Company registration number 02553993 (England and Wales)
INFOMEDIA SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
INFOMEDIA SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 11
INFOMEDIA SERVICES LIMITED
BALANCE SHEET
AS AT 30 DECEMBER 2022
30 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
8
13,275
Tangible assets
9
11,659
5,996
24,934
5,996
Current assets
Debtors
10
3,887,483
3,413,268
Cash at bank and in hand
1,201,107
749,989
5,088,590
4,163,257
Creditors: amounts falling due within one year
11
(5,197,453)
(4,390,211)
Net current liabilities
(108,863)
(226,954)
Total assets less current liabilities
(83,929)
(220,958)
Capital and reserves
Called up share capital
2
2
Share premium account
12
378,000
378,000
Profit and loss reserves
(461,931)
(598,960)
Total equity
(83,929)
(220,958)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 September 2023 and are signed on its behalf by:
Mr J Dowdall
Mr M Robinson
Director for and onbehalf of IMSH Limited
Director
Company Registration No. 02553993
The notes on pages 11 to 23 form part of these financial statements.
INFOMEDIA SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 DECEMBER 2022
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Year ended 30 December 2020
2
378,000
(846,783)
(468,781)
Year ended 30 December 2021:
Profit and total comprehensive income for the year
-
-
247,823
247,823
Balance at 30 December 2021
2
378,000
(598,960)
(220,958)
Year ended 30 December 2022:
Profit and total comprehensive income for the year
-
-
137,029
137,029
Balance at 30 December 2022
2
378,000
(461,931)
(83,929)
The notes on pages 11 to 21 form part of these financial statements.
INFOMEDIA SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Infomedia Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 The Stableyard, Holdenby House, Holdenby, Northamptonshire, United Kingdom, NN6 8DJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared to the 30 December 2022, but the accounting reference period is until the 31 December 2022. This is allowable per Section 390 of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 3 'Financial statement Presentation' Paragraph 3.17(d).
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of IMSH Limited. These consolidated financial statements are available from its registered office, 1, the Stableyard, Holdenby House, Holdenby, Northamptonshire NN6 8DJ.
1.2
Going concern
On 18th August 2023 the Group entered into a facility amendment agreement to extend the term of the loan to 8th January 2025.
The directors have prepared forecast profit and loss, balance sheet and cash flows for the period to December 2024 which demonstrate that with the refinancing of the business it is able to meet its projected obligations for a period of at least 12 months from the date these financial statements have been authorised. The forecasts are based upon projected End User Spend predominantly in consumer markets through both existing and future acquisition of carrier channels against known historic activity levels.
Taking the above into consideration, the Directors have concluded that it is appropriate to prepare the financial statements on the going concern basis.
INFOMEDIA SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.3
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue linked to end user activity is recognised based on the revenue share payment payable from the carrier to the company in the period in which the associated end user transact ion occurs.
The proportion of the revenue share payment which is payable to the merchant providing the content to the end user is recognised as an expense in cost of sales in the period in which the associated end user transactions occurs.
1.4
Intangible fixed assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognized so as to write off the cost or valuation of assets less their residual values over their useful lives. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Computer software
20% straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment
25% on straight line
Fixtures and fittings
25% on straight line
Computer equipment
25% on straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
INFOMEDIA SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
INFOMEDIA SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Revenue Recognition
Determine whether the risks and rewards of ownership have transferred from the company to the customer for direct carrier billing services, at which point revenue is recognised.
INFOMEDIA SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
2
Judgements and key sources of estimation uncertainty
(Continued)
- 7 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Recoverability of amounts owed by group undertakings
There is estimation uncertainty involved in assessing whether amounts due from group undertakings are free from impairment. Based on the expected future profitability of the Group, management have concluded that such balances are recoverable in full. The carrying value of amounts due from group undertakings are included within note 10.
3
Turnover and other revenue
2022
2021
£
£
Turnover analysed by geographical market
United Kingdom
2,054,419
2,431,432
Rest of the World
14,687,717
7,597,721
16,742,136
10,029,153
2022
2021
£
£
Other revenue
Interest income
52
1
Grants received
84,233
4
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
20,500
17,000
For other services
All other non-audit services
2,500
2,500
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Sales, operations and administrative staff
15
14
Directors
1
1
Total
16
15
INFOMEDIA SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
- 8 -
6
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
114,875
134,400
Company pension contributions to defined contribution schemes
5,125
6,375
120,000
140,775
7
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
52
1
8
Intangible fixed assets
Computer software
Patents
Total
£
£
£
Cost
At 31 December 2021
218,743
218,743
Additions
13,500
13,500
Disposals
(218,743)
(218,743)
At 30 December 2022
13,500
13,500
Amortisation and impairment
At 31 December 2021
218,743
218,743
Amortisation charged for the year
225
225
Disposals
(218,743)
(218,743)
At 30 December 2022
225
225
Carrying amount
At 30 December 2022
13,275
13,275
At 30 December 2021
INFOMEDIA SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
- 9 -
9
Tangible fixed assets
Office equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 31 December 2021
4,065
22,570
16,346
42,981
Additions
1,702
8,269
9,971
At 30 December 2022
4,065
24,272
24,615
52,952
Depreciation and impairment
At 31 December 2021
3,923
22,121
10,941
36,985
Depreciation charged in the year
100
368
3,840
4,308
At 30 December 2022
4,023
22,489
14,781
41,293
Carrying amount
At 30 December 2022
42
1,783
9,834
11,659
At 30 December 2021
142
449
5,405
5,996
10
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,977,163
995,379
Amounts owed by group undertakings
1,115,847
1,115,848
Amounts owed by related parties
13,680
44,765
Other debtors
12,417
137,805
Prepayments and accrued income
662,286
1,052,034
3,781,393
3,345,831
Deferred tax asset
106,090
67,437
3,887,483
3,413,268
11
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
4,508,286
2,223,564
Amounts owed to related parties
-
971,118
Taxation and social security
25,229
20,563
Other creditors
6,110
5,312
Accruals and deferred income
657,828
1,169,654
5,197,453
4,390,211
INFOMEDIA SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
- 10 -
12
Reserves
The company's Capital and reserves are as follows:
Called up share capital
Called up share capital represents the nominal value of the shares issued.
