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Registered number: 04953861










MEDIAFLEET LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023



 
MEDIAFLEET LIMITED
 

COMPANY INFORMATION


Directors
B J Smith 
C J Smith 
S M Smith 




Registered number
04953861



Registered office
Reading Bridge House
George Street

Reading

Berkshire

RG1 8LS




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS





 
MEDIAFLEET LIMITED
 

CONTENTS



Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Balance sheet
8 - 9
Statement of changes in equity
10
Notes to the financial statements
11 - 23


 
MEDIAFLEET LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

Directors

The directors who served during the year were:

B J Smith 
C J Smith 
S M Smith 

Principal activity

The principal activities of the company are the design, prototype development, manufacture and installation of exterior graphics for commercial markets, primarily transportation and retail sales promotion.

Business review

During Summer 2022 there were concerns that the deteriorating wider economic conditions could result in a reduction in vehicle fleet activity for the financial year ahead. With lower vehicle volumes entering build, there would be less customer units to brand, and additionally profit margins would be under pressure due to continuing inflation and a shortage of skilled labour. Set against this backdrop we begun the 2022/23 financial year with a healthy degree of caution, ready to respond to a potential fleet downturn should it have materialised.
However, the commercial fleet market in fact remained buoyant throughout the 12 months, allowing us to maintain a strong order book and project pipeline. Indeed, new van and truck stocks continued to rise in the UK between July 2022 and June 2023, and it became apparent that the backlog of customer orders and recovery in factory volumes from the vehicle manufacturers were more than sufficient to counter any slight drop in market sentiment due to economic pressures. In short the fleet market during this period was awash with vehicles and activity as fleets caught up with their replacement cycles, which had previously been so badly disrupted during 2020 and 2021.
Mediafleet has been able to capitalise on these conditions to deliver another strong set of results in which we have increased sales and profits for the fourth successive year. It was particularly encouraging that our team successfully integrated new customer projects alongside existing fleet contracts to deliver the growth in revenue, and the business now benefits from a much wider customer portfolio as we turn towards 2023/24.

Financial and Key Performance Indicators

The financial highlights of the period were:
• Gross sales increased by 49% to £7.82 million (2022 £5.25 million)
• Pre Tax Profit increased by 50% to £1.21 million (2022 £803,782)
The outlook for the new financial year sees continuing strong demand from our fleet customers and we maintain a healthy order pipeline. We plan to use some of our improving cash resources to invest in new print machinery, additional workshop space and new staff, these being crucial to us being able to consolidate our recent growth.

Page 1

 
MEDIAFLEET LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Directors' responsibilities statement

The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, James Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 



B J Smith
Director
Date: 15 November 2023

Page 2

 
MEDIAFLEET LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDIAFLEET LIMITED
 

Opinion


We have audited the financial statements of Mediafleet Limited (the 'Company') for the year ended 30 June 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 June 2023 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's 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 United Kingdom, including the Financial Reporting Council'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.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' 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 financial statements are 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.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.


Page 3

 
MEDIAFLEET LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDIAFLEET LIMITED (CONTINUED)


Opinion on other matters 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.


We have nothing to report in respect of the following matters in relation to which 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, 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.


Page 4

 
MEDIAFLEET LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDIAFLEET LIMITED (CONTINUED)


Auditor's 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any material instances of non compliance with laws and regulations;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


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 2006Our 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.


Page 5

 
MEDIAFLEET LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDIAFLEET LIMITED (CONTINUED)




Darren O'Connor FCCA ACA BSc (Hons) (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
Reading Bridge House
George Street
Reading
Berkshire
RG1 8LS

17 November 2023
Page 6

 
MEDIAFLEET LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
Note
 £
£

  

Turnover
  
7,818,719
5,254,726

Cost of sales
  
(4,530,724)
(2,836,867)

Gross profit
  
3,287,995
2,417,859

Administrative expenses
  
(2,093,085)
(1,603,385)

Operating profit
  
1,194,910
814,474

Interest receivable and similar income
  
118
1

Interest payable and similar expenses
  
(6,061)
(6,080)

Profit before tax
  
1,188,967
808,395

Tax on profit
 5 
(242,030)
(151,421)

Profit for the financial year
  
946,937
656,974

There was no other comprehensive income for 2023 (2022£NIL).

The notes on pages 11 to 23 form part of these financial statements.

