Registered number:
FOR THE PERIOD ENDED 31 DECEMBER 2023
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FIREFLY MOBILITY MEDIA UK LIMITED
CONTENTS
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FIREFLY MOBILITY MEDIA UK LIMITED
COMPANY INFORMATION
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FIREFLY MOBILITY MEDIA UK LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
Firefly Mobility Media UK Limited (the "Company") was incorporated on 10 May 2022 by Firefly Systems Inc. to acquire Ubiquitous as part of its international expansion and growth of the Firefly brand.
Where referred to in this annual report and financial statements, the Group comprises the Company and its subsidiary undertakings Ubiquitous Limited and Aventis Media Holdings Limited. Ubiquitous is the UK’s leading provider of taxi advertising services and has been the leader for more than 10 years. The 'home of intelligent taxi advertising', Ubiquitous is renowned in the advertising industry for working alongside their clientele and delivering cost-effective and market-engaging taxi advertising solutions that combine media insight with creative ideas and innovation. Leading the way by putting taxi advertising on Route, the Out-of-Home advertising industry’s audience measurement platform, Ubiquitous continues to hold the greatest national footprint of any provider of taxi advertising in the UK. Operating both in London and in more than 20 key cities outside of the capital via its regional operation centres, Ubiquitous enables its clientele to reach their brand's target audience across the UK. Taxis are a unique outdoor advertising format; always on the move, reaching new people every day both in busy city centres as well as in quiet residential streets where there is simply no other form of outdoor media. The ubiquity of taxi advertising places brands in front of an audience that is becoming increasingly both time poor and demographically attractive. The director is of the opinion, based on both internally and externally performed market research, that taxi advertising continues to be a principal driver of brand awareness. Customers continue to view taxi advertising as an engaging format with which brands can drive sales.
The financial performance of the Company and its Group for the reporting period and financial position as at 31 December 2023 are shown on pages 12 to 13 of the financial statements.
Excluding the amortisation of goodwill on consolidation and interest payable on loans due to the Company's parent undertaking in the period amounting to £1,218,724 and £1,719,712 in the period respectively, the Group reports profits before tax of £1,767,332 for the current reporting period.
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FIREFLY MOBILITY MEDIA UK LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
Execution of the Group's strategy and the resulting operating performance of the Company and its Group are influenced by a number of risk factors, some of which are outside of the control of management.
Overall responsibility for the systems of internal control and risk management and for reviewing their overall effectiveness is held by the directors and senior management of the Company's ultimate parent undertaking who apply an adaptive approach in identifying and mitigating such risks and taking appropriate steps to implement changes as appropriate. The key business risks and uncertainties affecting the Group are considered to relate, in no particular order of rank, to the following:
Competition from alternative formats of advertising in the Out-of-Home advertising market, such as billboards and video displays. The risk of direct competition is managed through market research by better understanding customer needs, tailoring value-added services and forging, as well as maintaining, strong trading relationships.
The Group’s trade is primarily a service business in which the ability of the Group’s employees to develop and maintain relationships with its customers and suppliers is imperative to its success. The risks associated with losing key personnel is mitigated through continued monitoring of the levels and structure of remuneration of employees as well as the provision for opportunities for development, training and progression.
Given the straightforward and individual nature of the business, the director considers turnover, gross profit and operating profit before the amortisation of goodwill on consolidation and interest payable on loans due to the Company's parent undertaking (where applicable) as the relevant financial key performance indicators sufficient to ensure an appropriate understanding to the true underlying financial performance and position of the Company and its Group.
Details of these financial key performance indicators can be found within page 12 of the financial statements.
The director does not consider, in the context of the market in which the Company and its Group trades, that there are any consistent non-financial key performance indicators which would assist in ensuring a sufficient understanding of the underlying performance not already determinable from information available elsewhere.
This report was approved by the board and signed on its behalf.
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FIREFLY MOBILITY MEDIA UK LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the period ended 31 December 2023.
The directors are responsible for preparing the group strategic report, the directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group'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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the period, after taxation, amounted to £1,319,762 (2022 - loss £666,127).
As of the date upon which this report was approved, the directors have not recommended payment of a dividend in respect of the financial performance for the reporting period ended 31 December 2023.
The directors who served during the period were:
The commercial environment in which the Company and its group operates remains competitive. However, the director is of the opinion that with the established reputation of Ubiquitous in the UK and Firefly Systems in the US, the Company and its Group will be able to maintain and build upon its current market position. The director of the Company, along with the directors and senior management of its Group and ultimate parent undertaking, continue to explore all available opportunities to grow organically through ongoing evaluation of the ever changing market.
