Registration number:
Multimedia International Services Limited
for the Year Ended 30 September 2021
Multimedia International Services Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Multimedia International Services Limited
Company Information
Directors |
Mr D Ravenscroft Ms AM Darnell Mr AJ Reed |
Company secretary |
Ms AM Darnell |
Registered office |
|
Auditors |
|
Multimedia International Services Limited
Strategic Report for the Year Ended 30 September 2021
The directors present their strategic report for the year ended 30 September 2021.
Principal activity
The principal activity of the company is advertising promotion in the United Kingdom and the Republic of Ireland.
Fair review of the business
We consider the key financial indicators to be turnover and operating profit as these show the financial performance of the company as a whole. The results of both KPIs are detailed below.
Turnover has reduced from £6,369,554 in 2020 to £3,928,894 in 2021, a reduction of 38.3%. The fall in turnover is a result of the Coronavirus pandemic, which has caused successive lockdowns, resulting in reduced opportunities to sell advertising. However the company benefits from good quality advertising products, such as the digital touch screen which can be used through double glazing, and an extensive customer base, making this company a well established and well respected advertising business.
Operating profit has fallen to £341,876 in 2021 from £810,032 in 2020, a reduction of 58%. This has been driven by the coronavirus pandemic, and a resulting increase in the proportion of bad debts written off in the profit and loss account as a percentage of sales. Overall this is still a very successful result given the wider challenging circumstances. The directors have worked assiduously over the past three years to reduce overheads in order to strengthen the underlying profitability of the business and have been successful in doing so. They expect this success to continue into the medium and long term.
Looking forward, there are no concerns about the long term economic viability of the company. The company has a good cash reserve, both at and beyond the year end and is expected to experience growth in profitability in future years.
Principal risks and uncertainties
The risks facing the company are the continued difficulties in macro economic trading conditions. Economic uncertainty could undermine confidence in the market and reduce the ability of the company to sell advertising if its customers decide to reduce their businesses advertising budgets. However, this is a market wide issue and does not put Multimedia International Services Limited at a relative disadvantage to its competitors. In addition, although the company has experienced business interruption caused by Covid-19, this has not materially impeded its ability to do new business using telephone and other remote technology.
A continued potential risk of the company is the failure of the new advertising technology that is used to sell advertising to customers. However this is mitigated by a sophisticated technology management system which alerts operation managers when there is a problem with a product. This ensures there is an immediate response for a solution to be found quickly.
Approved and authorised by the
......................................... |
Multimedia International Services Limited
Directors' Report for the Year Ended 30 September 2021
The directors present their report and the financial statements for the year ended 30 September 2021.
Directors of the company
The directors who held office during the year were as follows:
Future developments
The company will continue with the activities currently being carried out. The company has a strong customer base and an established reputation with customers. They will continue to source innovative high quality advertising technology and new sites to use as outlets for selling advertising to customers.
The objectives of the company are to continue to increase turnover and operating profit through the sale of advertising on new media and through the development of new markets for its services. Management have placed emphasis on reducing operating costs during the current and future financial periods to further improve profit margins.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
......................................... |
Multimedia International Services Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Multimedia International Services Limited
Independent Auditor's Report to the Members of Multimedia International Services Limited
Opinion
We have audited the financial statements of Multimedia International Services Limited (the 'company') for the year ended 30 September 2021, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• |
give a true and fair view of the state of the company's affairs as at 30 September 2021 and of its profit for the year then ended; |
• |
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• |
have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• |
the financial statements are not in agreement with the accounting records and returns; or |
• |
certain disclosures of directors' remuneration specified by law are not made; or |
• |
we have not received all the information and explanations we require for our audit. |
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Multimedia International Services Limited
Independent Auditor's Report to the Members of Multimedia International Services Limited
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Multimedia International Services Limited
Independent Auditor's Report to the Members of Multimedia International Services Limited
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Multimedia International Services Limited
Independent Auditor's Report to the Members of Multimedia International Services Limited
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
......................................