Share Premium
The share premium account includes the premium on issue of equity shares, net of any issue costs.
Profit and loss account
The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mr Mitesh Thakrar
Statutory Auditor:
Azets Audit Services
14
Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to fund and amounted to £34,431 (2021 - £37,754). Contributions totalling £4,291 (2021 - £5,312) were payable to the fund at the balance sheet date.
15
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2022
2021
£
£
Within one year
20,000
55,000
Between two and five years
37,664
57,664
55,000
INFOMEDIA SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
- 11 -
16
Related party transactions
Transactions with related parties
Rent of £41,250 (2021 - £41,250) was charged by Infomedia Services Directors' Retirement Scheme, a Pension Fund Trust with one director also being the trustee. At the year end £nil (2021 - £33,000) was outstanding and included within creditors.
Recharges of rent and other costs of £nil (2021 - £25,200) were charged during the year to Humley Limited, a company related through common ownership. At the year end £13,860 (2021 - £26,880) was outstanding and included within debtors.
Franella Associates Limited, a company owned by James Dowdall had transactions with Infomedia Services Limited for consultancy costs totalling £7,215. (2021 - £3,972)
17
Ultimate controlling party
The company's parent undertaking is Companionem Limited. The ultimate parent company is IMSH Limited. The registered address of the parent and ultimate undertaking is 1, the Stableyard, Holdenby House, Holdenby, Northamptonshire NN6 8DJ. IMSH Limited is the parent undertaking of the largest and smallest group for which consolidated financial statements are prepared. Consolidated accounts are available from Companies House,
The ultimate controlling party is Beechbrook UK SME Credit I GP LP. The controlling party held a 66% share holding at the year end date.
2022-12-302021-12-31false18 September 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedIMSH LimitedMr M R RobinsonMr. M G Tomlins025539932021-12-312022-12-30025539932022-12-3002553993core:OtherResidualIntangibleAssets2022-12-3002553993core:OtherResidualIntangibleAssets2021-12-3002553993core:ComputerSoftware2022-12-3002553993core:PatentsTrademarksLicencesConcessionsSimilar2022-12-3002553993core:ComputerSoftware2021-12-3002553993core:PatentsTrademarksLicencesConcessionsSimilar2021-12-30025539932021-12-3002553993core:PlantMachinery2022-12-3002553993core:FurnitureFittings2022-12-3002553993core:ComputerEquipment2022-12-3002553993core:PlantMachinery2021-12-3002553993core:FurnitureFittings2021-12-3002553993core:ComputerEquipment2021-12-3002553993core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3002553993core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3002553993core:ShareCapital2022-12-3002553993core:ShareCapital2021-12-3002553993core:SharePremium2022-12-3002553993core:SharePremium2021-12-3002553993core:RetainedEarningsAccumulatedLosses2022-12-3002553993core:RetainedEarningsAccumulatedLosses2021-12-3002553993core:ShareCapital2020-12-3002553993core:SharePremium2020-12-3002553993core:RetainedEarningsAccumulatedLosses2020-12-30025539932020-12-3002553993bus:Director22021-12-312022-12-3002553993core:RetainedEarningsAccumulatedLosses2020-12-312021-12-30025539932020-12-312021-12-3002553993core:RetainedEarningsAccumulatedLosses2021-12-312022-12-3002553993core:IntangibleAssetsOtherThanGoodwill2021-12-312022-12-3002553993core:ComputerSoftware2021-12-312022-12-3002553993core:FurnitureFittings2021-12-312022-12-3002553993core:ComputerEquipment2021-12-312022-12-3002553993core:ComputerSoftware2021-12-3002553993core:PatentsTrademarksLicencesConcessionsSimilar2021-12-30025539932021-12-3002553993core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssets2021-12-312022-12-3002553993core:PatentsTrademarksLicencesConcessionsSimilarcore:ExternallyAcquiredIntangibleAssets2021-12-312022-12-3002553993core:ExternallyAcquiredIntangibleAssets2021-12-312022-12-3002553993core:PatentsTrademarksLicencesConcessionsSimilar2021-12-312022-12-3002553993core:PlantMachinery2021-12-3002553993core:FurnitureFittings2021-12-3002553993core:ComputerEquipment2021-12-3002553993core:PlantMachinery2021-12-312022-12-3002553993core:CurrentFinancialInstruments2022-12-3002553993core:CurrentFinancialInstruments2021-12-3002553993core:WithinOneYear2022-12-3002553993core:WithinOneYear2021-12-3002553993core:BetweenTwoFiveYears2022-12-3002553993core:BetweenTwoFiveYears2021-12-3002553993bus:PrivateLimitedCompanyLtd2021-12-312022-12-3002553993bus:SmallCompaniesRegimeForAccounts2021-12-312022-12-3002553993bus:FRS1022021-12-312022-12-3002553993bus:Audited2021-12-312022-12-3002553993bus:Director12021-12-312022-12-3002553993bus:Director32021-12-312022-12-3002553993bus:FullAccounts2021-12-312022-12-30xbrli:purexbrli:sharesiso4217:GBP