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Registered number: 14098909









FIREFLY MOBILITY MEDIA UK LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
FIREFLY MOBILITY MEDIA UK LIMITED
 

CONTENTS



Page
Company information
 
1
Group strategic report
 
2 - 3
Directors' report
 
4 - 5
Independent auditors' report
 
6 - 11
Consolidated statement of comprehensive income
 
12
Consolidated balance sheet
 
13
Company balance sheet
 
14
Consolidated statement of changes in equity
 
15
Company statement of changes in equity
 
16
Consolidated statement of cash flows
 
17
Consolidated analysis of net debt
 
18
Notes to the financial statements
 
19 - 35


 
FIREFLY MOBILITY MEDIA UK LIMITED
 
 
COMPANY INFORMATION


Directors
J S Kurzman (resigned 11 November 2023)
A Simsek (appointed 11 November 2023)




Registered number
14098909



Registered office
3rd Floor
29/30 Ely Place

London

EC1N 6TD




Principal place of business
1612 Remuda Lane

San Jose

California

95112






Independent auditors
Nyman Libson Paul LLP
Chartered Accountants & Statutory Auditors

124 Finchley Road

London

NW3 5JS




Page 1

 
FIREFLY MOBILITY MEDIA UK LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

Introduction
 
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.

Business review
 
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.

Page 2

 
FIREFLY MOBILITY MEDIA UK LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
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.

Financial key performance indicators
 
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.

Other key performance indicators
 
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.


A Simsek
Director

Date: 20 September 2024

Page 3

 
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.

Directors' responsibilities statement

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.
 
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 the Group and of the profit or loss of the Group for that period.

 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 2006They 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.

Results and dividends

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.

Directors

The directors who served during the period were:

J S Kurzman (resigned 11 November 2023)
A Simsek (appointed 11 November 2023)

Future developments

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.

Page 4

 
FIREFLY MOBILITY MEDIA UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

Disclosure of information to auditors

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 and the Group's auditors are 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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company or its Group since the balance sheet date.

Auditors

The auditorsNyman Libson Paul LLPwill 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.
 


A Simsek
Director

Date: 20 September 2024

Page 5

 
FIREFLY MOBILITY MEDIA UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIREFLY MOBILITY MEDIA UK LIMITED
 

Unqualified opinion on the financial statements


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 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 Group's and of the parent company's affairs as at 31 December 2023 and of the Group's loss for the period 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 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.


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 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.


Page 6

 
FIREFLY MOBILITY MEDIA UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIREFLY MOBILITY MEDIA UK LIMITED (CONTINUED)


Other information


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 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.


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 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.


Matters on which we are required to report by exception
 

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.


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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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.


Page 7

 
FIREFLY MOBILITY MEDIA UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIREFLY MOBILITY MEDIA UK LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent 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 Group or the parent company or to cease operations, or have no realistic alternative but to do so.


Auditors' 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 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.
Page 8

 
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.

Page 9

 
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.


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 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.


Page 10

 
FIREFLY MOBILITY MEDIA UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIREFLY MOBILITY MEDIA UK LIMITED (CONTINUED)


Richard Paul (senior statutory auditor)
  
for and on behalf of
Nyman Libson Paul LLP
 
Chartered Accountants
Statutory Auditors
  
124 Finchley Road
London
NW3 5JS

20 September 2024
Page 11

 
FIREFLY MOBILITY MEDIA UK LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023

Year ended
31 December
Period ended
31 December
2023
2022
Note
£
£

  

Turnover
 4 
14,396,319
11,040,450

Cost of sales
  
(8,266,649)
(6,302,361)

Gross profit
  
6,129,670
4,738,089

Distribution costs
  
(354,399)
(176,631)

Administrative expenses
  
(5,254,226)
(3,635,110)

Operating profit
 5 
521,045
926,348

Interest receivable
 9 
27,563
1,354

Interest payable
 10 
(1,719,712)
(958,630)

Loss before tax
  
(1,171,104)
(30,928)

Tax
 11 
(148,658)
(635,199)

Loss for the financial period
  
(1,319,762)
(666,127)

Loss for the financial period attributable to:
  

Owners of the parent company
  
(1,319,762)
(666,127)

The notes on pages 19 to 35 form part of these financial statements.

