Macfarlane Media Limited - Limited company accounts 18.2

REGISTERED NUMBER: 07046179 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2019

FOR

MACFARLANE MEDIA LIMITED

Page

Company Information

1

Report of the Directors

2

Chartered Accountants' Report

3

Income Statement

4

Balance Sheet

5

Notes to the Financial Statements

7

DIRECTORS:

Mrs M Macfarlane

G Macfarlane

REGISTERED OFFICE:

Bank House

81 St Judes Road

Englefield Green

Surrey

TW20 0DF

REGISTERED NUMBER:

07046179 (England and Wales)

ACCOUNTANTS:

Exceed Accountants Ltd

Bank House

81 St Judes Road

Englefield Green

Surrey

TW20 0DF

The directors present their report with the financial statements of the company for the year ended 28th February 2019.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of internet search and marketing services, including

Google PPC, Display and Facebook advertising.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st March 2018 to the date of this report.

Mrs M Macfarlane

G Macfarlane

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

G Macfarlane - Director

28th November 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial

statements of Macfarlane Media Limited for the year ended 28th February 2019 which comprise the Income Statement,

Balance Sheet and the related notes from the company's accounting records and from information and explanations you

have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Macfarlane Media Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Macfarlane Media Limited and state those matters that we have agreed to state to the Board of Directors of Macfarlane Media Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Macfarlane Media Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Macfarlane Media Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Macfarlane Media Limited. You consider that Macfarlane Media Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Macfarlane Media Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Exceed Accountants Ltd

Bank House

81 St Judes Road

Englefield Green

Surrey

TW20 0DF

28th November 2019

REVENUE

13,542,699

27,545,624

Cost of sales

10,819,498

25,065,300

GROSS PROFIT

2,723,201

2,480,324

Administrative expenses

1,542,234

900,476

OPERATING PROFIT and

PROFIT BEFORE TAXATION

1,180,967

1,579,848

Tax on profit

5

108,897

281,794

PROFIT FOR THE FINANCIAL YEAR

1,072,070

1,298,054

FIXED ASSETS

Property, plant and equipment

6

52,866

8,713

Investments

7

10,100

6

62,966

8,719

CURRENT ASSETS

Debtors

8

2,306,212

3,526,039

Cash at bank

3,442,173

3,634,995

5,748,385

7,161,034

CREDITORS

Amounts falling due within one year

9

2,095,088

4,357,167

NET CURRENT ASSETS

3,653,297

2,803,867

TOTAL ASSETS LESS CURRENT LIABILITIES

3,716,263

2,812,586

CAPITAL AND RESERVES

Called up share capital

10

53

53

Retained earnings

11

3,716,210

2,812,533

SHAREHOLDERS' FUNDS

3,716,263

2,812,586

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors on 28th November 2019 and were signed on its behalf by:

G Macfarlane - Director

1.	STATUTORY INFORMATION

Macfarlane Media Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the value of services provided under contracts to the extent that there is a right to consideration

and is recorded at the value of the consideration due. Where a contract has only been partially completed at the

balance sheet date turnover represents the value of the service provided to date based on a proportion of the total

expected consideration at completion.

Where payments are received from customers in advance of services provided, the amounts are recorded as

Deferred Income and included as part of Creditors due within one year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2018 - 20 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

28.2.19

28.2.18

£

£

Depreciation - owned assets

12,430

11,683

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

28.2.19

28.2.18

£

£

Current tax:

UK corporation tax

108,897

281,794

Tax on profit

108,897

281,794

6.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1st March 2018

39,257

Additions

56,583

At 28th February 2019

95,840

DEPRECIATION

At 1st March 2018

30,544

Charge for year

12,430

At 28th February 2019

42,974

NET BOOK VALUE

At 28th February 2019

52,866

At 28th February 2018

8,713

7.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1st March 2018

6

Additions

10,094

At 28th February 2019

10,100

NET BOOK VALUE

At 28th February 2019

10,100

At 28th February 2018

6

The company owns 100% ordinary shares of a South African company called J S Two Trading (Pty) Ltd. This

companies principal activity is online media.

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.19

28.2.18

£

£

Trade debtors

1,993,540

3,376,265

Other debtors

312,672

149,774

2,306,212

3,526,039

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.19

28.2.18

£

£

Trade creditors

1,700,309

3,719,679

Taxation and social security

235,795

458,412

Other creditors

158,984

179,076

2,095,088

4,357,167

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.19

28.2.18

value:

£

£

50

Ordinary

£1

50

50

1

A Ordinary

£1

1

1

1

B Ordinary

£1

1

1

1

C Ordinary

£1

1

1

53

53

11.

RESERVES

Retained

earnings

£

At 1st March 2018

2,812,533

Profit for the year

1,072,070

Dividends

(168,393

)

At 28th February 2019

3,716,210

12.	RELATED PARTY DISCLOSURES

Included under creditors is an amount owed to Mr G MacFarlane, the director, of £6,915 (2018 £1,963). This loan is

interest free, unsecured and repayable on demand.

Dividends of £118,393 were issued to Mr & Mrs MacFarlane (2018 £10,000).

The ultimate controlling party is the company directors.