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Registered number: 04531382
MARKETING RADAR LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2019
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MARKETING RADAR LIMITED
COMPANY INFORMATION
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MARKETING RADAR LIMITED
CONTENTS
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Statement of financial position
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Notes to the financial statements
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MARKETING RADAR LIMITED
REGISTERED NUMBER: 04531382
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 7 form part of these financial statements.
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MARKETING RADAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
Marketing Radar Limited is a private company limited by shares incorporated in England and Wales.
The address of the registered office is: Primrose House, Crawley End, Chrishall SG8 8QJ.
The principal activity of the company during the year continued to be the production of a marketing database software tool.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Turnover comprises of revenue recognised by the company in respect of goods and services supplied during the year, exclusive of VAT and trade discounts.
Following the year end, the company has experienced a reduction in revenue due to concern over the coronavirus. While the effect of the coronavirus cannot currently be predicted with any certainty, the directors have confirmed their financial support will be provided for the foreseeable future as and when required for the business. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Interest income is recognised in profit or loss using the effective interest method.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
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MARKETING RADAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated 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 charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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MARKETING RADAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
2.Accounting policies (continued)
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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As the coronavirus pandemic resulted in the UK government announcing a lockdown on 23 March 2020, the directors have treated this as a non-adjusting post balance sheet event as, in their opinion, the conditions did not exist at the balance sheet date that require the event to be treated as ‘adjusting’ as required by FRS 102.
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The average monthly number of employees, including directors, during the year was 11 (2018 - 9).
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MARKETING RADAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
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Charge for the year on owned assets
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MARKETING RADAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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The Company operates a defined contributions 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 the fund and amounted to £4,680 (2018: £2,881). Contributions totalling £2,824 (2018: £756) were payable to the fund at the reporting date and are included in creditors.
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MARKETING RADAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
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Related party transactions
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During the year the company had a loan account with the director, R Hazeldene. Advances totalled £26,500 and credits totalled £24,500. At the year end R Hazeldene was owed £293 (2018: £1,693) by the company.
During the year the company had a loan account with the director, D Merrifield. Advances totalled £49,037, credits totalled £48,500 and interest of £321 was charged. At the year end D Merrifield was owed £446 (2018: £704) by the company.
During the year the company had a loan account with the director, C Hazeldene. Advances totalled £38,384, credits totalled £42,500 and interest of £321 was charged. At the year end C Hazeldene was owed £34 (2018: £3,770 C Hazeldene owed the company) by the company.
During the year the company had a loan account with the director, J Hazeldene. Advances totalled £34,000 and credits totalled £35,000. At the year end J Hazeldene was owed £195 (2018: £805 J Hazeldene owed the company) by the company.
During the year the company had a loan account with the director, J Fraser. Advances totalled £5,500 and credits totalled £5,500. At the year end J Fraser was owed £nil (2018: £nil) by the company.
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Post balance sheet events
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After the year end, a global pandemic referred to as covid-19 affected multiple industries due to various restrictions placed on businesses. This has resulted in reduced customer demand which has ultimately resulted in a few clients being put on reduced fees and/or extended payment terms. The directors expect these jobs to continue as planned once business returns to normal.
The company is controlled by the directors by virtue of their shareholding.
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