Page 12

 
FIREFLY MOBILITY MEDIA UK LIMITED
REGISTERED NUMBER: 14098909

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
10,194,797
11,864,313

Tangible assets
 13 
85,204
96,040

  
10,280,001
11,960,353

Current assets
  

Debtors
 15 
5,957,861
4,779,897

Cash at bank and in hand
 16 
1,063,113
1,138,286

  
7,020,974
5,918,183

Creditors: amounts falling due within one year
 17 
(19,269,711)
(18,521,258)

Net current liabilities
  
 
 
(12,248,737)
 
 
(12,603,075)

Total assets less current liabilities
  
(1,968,736)
(642,722)

Provisions for liabilities
  

Deferred tax
 19 
(16,153)
(22,405)

  
 
 
(16,153)
 
 
(22,405)

Net liabilities
  
(1,984,889)
(665,127)


Capital and reserves
  

Called up share capital 
 20 
1,000
1,000

Profit and loss account
 21 
(1,985,889)
(666,127)

  
(1,984,889)
(665,127)


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

A Simsek
Director

Date: 20 September 2024

The notes on pages 19 to 35 form part of these financial statements.

Page 13

 
FIREFLY MOBILITY MEDIA UK LIMITED
REGISTERED NUMBER: 14098909

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 14 
11,657,370
11,657,370

  
11,657,370
11,657,370

Current assets
  

Debtors
 15 
-
459,021

  
-
459,021

Creditors: amounts falling due within one year
 17 
(14,336,663)
(13,074,021)

Net current liabilities
  
 
 
(14,336,663)
 
 
(12,615,000)

Total assets less current liabilities
  
(2,679,293)
(957,630)

  

  

Net liabilities
  
(2,679,293)
(957,630)


Capital and reserves
  

Called up share capital 
 20 
1,000
1,000

Profit and loss account brought forward
  
(958,630)
-

Loss for the period
  
(1,721,663)
(958,630)

Profit and loss account carried forward
  
(2,680,293)
(958,630)

  
(2,679,293)
(957,630)


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

A Simsek
Director

Date: 20 September 2024

The notes on pages 19 to 35 form part of these financial statements.

Page 14

 
FIREFLY MOBILITY MEDIA UK LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£



Loss for the period
-
(666,127)
(666,127)

Shares issued during the period
1,000
-
1,000



At 1 January 2023
1,000
(666,127)
(665,127)



Loss for the period
-
(1,319,762)
(1,319,762)


At 31 December 2023
1,000
(1,985,889)
(1,984,889)


Page 15

 
FIREFLY MOBILITY MEDIA UK LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£



Loss for the period
-
(958,630)
(958,630)

Shares issued during the period
1,000
-
1,000



At 1 January 2023
1,000
(958,630)
(957,630)



Loss for the period
-
(1,721,663)
(1,721,663)


At 31 December 2023
1,000
(2,680,293)
(2,679,293)


Page 16

 
FIREFLY MOBILITY MEDIA UK LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Loss for the financial period
(1,319,762)
(666,127)

Adjustments for:

Amortisation of intangible assets
1,669,516
1,031,680

Depreciation of tangible assets
43,997
37,894

Interest payable
1,719,712
958,630

Interest receivable
(27,563)
(1,354)

Taxation charge
148,658
635,199

Increase in debtors
(1,182,549)
(1,652,370)

(Decrease)/increase in creditors
(238,200)
929,350

Increase in amounts owed to group undertakings
289,706
12,114,391

Corporation tax paid
(214,460)
(571,842)

Net cash generated from operating activities

889,055
12,815,451


Cash flows from investing activities

Purchase of tangible fixed assets
(33,161)
(22,149)

Purchase of fixed asset investments
-
(11,657,370)

Interest received
27,563
1,354

Net cash from investing activities

(5,598)
(11,678,165)

Cash flows from financing activities

Issue of ordinary shares
-
1,000

Interest paid
(958,630)
-

Net cash used in financing activities
(958,630)
1,000

Net (decrease)/increase in cash and cash equivalents
(75,173)
1,138,286

Cash and cash equivalents at beginning of period
1,138,286
-

Cash and cash equivalents at the end of period
1,063,113
1,138,286


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
1,063,113
1,138,286

1,063,113
1,138,286


Page 17

 
FIREFLY MOBILITY MEDIA UK LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

1,138,286

(75,173)

1,063,113


1,138,286
(75,173)
1,063,113

Page 18

 
FIREFLY MOBILITY MEDIA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

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

  
2.1

Summary of significant 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.

 
2.2

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 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.

  
2.3

Functional and presentational currency

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.

Page 19

 
FIREFLY MOBILITY MEDIA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.4

Going concern

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.

 
2.5

Basis of consolidation

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.

Page 20

 
FIREFLY MOBILITY MEDIA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Revenue

Turnover represents revenue receivable in respect of the provision of advertising solutions and is measured as the fair value of consideration receivable gross of commissions payable and net of Value Added Taxation.

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:

Provision of services under contract - Revenue is recognised over the term of the contract

Production of advertising panels - Revenue is recognised on completion of production

 
2.7

Operating leases

Leases that do not substantially transfer all the risks and rewards associated with ownership of the asset to the lessee are classified as operating leases.

Rentals payable, net of benefits receivable as an incentive, under operating leases are charged to profit or loss on a straight line basis over the lease term.