For and on behalf of
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Lancashire
FY4 2FF
Multimedia International Services Limited
Profit and Loss Account for the Year Ended 30 September 2021
Note |
2021 |
(As restated) |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
341,876 |
810,032 |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
4,343 |
3,305 |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Multimedia International Services Limited
Statement of Comprehensive Income for the Year Ended 30 September 2021
2021 |
(As restated) |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
Multimedia International Services Limited
(Registration number: 03834803)
Balance Sheet as at 30 September 2021
Note |
2021 |
(As restated) |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
Approved and authorised by the
......................................... |
Multimedia International Services Limited
Statement of Changes in Equity for the Year Ended 30 September 2021
Share capital |
Retained earnings |
Total |
|
At 1 October 2020 |
|
|
|
Prior period adjustment |
- |
|
|
At 1 October 2020 (As restated) |
|
|
|
Profit for the year |
- |
|
|
At 30 September 2021 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 October 2019 |
|
( |
( |
Prior period adjustment |
- |
|
|
At 1 October 2019 (As restated) |
|
( |
( |
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 30 September 2020 |
10,100 |
384,867 |
394,967 |
Multimedia International Services Limited
Statement of Cash Flows for the Year Ended 30 September 2021
Note |
2021 |
(As restated) |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Loss on disposal of tangible assets |
|
- |
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
(1) |
83,407 |
|
Foreign exchange gains/losses |
|
( |
|
Income tax expense |
63,947 |
124,240 |
|
|
|
||
Working capital adjustments |
|||
Decrease in stocks |
|
|
|
Decrease in trade debtors |
|
|
|
Decrease in trade creditors |
( |
( |
|
Cash generated from operations |
( |
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
( |
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
- |
|
Net cash flows from investing activities |
|
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Dividends paid |
- |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 October |
|
|
|
Effect of exchange rate fluctuations on cash held |
( |
( |
|
Cash and cash equivalents at 30 September |
235,033 |
407,773 |
Multimedia International Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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 that as disclosed in the accounting policies certain items are shown at fair value.
Multimedia International Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
Prior period errors
There have been changes in respect of prior periods made to the accounts in the year ended 30.09.2021, which relate to restated balances in the years ended 30.09.2019 and 30.09.2020. A detailed breakdown of the balances is provided below.
Relating to the current period disclosed in these financial statements |
Relating to the prior period disclosed in these financial statements |
Relating to periods before the prior period disclosed in these financial statements |
|
Accruals, deferred income and deferred bad debt provision |
(1,868) |
1,895 |
(27) |
Bad debt provision |
(1,012,287) |
197,826 |
814,361 |
Other creditors |
(171,002) |
268,417 |
(76,410) |
Trade debtors |
240,391 |
(69,023) |
(602,846) |
Vat |
323,662 |
(10,248) |
(259,536) |
Corporation tax |
- |
(73,904) |
(15,520) |
Bad debts |
869,919 |
(207,228) |
(662,691) |
Accruals, deferred income and deferred bad debt provision |
- |
- |
206,142 |
Sales |
(248,816) |
(131,403) |
543,135 |
Foreign Exchange |
- |
(50,336) |
37,872 |
These changes were made as a result of the incorrect accounting treatment of unpresented direct debits which was identified during the course of the statutory audit and has subsequently been corrected.
Revenue recognition
Turnover comprises advertising contracts sold on a one or two year contract in the ordinary course of the company's activities. Turnover is net of sales/value added tax, rebates and discounts.
The company charges an artwork fee which is treated as income on the date the contract is signed, all other income is recognised over the term of the contract commencing from the date the advertisement is first published. To the extent that income relates to future accounting periods, it is treated as deferred income and included in creditors.
Multimedia International Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
Bad debt provision
A specific provision to bad debts is made only when the following conditions are met: when the contract is agreed to be written off by the company, the contract has expired or the debt is considered bad due to non-payment.
A general provision is provided against all contracts where the contract term ends after the accounting period. The general provision is calculated as the lower of:
(a) 20% of the original value and
(b) the balance outstanding at the end of the accounting period.
Government grants
Government grants are recognised on an accruals basis.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
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.
Multimedia International Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold property |
Over term of lease |
Computer equipment |
33% straight line |
Fixtures and fittings |
15% straight line |
Motor vehicles |
20% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Over 3 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for advertising services performed in the ordinary course of business.
Trade debtors are recognised initially at the contract value. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods comprises direct materials. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Multimedia International Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
Work in progress
Work in progress relates to commissions paid to sales agents which are deferred over the term of the contract to which they relate. The deferral of agents' commissions is not spread over the contract renewal term.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 subsequently measured at amortised cost using the effective interest method.
