i2i Marketing Limited - Period Ending 2021-03-31

i2i Marketing Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 9

i2i Marketing Limited

Company Information

Directors

F J Burnett R B O Burnett

Company secretary

R B O Burnett

Registered office

Staverton Court Staverton Cheltenham Gloucestershire GL51 0UX

Accountants

Hazlewoods LLP Staverton Court Staverton Cheltenham Gloucestershire GL51 0UX

i2i Marketing Limited

(Registration number: 03899673)
Balance Sheet as at 31 March 2021

	Note	2021  £	2020  £
Fixed assets
Tangible assets	4	53,655	63,389
Current assets
Debtors	5	77,168	100,833
Cash at bank and in hand		179,809	281,355
		256,977	382,188
Creditors: Amounts falling due within one year	6	(236,365)	(405,267)
Net current assets/(liabilities)		20,612	(23,079)
Total assets less current liabilities		74,267	40,310
Creditors: Amounts falling due after more than one year	6	(191,013)	(22,846)
Net (liabilities)/assets		(116,746)	17,464
Capital and reserves
Called up share capital		47	47
Capital redemption reserve		53	53
Profit and loss account		(116,846)	17,364
Total equity		(116,746)	17,464

For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 August 2021 and signed on its behalf by:
 

 

R B O Burnett
Company secretary and director

i2i Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Staverton Court
Staverton
Cheltenham
Gloucestershire
GL51 0UX

The principal place of business is:
The Growth Hub
Stroud Road
Cirencester
Gloucestershire
GL7 6JR

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

With relation to the COVID-19 outbreak, the directors have prepared forecasts on its potential impact. Although the company is experiencing reduced activity levels as a result, the directors have taken appropriate action to reduce direct costs and overheads in line with the reduced activity levels. Assuming the government support continues for the duration of the lockdown the directors have prepared the financial statements on a going concern basis but acknowledge that it is inherently difficult to accurately forecast the effect COVID-19 will have on the company in the next 12 months.

Critical accounting 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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

i2i Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer and office equipment	20-33% straight line
Fixtures and fittings	20% reducing balance
Motor vehicles	25% reducing balance

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

i2i Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
 

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar expenses.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

i2i Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2020 - 7).

i2i Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

4

Tangible assets

	Computer and office equipment £	Fixtures and fittings £	Motor vehicles  £	Total £
Cost
At 1 April 2020	206,309	34,581	95,628	336,518
Additions	-	-	57,232	57,232
Disposals	(1,664)	(6,160)	(95,628)	(103,452)
At 31 March 2021	204,645	28,421	57,232	290,298
Depreciation
At 1 April 2020	205,244	33,360	34,525	273,129
Charge for the year	195	244	12,331	12,770
Eliminated on disposal	(794)	(5,183)	(43,279)	(49,256)
At 31 March 2021	204,645	28,421	3,577	236,643
Carrying amount
At 31 March 2021	-	-	53,655	53,655
At 31 March 2020	1,065	1,221	61,103	63,389

5

Debtors

	Note	2021  £	2020  £
Trade debtors		30,646	86,776
Other debtors		98	-
Prepayments		9,359	8,472
Deferred tax assets	8	8,064	5,585
Corporation tax asset		29,001	-
		77,168	100,833

i2i Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

6

Creditors

	Note	2021  £	2020  £
Due within one year
Loans and borrowings	7	53,864	16,060
Trade creditors		11,680	96,425
Social security and other taxes		10,865	25,985
Other creditors		25,251	108,636
Accrued expenses		25,501	20,535
Corporation tax liability		-	17,162
Deferred income		109,204	120,464
		236,365	405,267
Due after one year
Loans and borrowings	7	191,013	22,846

7

Loans and borrowings

	2021 £	2020 £
Current loans and borrowings
Bank borrowings	46,750	-
HP and finance lease liabilities	7,114	16,060
	53,864	16,060

	2021 £	2020 £
Non-current loans and borrowings
Bank borrowings	157,250	-
HP and finance lease liabilities	33,763	22,846
	191,013	22,846

Finance lease liabilities are secured against the assets to which they relate.

i2i Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

8

Deferred tax

Deferred tax assets and liabilities

2021	Asset £
Fixed asset timing differences	5,287
Short term timing differences	773
Losses and other deductions	2,004
	8,064

2020	Asset £
Fixed asset timing differences	3,451
Short term timing differences	2,134
Losses and other deductions	-
	5,585

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £6,153 (2020 - £29,532) of which £3,516 (2020 - £23,379) is due within one year and £2,637 (2020 - £6,153) is due in over 1 year.