Page 7

 
MEDIAFLEET LIMITED
REGISTERED NUMBER: 04953861

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 6 
2,139
10,632

Tangible assets
 7 
117,629
125,389

Investments
 8 
2
2

  
119,770
136,023

Current assets
  

Stocks
 9 
305,380
308,010

Debtors: amounts falling due within one year
 10 
1,813,090
1,460,301

Cash at bank and in hand
 11 
1,285,116
705,837

  
3,403,586
2,474,148

Creditors: amounts falling due within one year
 12 
(2,259,973)
(1,707,882)

Net current assets
  
 
 
1,143,613
 
 
766,266

Total assets less current liabilities
  
1,263,383
902,289

Creditors: amounts falling due after more than one year
 13 
(20,911)
(31,156)

Provisions for liabilities
  

Deferred tax
 16 
(20,877)
(22,831)

  
 
 
(20,877)
 
 
(22,831)

Net assets
  
1,221,595
848,302


Capital and reserves
  

Called up share capital 
  
2,427
2,427

Share premium account
  
147,761
147,761

Capital redemption reserve
  
1,033
1,033

Profit and loss account
  
1,070,374
697,081

  
1,221,595
848,302


The financial statements have been prepared 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.

Page 8

 
MEDIAFLEET LIMITED
REGISTERED NUMBER: 04953861

BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

B J Smith
Director
Date: 15 November 2023

Page 9

 
MEDIAFLEET LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 July 2022
2,427
147,761
1,033
697,081
848,302



Profit for the year
-
-
-
946,937
946,937

Dividends: Equity capital
-
-
-
(573,644)
(573,644)


At 30 June 2023
2,427
147,761
1,033
1,070,374
1,221,595


The notes on pages 11 to 23 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 July 2021
2,427
147,761
1,033
443,653
594,874


Comprehensive income for the year

Profit for the year
-
-
-
656,974
656,974

Dividends: Equity capital
-
-
-
(403,546)
(403,546)


At 30 June 2022
2,427
147,761
1,033
697,081
848,302


The notes on pages 11 to 23 form part of these financial statements.

Page 10

 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Mediafleet Limited is a private limited company incorporated and domiciled in England and Wales with registered number 04953861.
The principal activities of the company are the design, prototype development, manufacture and installation of exterior graphics for commercial markets, primarily transportation and retail sales promotion.
The Company's registered office is Reading Bridge House, George Street, Reading, Berkshire, RG1 8LS. The Company's principle place of business is Windrush Industrial Park, Witney, Oxon, OX29 7HB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Revenue

Revenue from the sales of goods is recognised at the point of invoice, which is when the final installation stage has been completed. Where large fleet projects are concerned involving large manufacturing runs of branding kits and rolling implementation across month ends, a percentage of the revenue relating to materials and manufacturing is recognised within Work In Progress.
Where customer projects do not involve an installation stage and we are contracted to manufacture only, then invoices are generated and revenue recognised at the point of dispatch.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 11

 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
3
years
Development expenditure
-
3
years

Page 12

 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
on the reducing balance
Motor vehicles
-
20%
on the reducing balance
Fixtures and fittings
-
15%
on the reducing balance
Improvement to property
-
20%
straight line
Computer equipment
-
25%
on the reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 13

 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 41 (2022 - 39).


4.


Dividends

2023
2022
£
£


Dividend paid on equity capital
573,644
403,546

573,644
403,546

Page 14

 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
244,966
155,606

Adjustments in respect of previous periods
(982)
(1,601)


Total current tax
243,984
154,005

Deferred tax


Accelerated capital allowances
(297)
(3,244)

Short term timing differences
(1,657)
660

Total deferred tax
(1,954)
(2,584)


Taxation on profit on ordinary activities
242,030
151,421

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 20.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,188,967
808,395


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 20.5% (2022 - 19%)
243,738
153,595

Effects of:


Fixed asset differences
(992)
(890)

Expenses not deductible for tax purposes
311
285

Adjustments to deferred tax
386
547

Adjustment to tax charge in respect of previous periods
(982)
(1,601)

Remeasurement of deferred tax for changes in tax rates
(431)
(515)

Total tax charge for the year
242,030
151,421


Factors that may affect future tax charges

The main rate of corporation tax has risen from 19% to 25% from 1 April 2023. On this basis deferred tax is provided at the future rate of 25%.