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.
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.
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2021 |
(As restated) |
|
Sale of advertising |
|
|
The analysis of the company's Turnover for the year by market is as follows:
Multimedia International Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
2021 |
(As restated) |
|
UK |
|
|
Europe |
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2021 |
2020 |
|
Government grants |
|
|
Miscellaneous other operating income |
|
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2021 |
2020 |
|
Loss on disposal of Tangible assets |
( |
- |
Operating profit |
Arrived at after charging/(crediting)
2021 |
(As restated) |
|
Depreciation expense |
|
|
Research and development cost |
|
- |
Foreign exchange losses/(gains) |
|
( |
Operating lease expense - plant and machinery |
|
- |
Loss on disposal of property, plant and equipment |
|
- |
Government grants |
The amount of grants recognised in the financial statements was £
Multimedia International Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
Other interest receivable and similar income |
2021 |
2020 |
|
Interest income on bank deposits |
|
|
Other finance income |
|
|
|
|
Interest payable and similar expenses |
2021 |
2020 |
|
Interest expense on other finance liabilities |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2021 |
2020 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2021 |
2020 |
|
Administration and support |
|
|
Sales, marketing and distribution |
|
|
Other departments |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2021 |
2020 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
55,103 |
42,642 |
Multimedia International Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
During the year the number of directors who were receiving benefits and share incentives was as follows:
2021 |
2020 |
|
Accruing benefits under defined benefit pension scheme |
|
|
Auditors' remuneration |
2021 |
2020 |
|
Audit of the financial statements |
|
|
The company entered into a liability limitation agreement with the auditor on 31 January 2018. The liability of the auditor in respect of any claim or claims made by the company is limited to £4,000,000 inclusive of interest and costs.
Taxation |
Tax charged/(credited) in the profit and loss account
2021 |
(As restated) |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2020 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
Multimedia International Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
2021 |
(As restated) |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
Tax (decrease)/increase from other short-term timing differences |
( |
|
Total tax charge |
|
|
Multimedia International Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
Deferred tax
Deferred tax assets and liabilities
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 October 2020 |
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|
At 30 September 2021 |
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|
Amortisation |
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At 1 October 2020 |
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|
At 30 September 2021 |
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Carrying amount |
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At 30 September 2021 |
- |
- |
At 30 September 2020 |
- |
- |
Multimedia International Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
Tangible assets |
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Other tangible assets |
Total |
|
Cost or valuation |
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At 1 October 2020 |
|
|
|
|
|
Additions |
- |
|
- |
|
|
Disposals |
- |
( |
- |
( |
( |
At 30 September 2021 |
|
|
|
|
|
Depreciation |
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At 1 October 2020 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
- |
( |
( |
At 30 September 2021 |
|
|
|
|
|
Carrying amount |
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At 30 September 2021 |
|
|
|
|
|
At 30 September 2020 |
|
|
|
|
|
Included within the net book value of land and buildings above is £7,920 (2020 - £8,415) in respect of long leasehold land and buildings.
Multimedia International Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
Stocks |
2021 |
2020 |
|
Work in progress |
|
|
Other inventories |
|
|
|
|
Debtors |
Current |
Note |
2021 |
(As restated) |
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Deferred tax assets |
|
|
|
|
|
Cash and cash equivalents |
2021 |
2020 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
Multimedia International Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
Creditors |
Note |
2021 |
(As restated) |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other payables |
|
( |
|
Accruals |
|
|
|
Income tax liability |
239,396 |
236,365 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling
£
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
|||
No. |
£ |
No. |
£ |
|
|
|
10,100.00 |
|
10,100.00 |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
Multimedia International Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
2021 |
2020 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
- |
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Related party transactions |
Key management compensation
2021 |
2020 |
|
Salaries and other short term employee benefits |
|
|
Summary of transactions with other related parties
Loans to related parties
2021 |
Key management |
Total |
At start of period |
( |
( |
Advanced |
|
|
Interest transactions |
|
|
At end of period |
|
|
|
2020 |
Key management |
Total |
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
( |
Interest transactions |
|
|
At end of period |
( |
( |
|
Multimedia International Services Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
Terms of loans to related parties
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from www.companieshouse.gov.uk
Barclays Bank PLC has debentures for use of their direct debit facilities which are secured by way of fixed and floating charges over all of the property or undertaking of the company.