The McOnie Agency Limited - Filleted accounts

THE MCONIE AGENCY LTD. - Company Information

Registered number

03857368

The McOnie Agency Limited

Unaudited Filleted Accounts

31 December 2019

The McOnie Agency Limited
Registered number:		03857368
Directors' Report

The directors present their report and accounts for the year ended 31 December 2019.

Principal activities
The company's principal activity during the year continued to be public relations and marketing communications.

2019: A transition year for McOnie Both internally and externally, 2019 was a year of transformative events through which McOnie has redesigned its structure and repositioned itself to better capitalise on growth opportunities in the digital business world. The year was dominated by the Brexit impasse, which slowed the overall UK economy and understandably led to a freeze in new projects and new business until the final quarter, when some clarity over the election result generated an overall boost in the economy and led to increased appetite for new projects and new business. Client retention in the agency's core segments (Occupational Health & Safety, Manufacturing, Industrial and Process & Infrastructure) remained very strong, with a retention rate significantly higher than industry benchmarks. In May 2019, the entire share capital of McOnie was acquired by Branscombe Group Limited, a private family office with interests across operating businesses, real estate and capital markets. Branscombe was chosen as the acquiror due to their experience of the Public Relations & Communications sector, a strategic plan to invest for growth over the long term and finally, a real understanding that we are a people business whose clients are at the heart of our business. We began the second semester focused on talent management, with recruitment of a new Head of Digital, strengthening the agency's digital capabilities. Our chairman Bill Nichols and founder Managing Director Sarah McOnie commenced the search for a new Managing Director, which successfully concluded before year end. The loss for the year reflects the investments made in our cost base and weaker activity from existing and new clients due to Brexit.

Post Balance Sheet Events The agency started 2020 with new leadership in place, as Cristina Hlinschi was announced as our new Managing Director in January, taking over the reins from our founder Sarah McOnie, who has accepted a position to remain on the Board as a Non-Executive Director. With a strategy focused on long term growth, based on: delivering excellent client satisfaction, a broader range of services (including digital and internal communications) and a New Business Development approach to target new client segments in high-growth sectors. In line with expectations, we ended the first quarter profitably, with a strong February and March including new client wins in our targets sectors. However, towards the end of the quarter the COVID-19 pandemic hit. We immediately switched to a work from home model, and this change to our working practices was completed quickly and efficiently with minimal disruption due to robust technology infrastructure and a close-knit team focused on serving our clients and the delivering results they needed. We have focused on providing exceptional support to our customers, quickly incorporating new media and new communications tactics (webinars, podcasts, social media, lead generation) which has led to high levels of client satisfaction as our core expertise in communicating and elevating messages about Safety, has made us more relevant than ever and places McOnie on a growth path through 2020 and beyond.


Directors
The following persons served as directors during the year:

	S M McOnie (resigned 8 May 2019)
	S V McOnie (resigned 12 February 2020)
	W C McOnie (resigned 4 March 2020)
	P J Tracey (appointed 8 May 2019)
	C M Hollingworth (appointed 13 May 2019)
	H M Griffiths (appointed 17 May 2019)

The following persons have since been appointed as directors:

	C P Hlinschi (appointed 3 February 2020)
	L Drablow (appointed 12 February 2020)

Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

This report was approved by the board on 21 May 2020 and signed on its behalf.





C P Hlinschi
Director

The McOnie Agency Limited
Registered number:		03857368
Balance Sheet
as at 31 December 2019

Notes			2019			2018
£				£
Fixed assets
Tangible assets	4		28,534			33,255

Current assets
Debtors	5	134,635			114,350
Cash at bank and in hand		95,223			75,268
		229,858			189,618

Creditors: amounts falling due within one year	6	(129,204)			(120,024)

Net current assets			100,654			69,594

Total assets less current liabilities			129,188			102,849

Creditors: amounts falling due after more than one year	7		(129,474)			-


Net (liabilities)/assets			(286)			102,849

Capital and reserves
Called up share capital			1,020			1,020
Profit and loss account			(1,306)			101,829

Shareholders' funds			(286)			102,849

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




C P Hlinschi
Director
Approved by the board on 21 May 2020

The McOnie Agency Limited
Notes to the Accounts
for the year ended 31 December 2019


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Leasehold land and buildings	over the lease term
	Website	3 years straight line
	Office equipment	25% reducing balance
	Fixtures, fittings, tools and equipment	25% reducing balance

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Exceptional items			2019		2018
£					£

	Directors pension contribution - one off			-		30,000
	Legal and professional fees			-		12,000

				-		42,000


3	Employees			2019		2018
Number					Number

	Average number of persons employed by the company			10		12


4	Tangible fixed assets
		Land and buildings		Plant and machinery etc		Total
£			£		£
	Cost
	At 1 January 2019	12,353		46,023		58,376
	Additions	-		7,276		7,276
	At 31 December 2019	12,353		53,299		65,652

	Depreciation
	At 1 January 2019	7,825		17,296		25,121
	Charge for the year	2,471		9,526		11,997
	At 31 December 2019	10,296		26,822		37,118

	Net book value
	At 31 December 2019	2,057		26,477		28,534
	At 31 December 2018	4,528		28,727		33,255


5	Debtors			2019		2018
£					£

	Trade debtors			90,542		87,584
	Other debtors			44,093		26,766
				134,635		114,350


6	Creditors: amounts falling due within one year			2019		2018
£					£

	Trade creditors			23,929		32,212
	Taxation and social security costs			35,847		71,542
	Other creditors			69,428		16,270
				129,204		120,024


7	Creditors: amounts falling due after one year			2019		2018
£					£

	Other creditors			129,474		-


8	Other financial commitments			2019		2018
£					£

	Total future minimum payments under non-cancellable operating leases			22,917		50,417


9	Controlling party

	On 8 May 2019 the company was acquired by Branscombe Group Limited. The registered office of Branscombe Group Limited is 24 Bell Lane, Blackwater, Camberley GU17 0NW. In 2018 and up to 8 May 2019 the company was under the control of Mr and Mrs McOnie.


#	Other information

	The McOnie Agency Limited is a private company limited by shares and incorporated in England. Its registered office is:
	1 Langham Park
	Catteshall Lane
	Godalming
	GU7 1NG

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