Company Registration No. 03270516 (England and Wales)
360 DEGREES COMMUNICATIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
360 DEGREES COMMUNICATIONS LIMITED
COMPANY INFORMATION
Directors
T M Bourne
J D Burgon
R Shah
O Wheeler
Company number
03270516
Registered office
20 Little Portland Street
London
W1W 8BS
Auditor
HW Fisher LLP
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
360 DEGREES COMMUNICATIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
360 DEGREES COMMUNICATIONS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
39,248
20,589
Investments
4
5,195
13,795
44,443
34,384
Current assets
Work in progress
1,050
950
Debtors
6
831,412
1,217,996
Cash at bank and in hand
942,024
538,227
1,774,486
1,757,173
Creditors: amounts falling due within one year
7
(1,022,009)
(1,082,292)
Net current assets
752,477
674,881
Total assets less current liabilities
796,920
709,265
Creditors: amounts falling due after more than one year
8
(258,333)
(358,333)
Net assets
538,587
350,932
Capital and reserves
Called up share capital
9
4
4
Share premium account
53,823
53,823
Profit and loss reserves
484,760
297,105
Total equity
538,587
350,932
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
J D Burgon
Director
Company Registration No. 03270516
360 DEGREES COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
360 Degrees Communications Limited is a private company limited by shares incorporated in England and Wales. The registered office is 20 Little Portland Street, London, W1W 8BS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has made profits in the year and this is forecasted to continue into 2024. The entity remains to have a healthy net asset and cash balance. Based on the results to 31 December 2022, post year end results and forecasts, the directors have a reasonable assessment to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
Turnover consists of fee income (retainer based) and expense income (project based).
Fee income is recognised on a monthly basis over the length of the contract.
Expense income is recognised at the start of the project or as defined by the contract. Revenue is recognised only to the extent of the expenses that are recoverable.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the life of the lease
Fixtures, fittings & equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
360 DEGREES COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Listed investments are held at market value. Any gain/ loss as a result of changes in market value is recognised in the profit and loss account.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
Work in progress
Work in progress represent payments made in advance and are recognised where such advances relate to projects that are scheduled for the near future and where the directors estimate sufficient future income will be earned in order to recoup the advances made. Where it is estimated that insufficient future income will be earned, an impairment loss is recorded.
At each reporting date, an assessment is made for impairment. Impairment losses are recognised through the profit and loss account.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
360 DEGREES COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and amounts due to fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.14
Government grants, which include amounts received under the Coronavirus Job Retention Scheme and amounts received from the Coronavirus Business Interruption Loan Scheme that cover interest and fees payable to the lender, are recognised at the fair value of the grant received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
The income is recognised in other income on a systematic basis over the periods in which the associated costs are incurred, using the accrual model.
360 DEGREES COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Production and sales
21
19
3
Tangible fixed assets
Leasehold improvements
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2022
41,898
41,898
Additions
9,173
22,568
31,741
At 31 December 2022
9,173
64,466
73,639
Depreciation and impairment
At 1 January 2022
21,309
21,309
Depreciation charged in the year
1,752
11,330
13,082
At 31 December 2022
1,752
32,639
34,391
Carrying amount
At 31 December 2022
7,421
31,827
39,248
At 31 December 2021
20,589
20,589
4
Fixed asset investments
2022
2021
£
£
Other investments other than loans
5,195
13,795
360 DEGREES COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2022 & 31 December 2022
174,985
Impairment
At 1 January 2022
161,190
Impairment losses
8,600
At 31 December 2022
169,790
Carrying amount
At 31 December 2022
5,195
At 31 December 2021
13,795
360 DEGREES COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2022 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
360 Degrees Communications USA LLC
393 Broadway, New York, NY, 10013
Dormant
N/A
100.00
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
771,782
1,092,018
Amounts owed by group undertakings
33,411
39,135
Other debtors
26,219
86,843
831,412
1,217,996
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
100,000
100,000
Trade creditors
128,489
411,769
Amounts owed to group undertakings
49,784
136,774
Corporation tax
69,764
26,932
Other taxation and social security
69,305
46,738
Other creditors
604,667
360,079
1,022,009
1,082,292
There is a fixed and floating debenture in place, in favour of the bank, over all assets of the company. The loan has been guaranteed by fellow group undertakings.
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
258,333
358,333
There is a fixed and floating charge in place, in favour of the bank, over all assets of the company.
The bank loan is guaranteed by the fellow group companies Casbah Group Limited and Exposure Promotions Limited.
360 DEGREES COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
9
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
28,133 Ordinary shares of 0.01p each
3
3
13,239 Growth shares of 0.01p each
1
1
4
4
Ordinary shares have attached to them full voting, dividend and capital distribution rights.
Growth shares do not have the right to vote or to dividends but have the right to capital distribution rights only after ordinary shares.
10
Parent company
The immediate parent company is Casbah Group Limited, a company incorporated in the United Kingdom.
The results for the year ended 31 December 2022 are included in the consolidated accounts of Casbah Group Limited.
The address of the parent's registered office is 20 Little Portland Street, London, W1W 8BS.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Katherine Montgomery.
The auditor was HW Fisher LLP.
12
Financial commitments, guarantees and contingent liabilities
The company has entered into a cross guarantee and debenture of a fellow group company. As at 31 December 2022, the company's maximum potential liability under this arrangement was £2,492,000 (2021: £2,492,000).
2022-12-312022-01-01false29 September 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedT M BourneJ D BurgonR ShahO Wheeler032705162022-01-012022-12-3103270516bus:Director12022-01-012022-12-3103270516bus:Director22022-01-012022-12-3103270516bus:Director32022-01-012022-12-3103270516bus:Director42022-01-012022-12-3103270516bus:RegisteredOffice2022-01-012022-12-31032705162022-12-31032705162021-12-3103270516core:LeaseholdImprovements2022-12-3103270516core:PlantMachinery2022-12-3103270516core:LeaseholdImprovements2021-12-3103270516core:PlantMachinery2021-12-3103270516core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103270516core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3103270516core:CurrentFinancialInstruments2022-12-3103270516core:CurrentFinancialInstruments2021-12-3103270516core:Non-currentFinancialInstruments2022-12-3103270516core:Non-currentFinancialInstruments2021-12-3103270516core:ShareCapital2022-12-3103270516core:ShareCapital2021-12-3103270516core:SharePremium2022-12-3103270516core:SharePremium2021-12-3103270516core:RetainedEarningsAccumulatedLosses2022-12-3103270516core:RetainedEarningsAccumulatedLosses2021-12-3103270516core:ShareCapitalOrdinaryShares2022-12-3103270516core:ShareCapitalOrdinaryShares2021-12-3103270516core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2022-01-012022-12-3103270516core:PlantMachinery2022-01-012022-12-31032705162021-01-012021-12-3103270516core:LeaseholdImprovements2021-12-3103270516core:PlantMachinery2021-12-31032705162021-12-3103270516core:LeaseholdImprovements2022-01-012022-12-3103270516core:Subsidiary12022-01-012022-12-3103270516core:Subsidiary112022-01-012022-12-3103270516core:WithinOneYear2022-12-3103270516core:WithinOneYear2021-12-3103270516bus:OrdinaryShareClass22022-12-3103270516bus:OrdinaryShareClass32022-12-3103270516bus:OrdinaryShareClass22022-01-012022-12-3103270516bus:OrdinaryShareClass32022-01-012022-12-3103270516bus:PrivateLimitedCompanyLtd2022-01-012022-12-3103270516bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3103270516bus:FRS1022022-01-012022-12-3103270516bus:Audited2022-01-012022-12-3103270516bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP