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DIRECT MARKET TOUCH LIMITED | |
Report and accounts | |
Contents | |
Page | |
Company information | 1 |
Directors' report | 2 |
Statement of directors' responsibilities | 3 |
Strategic report | 4 |
Independent auditors' report | 5 |
Profit and loss account | 6 |
Balance sheet | 7 |
Cash flow statement | 8 |
Notes to the accounts | 9-15 |
Detailed profit and loss account | 16-17 |
Pages 16 and 17 do not form part of the statutory accounts | |
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Company Information |
Directors |
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Secretary |
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Auditors |
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Registered office |
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Registered number |
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Registered number: |
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Directors' Report | |||||||
The directors present their report and accounts for the year ended |
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Strategic Report and future developments | |||||||
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments. | |||||||
Directors | |||||||
The following persons served as directors during the year: | |||||||
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Disclosure of information to auditors |
Each person who was a director at the time this report was approved confirms that: | |||||||
● | so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and | ||||||
● | he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. |
This report was approved by the board on |
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Mr P Charalambous | |||||||
Director | |||||||
DIRECT MARKET TOUCH LIMITED | |||||||
Statement of Directors' Responsibilities | |||||||
The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations. | |||||||
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts 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 accounts 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 accounts, the directors are required to: | |||||||
● | select suitable accounting policies and then apply them consistently; | ||||||
● | make judgements and estimates that are reasonable and prudent; | ||||||
● | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; | ||||||
● | prepare the accounts 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 accounts 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. | |||||||
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Strategic Report | |||||||
The directors present their strategic report for the year ended 31 October 2015. | |||||||
Review of the business The results for the year, which are set out on page 6, were marginally lower than last year and lower than expected. The company experienced certain problems in setting up its website and operating it in an efficient manner, and those problems affected the company's efficiency in achieving new business. Principal risks and uncertainties The principal risks and uncertainties facing the company are ongoing competition impacting on its market share and pressure on margins. The directors continue to focus on both these in their strategy for the future. Future developments The company's website underwent a compelte overhaul and it is now a powerful marketing and selling tool. The directors are confident that the company is now in a strong position to take advantage of any new opportunities which may arise in the future. In addition to that the directors aim to maintain the management policies which in the past resulted in the company's growth and they are cautiously optimistic that the company will continue to be successful during the forthcoming years. |
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This report was approved by the board on 19 February 2016 and signed on its behalf. | |||||||
Mr P Charalambous | |||||||
Director | |||||||
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Independent auditors' report | ||
to the members of DIRECT MARKET TOUCH LIMITED | ||
We have audited the accounts of DIRECT MARKET TOUCH LIMITED for the year ended 31 October 2015 which comprise the Profit and Loss Account, the Balance Sheet, the Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). | ||
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 auditors' 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. | ||
Respective responsibilities of directors and auditors | ||
As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the accounts in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. | ||
Scope of the audit of the accounts | ||
A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/auditscopeukprivate | ||
Opinion on the accounts |
In our opinion the accounts: | ||
● | give a true and fair view of the state of the company's affairs as at 31 October 2015 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. |
Opinion on other matters prescribed by the Companies Act 2006 | ||
In our opinion the information given in the Directors' Report and the Strategic Report for the financial year for which the accounts are prepared is consistent with the accounts. | ||
Matters on which we are required to report by exception | ||
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 accounts 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. | |
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(Senior Statutory Auditor) |
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for and on behalf of |
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Accountants and Statutory Auditors | ||
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Profit and Loss Account | ||||||||
for the year ended |
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Notes | 2015 | 2014 | ||||||
£ | £ | |||||||
Turnover | 2 |
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Cost of sales | ( |
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Gross profit |
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Administrative expenses | ( |
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Operating profit | 3 |
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Interest receivable |
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Profit on ordinary activities before taxation |
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Tax on profit on ordinary activities | 6 | ( |
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Profit for the financial year |
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Continuing operations | ||||||||
None of the company's activities were acquired or discontinued during the above two financial years. | ||||||||
Statement of total recognised gains and losses | ||||||||
The company has no recognised gains or losses other than the profit for the above two financial years. | ||||||||
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Balance Sheet | |||||||
as at |
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Notes | 2015 | 2014 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 7 |
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Current assets | |||||||
Debtors | 8 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 9 | ( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities | |||||||
Deferred taxation | 10 | ( |
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Net assets |
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Capital and reserves | |||||||
Called up share capital | 11 |
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Profit and loss account | 12 |
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Shareholders' funds | 14 |
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Mr A R D Charalambous | |||||||
Director | |||||||
Approved by the board on |
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DIRECT MARKET TOUCH LIMITED | |||||
Cash Flow Statement | |||||
for the year ended 31 October 2015 | |||||
Notes | 2015 | 2014 | |||
£ | £ | ||||
Reconciliation of operating profit to net cash | |||||
inflow from operating activities | |||||
Operating profit |
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Depreciation and amortisation | 1,734 | 1,310 | |||
(Increase)/decrease in debtors | (13,347) | 47,951 | |||
Increase/(decrease) in creditors | 9,113 | (17,699) | |||
Net cash inflow from operating activities | 27,230 | 156,844 | |||
CASH FLOW STATEMENT | |||||
Net cash inflow from operating activities | 27,230 | 156,844 | |||
Returns on investments and servicing of finance | 15 | 357 | 428 | ||
Taxation | ( |
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Capital expenditure | 15 | (169) | (3,218) | ||
963 | 154,054 | ||||
Equity dividends paid | (60,000) | - | |||
(59,037) | 154,054 | ||||
(Decrease)/increase in cash | ( |
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Reconciliation of net cash flow to movement in net debt | |||||
(Decrease)/increase in cash in the period | ( |
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Change in net debt | 16 | ( |
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Net funds at 1 November |
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Net funds at 31 October |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
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Turnover | ||||||||
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Depreciation | ||||||||
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: | ||||||||
Plant and machinery |
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Deferred taxation | ||||||||
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred tax is calculated at the tax rates which are expected to apply in the periods when the timing differences will reverse, and discounted to reflect the time value of money using rates based on the post-tax yields to maturity that could be obtained at the balance sheet date on government bonds with similar maturity dates. |
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Leasing and hire purchase commitments | ||||||||
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term. |
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2 | Analysis of turnover | 2015 | 2014 | |||||
£ | £ | |||||||
By activity: | ||||||||
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By geographical market: | ||||||||
UK |
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3 | Operating profit | 2015 | 2014 | |||||
£ | £ | |||||||
This is stated after charging: | ||||||||
Depreciation of owned fixed assets |
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Operating lease rentals - land buildings | 50,978 | 65,944 | ||||||
Auditors' remuneration for audit services |
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4 | Directors' emoluments | 2015 | 2014 | |||||
£ | £ | |||||||
Emoluments |
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5 | Staff costs | 2015 | 2014 | |||||
£ | £ | |||||||
Wages and salaries |
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Social security costs |
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Average number of employees during the year | Number | Number | ||||||
Administration | 2 | 2 | ||||||
Marketing | 1 | 1 | ||||||
Sales | 4 | 3 | ||||||
7 | 6 | |||||||
6 | Taxation | 2015 | 2014 | |||||
£ | £ | |||||||
Analysis of charge in period | ||||||||
Current tax: | ||||||||
UK corporation tax on profits of the period |
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Deferred tax: | ||||||||
Origination and reversal of timing differences | (313) | 382 | ||||||
Tax on profit on ordinary activities |
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Factors affecting tax charge for period | ||||||||
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: | ||||||||
2015 | 2014 | |||||||
£ | £ | |||||||
Profit on ordinary activities before tax |
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Standard rate of corporation tax in the UK |
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£ | £ | |||||||
Profit on ordinary activities multiplied by the standard rate of corporation tax |
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Effects of: | ||||||||
Expenses not deductible for tax purposes |
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Capital allowances for period in excess of depreciation |
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Current tax charge for period |
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Factors that may affect future tax charges | ||||||||
The company is not aware of any specific factors that may affect future tax charges. | ||||||||
7 | Tangible fixed assets | |||||||
Fixtures, fittings and equipment | ||||||||
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Cost | ||||||||
At 1 November 2014 |
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Additions |
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At 31 October 2015 |
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Depreciation | ||||||||
At 1 November 2014 |
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Charge for the year |
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At 31 October 2015 |
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Net book value | ||||||||
At 31 October 2015 |
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At 31 October 2014 |
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8 | Debtors | 2015 | 2014 | |||||
£ | £ | |||||||
Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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9 | Creditors: amounts falling due within one year | 2015 | 2014 | |||||
£ | £ | |||||||
Trade creditors |
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Corporation tax |
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Other taxes and social security costs |
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Other creditors |
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Accruals and deferred income |
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10 | Deferred taxation | 2015 | 2014 | |||||
£ | £ | |||||||
Accelerated capital allowances |
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Undiscounted provision for deferred tax |
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2015 | 2014 | |||||||
£ | £ | |||||||
At 1 November |
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Deferred tax charge in profit and loss account | ( |
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At 31 October |
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11 | Share capital | Nominal | 2015 | 2015 | 2014 | |||
value | Number | £ | £ | |||||
Allotted, called up and fully paid: | ||||||||
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12 | Profit and loss account | 2015 | ||||||
£ | ||||||||
At 1 November 2014 | 381,697 | |||||||
Profit for the financial year |
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Dividends | ( |
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At 31 October 2015 |
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13 | Dividends | 2015 | 2014 | |||||
£ | £ | |||||||
Dividends for which the company became liable during the year: | ||||||||
Dividends paid |
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14 | Reconciliation of movement in shareholders' funds | 2015 | 2014 | |||||
£ | £ | |||||||
At 1 November |
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Profit for the financial year | 22,697 | 98,873 | ||||||
Dividends | ( |
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At 31 October |
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15 | Gross cash flows | 2015 | 2014 | |||||
£ | £ | |||||||
Returns on investments and servicing of finance | ||||||||
Interest received | 357 | 428 | ||||||
Capital expenditure | ||||||||
Payments to acquire tangible fixed assets | (169) | (3,218) | ||||||
16 | Analysis of changes in net debt | |||||||
At 1 Nov 2014 | Cash flows | Non-cash changes | At 31 Oct 2015 | |||||
£ | £ | £ | £ | |||||
Cash at bank and in hand | 425,749 | (59,037) | 366,712 | |||||
Total | 425,749 | (59,037) | - | 366,712 | ||||
17 | Other financial commitments | |||||||
At the year end the company had annual commitments under non-cancellable operating leases as set out below: | ||||||||
Land and buildings | Land and buildings | Other | Other | |||||
2015 | 2014 | 2015 | 2014 | |||||
£ | £ | £ | £ | |||||
Operating leases which expire: | ||||||||
within two to five years |
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- | - | ||||
18 | Related party transactions | 2015 | 2014 | |||||
£ | £ | |||||||
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Amount due to Mr A R D Charalambous |
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826 | ||||||
Dividends paid to Mr A R D Charalambous |
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Amount due to Mr P Charalambous |
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826 | ||||||
Dividends paid to Mr P Charalambous |
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19 | Ultimate controlling party | |||||||
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