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FIREFLY MOBILITY MEDIA UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
There have been no significant events affecting the Company or its Group since the balance sheet date.
The auditors, Nyman Libson Paul LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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FIREFLY MOBILITY MEDIA UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIREFLY MOBILITY MEDIA UK LIMITED
We have audited the financial statements of Firefly Mobility Media UK Limited (the 'parent company') and its subsidiaries (the 'Group') for the period ended 31 December 2023, which comprise the consolidated statement of comprehensive income, the consolidated balance sheet, the company balance sheet, the consolidated statement of cash flows, the consolidated statement of changes in equity, the company statement of changes in equity and the related notes, 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).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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.
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 Group's or the parent 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.
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FIREFLY MOBILITY MEDIA UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIREFLY MOBILITY MEDIA UK LIMITED (CONTINUED)
The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the group strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.
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FIREFLY MOBILITY MEDIA UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIREFLY MOBILITY MEDIA UK LIMITED (CONTINUED)
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 auditors' 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 Group 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:
We identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error, by designing and performing audit procedures responsive to those risks and obtaining sufficient and appropriate evidence to provide a basis for our opinion. In identifying and assessing risks of material misstatement, we have considered the following:
∙the nature of the industry and sectors in which the Company and its Group operates;
∙the control environment and business performance of the Company and its Group;
∙the organisational structure and management of the Group;
∙the Group's accountancy function and the use of third party service organisations as part of it;
∙results of our enquiries of management about their own identification and assessment of the risks of irregularities;
∙any matters we identified having obtained and reviewed the Group’s documentation of its policies and procedures relating to identifying, evaluating and complying with laws and regulations and detecting and responding to the risks of fraud;
∙whether the directors were aware of any instances of noncompliance or of actual, suspected or alleged fraud;
∙the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
∙those matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the Group for fraud and identified the greatest potential for fraud in the following areas:
∙timing of recognition of commercial income; and
∙posting of unusual journals and complex transactions.
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FIREFLY MOBILITY MEDIA UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIREFLY MOBILITY MEDIA UK LIMITED (CONTINUED)
As is common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on those areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management (as required by auditing standards). The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. The key laws and regulations we considered in this context included the Group’s ongoing compliance with the UK Companies Act, current UK trading, employment and tax legislation and the following most likely to have such an effect given the nature of the Group's activities: general data privacy and protection, anti-trust compliance and anti-bribery and corruption.
We communicated those relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. These limited procedures did not identify actual or suspected non-compliance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.
Auditing standards limit the required audit procedures to identify non-compliance with laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
In addition, as with any audit, the risk of non-detection of a material misstatement resulting from fraud is greater than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance.
We identified the recognition of commercial income and the risk of management override as key audit matters related to the potential risk of fraud. In response to those key audit matters, our procedures included:
In regards to the recognition of commercial income:
∙discussion of the revenue recognition policy with management and performance of system walkthroughs to re-confirm our understanding of the revenue recognition process;
∙testing whether amounts recognised were accurate and recorded in the correct period; and
∙assessing that the accounting entries have been recorded in accordance with Section 23 of FRS 102.
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FIREFLY MOBILITY MEDIA UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIREFLY MOBILITY MEDIA UK LIMITED (CONTINUED)
In regards to the risk of management override:
∙testing the appropriateness of journal entries and other adjustments;
∙assessment of the appropriateness of accounting policies used, the reasonableness of accounting estimates and judgments implemented and whether there is indication of a potential bias; and
∙evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
Our audit testing will include testing complete populations of certain transactions and balances, however, it typically involves selecting a limited number of items for testing, rather than testing complete populations. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected.
In addition to the aforementioned, our procedures to respond to risks identified included the following:
∙evaluation of the overall presentation, structure and content of the financial statements and whether the financial statements represent the underlying transactions and events in a manner that achieves a presentation that is true and fair.and in accordance with the provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙enquiring of management concerning actual and potential litigation and claims;
∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙reading minutes of meetings of those charged with governance,
∙reviewing correspondence with HMRC; and
∙concluding on the appropriateness of the directors' application of the going concern basis of accounting in preparing the financial statements and, based on the evidence obtained, concluding whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's or its Group's ability to continue as a going concern.