Page 15

 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Intangible assets




Development expenditure
Computer software
Goodwill
Total

£
£
£
£



Cost


At 1 July 2022
22,000
16,126
10,600
48,726



At 30 June 2023

22,000
16,126
10,600
48,726



Amortisation


At 1 July 2022
14,056
13,438
10,600
38,094


Charge for the year
5,805
2,688
-
8,493



At 30 June 2023

19,861
16,126
10,600
46,587



Net book value



At 30 June 2023
2,139
-
-
2,139



At 30 June 2022
7,944
2,688
-
10,632



Page 16

 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Improvements to property
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 July 2022
316,820
28,950
88,530
187,866
93,610
715,776


Additions
16,803
-
4,216
-
5,520
26,539



At 30 June 2023

333,623
28,950
92,746
187,866
99,130
742,315



Depreciation


At 1 July 2022
260,347
5,790
61,800
182,199
80,251
590,387


Charge for the year
18,294
4,632
4,642
2,011
4,720
34,299



At 30 June 2023

278,641
10,422
66,442
184,210
84,971
624,686



Net book value



At 30 June 2023
54,982
18,528
26,304
3,656
14,159
117,629



At 30 June 2022
56,473
23,160
26,730
5,667
13,359
125,389

Page 17

 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

8.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2022
2



At 30 June 2023
2






Net book value



At 30 June 2023
2



At 30 June 2022
2


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Motamedia Limited
Dormant company
Ordinary
100%

The aggregate of the share capital and reserves as at 30 June 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:

Name
Aggregate of share capital and reserves

Motamedia Limited
(2,176)

The subsidiary company is dormant hence there is no profit or loss in the year.

Page 18

 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

9.


Stocks

2023
2022
£
£

Raw materials
146,992
149,623

Work in progress
158,388
158,387

305,380
308,010



10.


Debtors

2023
2022
£
£


Trade debtors
1,415,567
1,208,284

Amounts owed by group undertakings
1,309
885

Other debtors
204,971
129,589

Prepayments
191,243
121,543

1,813,090
1,460,301



11.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,285,116
705,837

1,285,116
705,837


Page 19

 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

12.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,922
9,677

Trade creditors
657,056
576,801

Corporation tax
244,966
155,606

Other taxation and social security
224,230
164,452

Obligations under finance lease and hire purchase contracts
3,035
5,859

Other creditors
903,077
746,934

Accruals and deferred income
217,687
48,553

2,259,973
1,707,882


Other creditors includes £860,478 (2022: £714,474) due to debt factors. The liability is secured against a fixed and floating charge on all assets and undertakings of the company.


13.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
20,911
31,156

20,911
31,156


Page 20

 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

14.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
9,922
9,677

Amounts falling due 1-2 years

Bank loans
9,942
9,922


9,942
9,922

Amounts falling due 2-5 years

Bank loans
10,969
21,234

30,833
40,833


The bank loan due within one year and more than one year has a fixed and floating charge over all present and future assets of the company. The loan is interest bearing and repayable over the agreed terms.


15.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
3,035
5,859

3,035
5,859

The obligations under hire purchase are secured on the underlying assets.


16.


Deferred taxation




2023


£






At beginning of year
(22,831)


Charged to profit or loss
1,954



At end of year
(20,877)

Page 21

 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
16.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(20,877)
(22,831)

(20,877)
(22,831)


17.


Pension commitments

The Company operates a defined pension contribution pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension costs charge represents contributions payable by the Company to the fund and amounted to £37,154 (2022: £33,263). Contributions totalling £6,631 (2022: £6,429) were payable at the balance sheet date.


18.


Commitments under operating leases

At 30 June 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
179,909
171,422

Later than 1 year and not later than 5 years
571,809
532,772

Later than 5 years
100,716
233,909

852,434
938,103


19.


Related party transactions

At the balance sheet date the Company was owed £1,309 (2022: £885) by Motamedia Limited, a subsidiary undertaking of Mediafleet Limited. During the period, the Company paid £Nil (2022: £90) on behalf of Motamedia Limited in respect of bank charges.
During the year, the Company paid rent of £45,096 (2022: £45,096) for the house in which the directors Mr C Smith and Mrs S Smith resides. A substantial part of the property is used for accomodating the Company's administration office. Mr C Smith and Mrs S Smith bore £15,000 (2022: £15,000) of the cost of the rent.
At the balance sheet date Mr C Smith and Mrs S Smith, directors of the Company, owed £30,812 (2022: £2,812) in respect of a loan account, which is non-interest bearing and repayable on demand. 
At the balance sheet date Mr B Smith, a director of the Company, owed £117,071 (2022: £82,658) in respect of a loan account, which is non-interest bearing and repayable on demand.

Page 22

 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

20.


Controlling party

The Company is controlled by B J Smith by virtue of his majority shareholding.


Page 23