Company Registration No. 09412530 (England and Wales)
GOJOKO MARKETING LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
GOJOKO MARKETING LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
GOJOKO MARKETING LTD
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,706,021
963,869
Tangible assets
4
48,979
8,341
Investments
5
1,698,535
319,607
3,453,535
1,291,817
Current assets
Debtors
6
847,876
674,613
Investments
7
60,000
Cash at bank and in hand
154,108
52,168
1,001,984
786,781
Creditors: amounts falling due within one year
8
(2,106,879)
(424,861)
Net current (liabilities)/assets
(1,104,895)
361,920
Total assets less current liabilities
2,348,640
1,653,737
Creditors: amounts falling due after more than one year
9
(33,835)
(43,334)
Provisions for liabilities
(12,245)
(1,585)
Net assets
2,302,560
1,608,818
Capital and reserves
Called up share capital
355
355
Share premium account
2,543,677
2,543,677
Other reserves
26,424
26,424
Profit and loss reserves
(267,896)
(961,638)
Total equity
2,302,560
1,608,818
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 2 August 2022 and are signed on its behalf by:
T Gruber
Director
Company Registration No. 09412530
GOJOKO MARKETING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
Gojoko Marketing Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
30 Churchill Place, London, England, E14 5RE.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
1.2
Going concern
The directors have considered the ongoing effect of the Covid-19 outbreak and current economic crisis, which has not caused significant long term disruption to the company’s business. The company has traded profitably during the year and to present date.
true
The company is reliant on one customer, which is a company under common control, for trading. The company have obtained support from the company under common control which has sufficient cash resources to support the company for the foreseeable future. Additionally, the company under common control has agreed an extension of their lending facility following the year-end which provides further assurance over their ability to have sufficient cash resources to support the company.
At the time of approving the financial statements , the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Revenue relates to IT services provided and income received on deposits made with credit unions, accounted for on an accruals basis.
1.4
Intangible fixed assets other than goodwill
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 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
20% Straight Line
GOJOKO MARKETING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
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.
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:
Fixtures, fittings and equipment
50% 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
Fixed asset investments
Interests in subsidiaries
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.7
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 assets of the company after deducting all of its liabilities.
GOJOKO MARKETING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including
creditors and
bank loans
,
are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
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.
1.10
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.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
GOJOKO MARKETING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
1.13
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 lease
s
asset are consumed.
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.
1.15
Government grants, which include amounts received from the Bounce Back Loan Scheme that cover interest and fees payable to the lender, are recognised at the fair value of the grant received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. The income is recognised in other income on a systematic basis over the period in which the associated costs are incurred, using the accrual model.
1.16
Other reserves relate to capital contributed by the shareholders during the year-ended 31 May 2017 in order to strengthen the company's capital base. These reserves are considered to be distributable.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
7
5
GOJOKO MARKETING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
3
Intangible fixed assets
Software
£
Cost
At 1 April 2021
1,253,516
Additions
1,071,084
At 31 March 2022
2,324,600
Amortisation and impairment
At 1 April 2021
289,647
Amortisation charged for the year
328,932
At 31 March 2022
618,579
Carrying amount
At 31 March 2022
1,706,021
At 31 March 2021
963,869
4
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 April 2021
45,525
Additions
63,586
At 31 March 2022
109,111
Depreciation and impairment
At 1 April 2021
37,184
Depreciation charged in the year
22,948
At 31 March 2022
60,132
Carrying amount
At 31 March 2022
48,979
At 31 March 2021
8,341
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
3,928
Deferred shares
1,694,607
319,607
1,698,535
319,607
GOJOKO MARKETING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in group undertakings
Deferred shares
Total
£
£
£
Cost or valuation
At 1 April 2021
-
319,607
319,607
Additions
3,928
1,375,000
1,378,928
At 31 March 2022
3,928
1,694,607
1,698,535
Carrying amount
At 31 March 2022
3,928
1,694,607
1,698,535
At 31 March 2021
-
319,607
319,607
The investments brought forward balance of £
319,607
has been restated from current to fixed asset investments to reflect the intention of the company to hold the investments for longer-term return
.
The company holds £1,694,607 of deferred shares at the year-end date (2021: £319,607) with coupon rate of either 17% or 4.5%.
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
11,088
Amounts owed by group undertakings
49,701
Other debtors
68,410
155,974
Prepayments and accrued income
729,765
507,551
847,876
674,613
7
Current asset investments
2022
2021
as restated
£
£
Other investments
60,000
During the year an amount of £60,000 (2021: £40,000) has been written off the value of the current asset investment
GOJOKO MARKETING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 8 -
8
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
10,648
6,667
Trade creditors
478,412
404,744
Taxation and social security
138,837
1,085
Other creditors
1,355,362
642
Accruals and deferred income
123,620
11,723
2,106,879
424,861
Included in other
creditors
is an amount of £
1,354,584
(2021:
owed from
£
136,856
) owed
to
compan
ies
under common control.
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
33,835
43,334
10
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.
The senior statutory auditor was Mandy Janes.
The auditor was HW Fisher LLP.
11
Financial commitments, guarantees and contingent liabilities
The company is a guarantor to a £45.3m facility held by a company under common control
.
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
281,191
19,167