Our conclusions in regards to going concern are based on the evidence obtained up to the date of the audit report and may not account for all future events or conditions that may transpire as subsequent events may result in outcomes that are inconsistent with judgments that were reasonable at the time they were made.
Consequently, our conclusions are not a guarantee that the Company or its Group will continue in operation.
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 auditors' 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 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.
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FIREFLY MOBILITY MEDIA UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIREFLY MOBILITY MEDIA UK LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants
Statutory Auditors
124 Finchley Road
NW3 5JS
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FIREFLY MOBILITY MEDIA UK LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
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FIREFLY MOBILITY MEDIA UK LIMITED
REGISTERED NUMBER: 14098909
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 35 form part of these financial statements.
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FIREFLY MOBILITY MEDIA UK LIMITED
REGISTERED NUMBER: 14098909
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 35 form part of these financial statements.
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FIREFLY MOBILITY MEDIA UK LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
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FIREFLY MOBILITY MEDIA UK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
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FIREFLY MOBILITY MEDIA UK LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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FIREFLY MOBILITY MEDIA UK LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 DECEMBER 2023
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FIREFLY MOBILITY MEDIA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
Firefly Mobility Media UK Limited (the "Company") is a private company limited by shares and is incorporated and domiciled in the United Kingdom.
The address of the Company's registered office and principal place of business can be found within the Company Information on page 1 of these financial statements. The principal activity of the Company was that of a holding company. The nature of the group's operations and principal activities are set out in the strategic report on pages 2 to 3.
2.Accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.
Items included in the financial statements of the Company and its consolidated group are measured using the currency of the primary economic environment in which the Company operates (the
"functional currency").
The functional currency of the Company, and the currency in which the financial statements are presented (the "presentational currency"), is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.
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FIREFLY MOBILITY MEDIA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The director at the time of approving the financial statements, having reviewed the Company and its Group's performance up to the date these financial statements were approved and expected performance over the 18 months following the balance sheet date, has a reasonable expectation that the Company has, available at its disposal, adequate resources to continue in operational existence for the foreseeable future.
The director accepts that although there does exist an inherent uncertainty that may cast doubt about the ability of the Company and its Group to continue as a going concern; the director considers the uncertainty to be adequately insignificant such that the application of the going concern basis in preparing the Company's individual and consolidated group financial statements remains appropriate and in turn have prepared the Company's individual and consolidated group financial statements under said basis.
The consolidated financial statements present the results of the Company and its group undertakings as if they were a single entity up to the reporting date.
Intercompany transactions and balances between subsidiary undertakings are eliminated in full on consolidation. A subsidiary undertaking is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
Where a subsidiary undertaking applies alternative accounting policies to that applied by the Company, adjustments on application of the Company's accounting policies are made to the financial statements of the subsidiary undertaking prior to consolidation.
The consolidated financial statements incorporate the results of business combinations by applying the share of net assets principle under the acquisition method.
The cost of a business combination is the sum of the fair value of consideration payable as monetary assets and/or issued equity, liabilities incurred and/or assumed on acquisition and other costs directly attributable to the business combination. Where control is achieved in stages the cost of a business combination is determined with respect to the staging date.
In the consolidated statement of financial position, the acquiree's identifiable assets and liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date upon which control is achieved.
Acquired operations are deconsolidated from the date control ceases to be held.
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FIREFLY MOBILITY MEDIA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the amount of revenue attributable can be reliably measured with the method by which revenue is recognised dependant upon the inherent nature of the underlying transactions as outlined below:
The Group operates a defined contribution pension plan for its employees and makes contributions towards the personal pensions of certain employees.
A defined contribution pension plan is one under which the Company pays fixed contributions to a separate entity. Once the contributions have been paid the Company has no further payment obligations. Contributions payable are recognised as an expense in profit or loss for the reporting period when they fall due. Amounts falling due but not paid are included within other creditors in the balance sheet. The assets of the pension plan are held separately from the Company in independently administered funds.
Interest payable and related borrowing costs are recognised in profit or loss during the reporting period in which they are incurred in accordance with the terms of the underlying finance agreement.
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FIREFLY MOBILITY MEDIA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Taxation for the financial reporting period comprises of current (i.e. corporation) and deferred taxation.
Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the reporting date in the UK where taxable income is generated by the Company through its business operations. Positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation are periodically evaluated with provisions recognised, where appropriate, on the basis of amounts expected to be payable. Deferred taxation is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements. Deferred taxation is
calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the reporting date and are expected to apply when the related deferred tax asset/liability is realised/settled.
Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised.
Intangible assets comprise of the following:
Goodwill in respect of purchase trading contracts and on acquisition of subsidiary undertakings
∙On initial recognition, goodwill is determined as the difference between amounts paid on acquisition and the fair value of the associated identifiable assets and liabilities.
∙Subsequently, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses with any related expenditure previously recognised in profit or loss not recognised as an asset in a subsequent period.
∙Goodwill is amortised on a straight line basis to profit or loss over its useful economic life of ten years.
Trade names and marks and customer relationships on acquisition of subsidiary undertakings
∙On initial recognition, said assets are measured at fair value as determined by third party professionals.
∙Subsequently, said assets are measured at cost less accumulated amortisation and accumulated impairment losses.
∙Trade names and marks are amortised on a straight line basis to profit or loss over ten years whereas customer relationships are amortised on a straight line basis to profit or loss over four years.
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FIREFLY MOBILITY MEDIA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Tangible fixed assets are recognised under the cost model and stated at historical cost less accumulated depreciation. 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 upon acquisition.
Depreciation is provided on the following basis:
Depreciation of a tangible fixed asset commences once the asset is available for use. The residual values and depreciation bases are reviewed and adjusted prospectively, where deemed appropriate, if there is an indication of a significant change since the last balance sheet date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Company and its group only enter into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised upon becoming party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the underlying obligations are discharged, cancelled or expired. The measurement of specific financial assets, financial liabilities and equity held by the Company and its group is as outlined in notes 2.15 to 2.18 of the financial statements.
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FIREFLY MOBILITY MEDIA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Equity dividends are recognised upon approval of their issue by the Company's directors. Impairment of investments
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FIREFLY MOBILITY MEDIA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
3.Judgments in applying accounting policies (continued)
The whole of the turnover is attributable to the provision of advertising solutions as disclosed in note 2.6 to the financial statements. In the opinion of the director, the classes of revenue streams provided do not differ substantially.
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FIREFLY MOBILITY MEDIA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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FIREFLY MOBILITY MEDIA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
Page 27
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FIREFLY MOBILITY MEDIA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
11.Taxation (continued)
Deferred tax assets of approximately £57,000 in respect of intangible fixed asset differences have not been recognised as part of these financial statements on the grounds that there is insufficient certainty as to whether the Group will generate proceeds in excess of cost on disposal of the respective intangible assets against which said deferred tax assets may be offset.
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FIREFLY MOBILITY MEDIA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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FIREFLY MOBILITY MEDIA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
Cost of tangible fixed assets brought forward comprises assets recognised at their fair value equal to their net book value on acquisition of Aventis Media Holdings Limited as follows:
∙Short-term leasehold property of £19,453;
∙Motor vehicles of £40,427;
∙Fixtures and fittings of £17,589;
∙Office equipment of £nil; and
∙Computer equipment of £34,316
Company The Company held no tangible fixed assets.
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FIREFLY MOBILITY MEDIA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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FIREFLY MOBILITY MEDIA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
The Company and its Group held no financial instruments that would require specific disclosure under sections 1.12, 11 or 12 of Financial Reporting Standard 102 and paragraph 36 of Schedule 1 to the Companies Act 2006.
The total interest income and expenditure for the group in respect of financial assets and liabilities not held at fair value through profit or loss (i.e. re-measured to the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date with any financial movement recognised immediately in profit or loss) was as disclosed in notes 9 and 10 to the financial statements.
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FIREFLY MOBILITY MEDIA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
19.Deferred taxation (continued)
Profit and loss account
Specific movements in respect of the Company and its group during the financial reporting period are as disclosed in the statements of changes in equity on pages 15 to 16.
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FIREFLY MOBILITY MEDIA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
In September 2023, the Company and its subsidiary undertakings became party to a cross guarantee in which a fixed charge with negative pledge over all present and future assets of the Company and its subsidiary undertakings was granted in respect of any and all amounts owed towards loan finance arrangements entered into by the ultimate parent undertaking of the Company.
The pension cost charge represents contributions payable by the Group towards defined contribution pension schemes and amounted to £95,020 (period ended 31 December 2022: £159,740).
Employee and employer contributions totalling £nil (2022: £nil) were outstanding at the balance sheet date and included in creditors falling due within one year.
The Company's immediate and ultimate parent company is Firefly Systems Inc., a company incorporated in the state of Delaware, USA which holds a 100% interest in the total voting rights of Firefly Mobility Media UK Limited.
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