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Director's Report and |
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Financial Statements for the Year Ended 31 March 2020 |
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Ant Marketing Limited |
REGISTERED NUMBER:
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Director's Report and |
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Financial Statements for the Year Ended 31 March 2020 |
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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 2020 |
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Company Information | 1 |
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Director's Report | 2 |
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Balance Sheet | 5 |
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Notes to the Financial Statements | 7 |
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Ant Marketing Limited |
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Company Information |
for the Year Ended 31 March 2020 |
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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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Director's Report |
for the Year Ended 31 March 2020 |
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The director presents his report with the financial statements of the company for the year ended 31 March 2020. |
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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 2020. |
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RESEARCH AND DEVELOPMENT |
During the year the company continued to invest in Research and Development in respect of a new software platform to gain a competitive advantage within the industry. |
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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 2020 |
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DIRECTOR'S STRATEGIC REPORT |
Ant Marketing concluded the 2020 financial year at the halfway point on its five-year evolutionary journey in becoming one of the leading customer experience centres in the UK. Whilst market conditions remained challenging, and Brexit uncertainty still lingered, the directors remained stalwart in their plans and continued investing in the business evolution. As a result, from both an operational and financial viewpoint our 2020 trading results exceeded both our budget and managements' expectation. |
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In our previous report, we stated Ant Marketing's continued investment plans would be focused towards adding depth to its employee infrastructure, up skilling its workforce and create highly flexible IT solutions with greater analytical competencies to expand our services and help position the company with a more dynamic, competitive edge. By building on our workforce optimisation strategy, it has enabled us to provide a more personal experience for our clients and offering a level of agility and flexibility some of our competitors struggle with. |
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Operating with greater strategic intent and multilevel collaboration from the call floor to the boardroom, we continue to secure longer term contracts and increased annual spend from our core customers representing local, national and international brands. Similarly, promoting ourselves as an energetic, responsive and collaborative partner of choice has won and embedded new clients during the year that we expect to form long lasting relationships with. We are proud to remain a trusted, reputable partner known for our integrity and results. |
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In terms of financial performance, Ant Marketing budgeted revenues of £6.6million and to break even on a pre-tax profit level in 2020. The business achieved actual revenue growth of 64.7% for the comparative 12 months period, delivering revenues of £7.9 million. The gross profit increased by 50% to £2.8m however the margin decreased slightly to 34.9% due to the increased cost of direct wages as we strengthened our quality and reporting standards through investment in software, analytics and upskilling our employees. |
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The pre-tax profit of £31,508 compared to a six-figure loss in the prior year also exceed budget despite an increase in wages of over £100,000 as we continue to invest in talented people and strengthen our teams through development and training. |
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As a result of the audit in 2020, we took the opportunity to revalue the intangible, fixed and current asset classes, which subsequently reduced the net assets of the restated 2019 balance as at 31 March sheet in excess of £330,000. As a result, despite the small profit, at the year end the balance sheet as at 31 March 2020 had a negative net asset position of (£294,079). |
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At the time of writing, we are some way into the COVID-19 pandemic adding an additional layer of complexity to the unknown impacts of Brexit. Due to the changes Ant Marketing made over the course of the prior year, we were well placed to act quickly and re-establish operations in a covid-friendly environment to protect our workers. The level of profits we had started to achieve in Q4 of 2020 continued and by the end of May 2020, performance was such that the balance sheet position was positive. |
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The longer terms strategy continues to be that of sustainable, profitable growth and enhancement of shareholder value. For the financial year to 31 March 2021, we have challenged ourselves with higher goals and have budgeted target revenues of £12 million and a pre-tax position of £1.5million with net assets of £1 million. |
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Ant Marketing Limited (Registered number: 02547741) |
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Director's Report |
for the Year Ended 31 March 2020 |
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STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing 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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Ant Marketing Limited (Registered number: 02547741) |
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Balance Sheet |
31 March 2020 |
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31/3/20 | 31/3/19 |
as | restated |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
9 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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Ant Marketing Limited (Registered number: 02547741) |
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Balance Sheet - continued |
31 March 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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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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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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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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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. |
Ant Marketing Limited (Registered number: 02547741) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Tangible fixed assets |
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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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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. |
Ant Marketing Limited (Registered number: 02547741) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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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. |
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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. |
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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. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Ant Marketing Limited (Registered number: 02547741) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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4. | INTANGIBLE FIXED ASSETS |
Patents |
and | Computer |
Goodwill | licences | software | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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AMORTISATION |
At 1 April 2019 |
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Amortisation for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2019 |
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Additions |
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Disposals |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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Ant Marketing Limited (Registered number: 02547741) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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5. | TANGIBLE FIXED ASSETS - continued |
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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 2019 |
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Additions |
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Disposals |
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Transfer to ownership | - | - | (66,330 | ) | (66,330 | ) |
At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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Eliminated on disposal |
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Transfer to ownership | - | - | (53,919 | ) | (53,919 | ) |
At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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6. | FIXED ASSET INVESTMENTS |
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Investments (neither listed nor unlisted) were as follows: |
31/3/20 | 31/3/19 |
as | restated |
£ | £ |
Paintings | 33,375 | 33,375 |
Classic motor vehicles | 150,000 | 150,000 |
183,375 | 183,375 |
Ant Marketing Limited (Registered number: 02547741) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/20 | 31/3/19 |
as | restated |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/20 | 31/3/19 |
as | restated |
£ | £ |
Bank loans and overdrafts |
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Credit cards and other loans |
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Hire purchase contracts and finance leases |
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Trade creditors |
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Social security and other taxes |
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VAT | 720,763 | 151,804 |
Other creditors |
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Wages and pensions | 526,148 | 221,562 |
Ant Protect Limited | 1,914 | 30,848 |
Mayfield Properties Limited | - | 140,383 |
Invoice financing | 311,481 | - |
Directors' current accounts | 248,317 | 81,918 |
Accruals and deferred income |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/3/20 | 31/3/19 |
as | restated |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Other loans - 1-2 years | 125,176 | 70,668 |
Other loans - 2-5 years | 198,857 | 113,343 |
Hire purchase contracts and finance leases |
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Ant Marketing Limited (Registered number: 02547741) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31/3/20 | 31/3/19 |
as | restated |
£ | £ |
Bank overdraft |
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Bank loans |
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Hire purchase contracts and finance leases | 335,233 | 377,040 |
Credit cards and other loans | 603,204 | 387,773 |
Invoice financing | 311,481 | - |
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Bank loans and overdrafts are secured by fixed and floating charges over the company's assets. |
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Hire purchase liabilities are secured by the asset to which the agreements relate. |
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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. |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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12. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the year ended 31 March 2020 and the period ended 31 March 2019: |
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31/3/20 | 31/3/19 |
as | restated |
£ | £ |
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Balance outstanding at start of year | ( |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
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Ant Marketing Limited (Registered number: 02547741) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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13. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Mayfield Properties Limited. |
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The ultimate controlling party is
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The company is a wholly owned subsidiary of Mayfield Properties Limited. |
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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. |
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Director A Hinchliffe is the ultimate controlling party by virtue of his controlling interest in Mayfield Property Assets LLP. |