Company Registration No. 07046179 (England and Wales)
Macfarlane Media Limited
Unaudited accounts
for the year ended 28 February 2017
Macfarlane Media Limited
Unaudited accounts
Contents
Macfarlane Media Limited
Company Information
for the year ended 28 February 2017
Directors
G Macfarlane
M Macfarlane
Company Number
07046179 (England and Wales)
Registered Office
152 Coles Green Road
London
NW2 7HD
United Kingdon
Accountants
Jacobs & Company
152 Coles Green Road
London
NW2 7HD
Macfarlane Media Limited
Statement of financial position
as at 28 February 2017
Tangible assets
10,166
30,225
Debtors
2,856,054
2,067,495
Cash at bank and in hand
1,924,953
999,289
Creditors: amounts falling due within one year
(3,264,592)
(2,152,453)
Net current assets
1,516,415
914,331
Total assets less current liabilities
1,526,587
944,556
Creditors: amounts falling due after more than one year
-
(24,314)
Provisions for liabilities
Net assets
1,524,530
920,242
Called up share capital
50
100
Capital redemption reserve
50
-
Profit and loss account
1,524,430
920,142
Shareholders' funds
1,524,530
920,242
For the year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 27 November 2017.
G Macfarlane
Director
Company Registration No. 07046179
Macfarlane Media Limited
Notes to the Accounts
for the year ended 28 February 2017
Macfarlane Media Limited is a private company, limited by shares, registered in England and Wales, registration number 07046179. The registered office and principal place of business is 152 Coles Green Road, London , NW2 7HD, United Kingdon.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 28 February 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 March 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
33% on cost
Motor vehicles
20% on cost
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Investments in shares of subsidiaries are shown at cost less accumulated impairment.
Macfarlane Media Limited
Notes to the Accounts
for the year ended 28 February 2017
Pension costs Employer financed retirement benefit schemes (efrbs)
The Company has established an employer financed retirement benefit scheme for the benefit of its officers, employees and their wider families, The Macfarlane Media Limited 2013 EFRBS ("the Scheme").In accordance with UITF Abstract 32 'Employee Benefit Trusts and other intermediate payment arrangements', the Company
does not include the assets and liabilities of the Scheme on its balance sheet to the extent that it considers that it will not retain any future economic benefit from the assets of the Scheme and will not have control of the rights or other access to those future economic benefits.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Expenditure on research and development is written off in the year in which it is incurred.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 March 2016
18,562
41,617
60,179
Disposals
-
(41,617)
(41,617)
At 28 February 2017
29,027
-
29,027
At 1 March 2016
11,228
18,726
29,954
Charge for the year
7,633
-
7,633
On disposals
-
(18,726)
(18,726)
At 28 February 2017
18,861
-
18,861
At 28 February 2017
10,166
-
10,166
At 29 February 2016
7,334
22,891
30,225
Carrying values included above held under finance leases and hire purchase contracts:
£
£
Macfarlane Media Limited
Notes to the Accounts
for the year ended 28 February 2017
5
Investments
Subsidiary undertakings
Valuation at 1 March 2016
-
Valuation at 28 February 2017
6
The following were subsidiary undertakings of the company:
Country of Class of
Name Incorporation shares Holding Principal activity
J S Two Trading South
(Pty) Ltd Africa Ordinary 100% Online media
Trade debtors
2,778,478
1,912,265
Accrued income and prepayments
7,163
12,861
Other debtors
70,413
142,369
7
Creditors: amounts falling due within one year
2017
2016
Obligations under finance leases and hire purchase contracts
-
3,954
Trade creditors
2,567,935
1,873,397
Amounts owed to group undertakings and other participating interests
10,530
-
Taxes and social security
561,616
122,275
Other creditors
48,777
152,827
Loans from directors
9,490
-
8
Creditors: amounts falling due after more than one year
2017
2016
Obligations under finance leases and hire purchase contracts
-
24,314
9
Deferred taxation
2017
2016
Accelerated capital allowances
2,057
-
Charged to the profit and loss account
2,057
-
Provision at end of year
2,057
-
Macfarlane Media Limited
Notes to the Accounts
for the year ended 28 February 2017
Allotted, called up and fully paid:
50 Ordinary shares of £1 each
50
100
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Interest fee loan
40,192
-
40,192
-
The above advances and credits to a director subsisted during the years ended 28 February 2017 and 29 February 2016.
12
Transactions with related parties
Macfarlane Media (Pty) Ltd incorporated in South Africa, a company in which Mr G McFarlane was a director and shareholder until 30 June 2016. Macfarlane Media (Pty) Ltd provided staff to work on the company's assignments for clients. The company was charged £45,097 (2016: £188,104) during the year. The company charged £46,195 (2016:£109,098) to Macfarlane Media (Pty) Ltd for training and other services provided in the year. An amount of £96,375 inter-company debt was written off during the year.
During the year the company re-purchased out of reserves and then cancelled 50 ordinary shares of £1 each from the Mango Bay Trust, a shareholder. The purchase consideration of £50,000 was settled in cash.
Dividends of £39,500 were paid to Mr G Macfarlane,director and shareholder, during the year.
13
Average number of employees
During the year the average number of employees was 18 (2016: 9).
