |
Credit cards and other loans | 135,689 | 206,692 |
Invoice financing | 276,587 | 511,874 |
|
|
|
Bank loans and overdrafts are secured by fixed and floating charges over the company's assets. |
|
Hire purchase liabilities are secured by the asset to which the agreements relate. |
|
Other loans are secured through guarantees by the director, A Hinchliffe. Some loans are also secured by Ant Protect Limited, an entity under the control of director A Hinchliffe; and group companies, Mayfield Properties Limited and Mayfield Property Assets LLP. |
|
19. | PROVISIONS FOR LIABILITIES |
31/3/22 | 31/3/21 |
£ | £ |
Deferred tax | 326,020 | 135,843 |
|
Deferred |
tax |
£ |
Balance at 1 April 2021 |
|
Charge to Income Statement during year |
|
Balance at 31 March 2022 |
|
Ant Marketing Limited (Registered number: 02547741) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
|
|
20. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/3/22 | 31/3/21 |
value: | £ | £ |
|
Ordinary | £1 | 500,000 | 500,000 |
|
21. | RESERVES |
Retained |
earnings |
£ |
|
At 1 April 2021 |
|
Profit for the year |
|
At 31 March 2022 |
|
|
Retained earnings represent the accumulated profits of the company net of accumulated losses, transfers and equity dividends. |
|
22. | OTHER FINANCIAL COMMITMENTS |
|
The total of other financial commitments not included in the balance sheet is £nil (2021 - £104,178). |
|
23. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021: |
|
31/3/22 | 31/3/21 |
£ | £ |
|
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
|
|
Amounts repaid |
|
|
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
( |
) |
|
24. | RELATED PARTY DISCLOSURES |
|
|
31/3/22 | 31/3/21 |
£ | £ |
Income recharged |
|
|
Expenses recharged |
|
|
Transfers to/(from) | (66,933 | ) | - |
Amount due from related party |
|
|
Amount due to related party |
|
|
|
|
Ant Marketing Limited (Registered number: 02547741) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
|
|
25. | ULTIMATE CONTROLLING PARTY |
|
The controlling party is Mayfield Properties Limited. |
|
The ultimate controlling party is
|
|
The company is a wholly owned subsidiary of Mayfield Properties Limited. |
|
The name of the parent undertaking of the smallest group of undertakings for which group accounts are prepared is Mayfield Property Assets LLP. These financial statements are available on request from Antenna House, St Mary's Gate, Sheffield, S2 4QA. |
|
Director A Hinchliffe is the ultimate controlling party by virtue of his controlling interest in Mayfield Property Assets LLP. |