 
2.8

Pensions

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.

  
2.9

Finance costs

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.

Page 21

 
FIREFLY MOBILITY MEDIA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Taxation

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.

 
2.11

Intangible assets

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.

Page 22

 
FIREFLY MOBILITY MEDIA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

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:

Short-term leasehold property
-
Over the term of the lease or over 4 years where the lease has no fixed term
Motor vehicles
-
Other fixed assets
-
Over 2 to 4 years

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.

 
2.13

Fixed asset investments

Fixed asset investments comprise of holdings in unlisted company shares of subsidiary undertakings which are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at cost less provision for impairment at the reporting date.

 
2.14

Financial instruments

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.

 
2.15

Debtors

Debtors excluding deferred tax assets (see note 2.10) are initially measured at transaction price (i.e fair value) and subsequently held, at transaction price less provision for impairment.

Page 23

 
FIREFLY MOBILITY MEDIA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Cash and cash equivalents

Cash balances are reported as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash balances are held at floating interest rates linked to UK bank rates.

 
2.17

Creditors

Creditors are initially measured and subsequently held at transaction price.

 
2.18

Equity and dividends

Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account.

Equity dividends are recognised upon approval of their issue by the Company's directors.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies towards the preparation of the Company's individual and consolidated group financial statements, judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources may be required. Although the expected outcome of said estimates and assumptions will, by definition, seldom equal the related actual results; estimates and judgments made are continually reevaluated and are based on historical experience as well as other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There were no critical judgments made in applying the entity's accounting policies.

The estimates and assumptions that are considered as having a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are addressed below:

Impairment of investments
Where an indication of impairment is identified, an estimation of the recoverable value based on an estimation of the net present value of future cash flows from the underlying asset is made applying appropriate discount rates in order to reflect the time value of money. In preparing the financial statements for the period ended 31 December 2023, the director was of the opinion that no indication of impairment was present which would warrant such an exercise to be performed.

Impairment of trade receivables
When assessing the recoverable value of trade receivables, a variety of factors are considered including the ageing profile of the debt, historical and market experience with the customer and the quality of communications to date.

Page 24

 
FIREFLY MOBILITY MEDIA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

3.Judgments in applying accounting policies (continued)

Provision for accrued expenditure
When assessing the value of accrued expenditure to be recognised at the balance sheet date, the work undertaken prior to the reporting date and related third party goods and services acquired as a result of said work yet to be invoiced to the Company is considered. Where invoices are unavailable on determining the provision, the value of applicable third-party goods and services is estimated based on quotations received prior to receiving the goods/services or on historically observed transactions of a similar nature.


4.


Turnover

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.

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

Year ended
31 December
Period ended
31 December
2023
2022
£
£

Auditors' remuneration (see note 6)
48,742
35,348

Depreciation of tangible fixed assets
43,997
37,894

Amortisation of goodwill and intangible assets acquired on consolidation
1,614,516
999,673

Amortisation of other intangible fixed assets
55,000
32,007

Operating lease rentals
448,173
246,367

Contributions towards defined contribution pension schemes
95,020
226,501


6.


Auditors' remuneration

The following amounts were due by the Company and its group to its auditors in respect of statutory audit
and other professional services provided during the financial period:


Year ended
31 December
Period ended
31 December
2023
2022
£
£

Audit of the consolidated and parent Company's financial statements
44,816
32,872

Taxation compliance services
3,926
2,476

Page 25

 
FIREFLY MOBILITY MEDIA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Wages and salaries
2,390,222
1,474,434
-
-

Social security costs
304,043
199,287
-
-

Contributions to defined contribution pension schemes
95,020
226,501
-
-

2,789,285
1,900,222
-
-


The average monthly number of employees, including the directors, for the Group during the financial period was 35 (2022: 33). 
In accordance with UK legislation, office holders (i.e. registered company directors or secretaries) of the Company are not employees of the Company on the grounds that they are not party to a contract with the Company that meets the criteria for status of an employee.


8.


Key management personnel

The directors of the Company are considered to comprise the key management personnel of the Company and whom are remunerated by the ultimate parent undertaking, Firefly Systems Inc (see note 26).
Any services provided to the Company are considered incidental to their main duties at Firefly Systems Inc.





9.


Interest receivable

Year ended
31 December
Period ended
31 December
2023
2022
£
£


Other interest receivable
27,563
1,354

Page 26

 
FIREFLY MOBILITY MEDIA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

10.


Interest payable

Year ended
31 December
Period ended
31 December
2023
2022
£
£


Interest payable to parent undertaking
1,719,712
958,630


11.


Taxation


Year ended
31 December
Period ended
31 December
2023
2022
£
£

Corporation tax


Current tax on profits for the financial period
151,324
617,601

Adjustments in respect of previous periods
1
-


Total current tax
151,325
617,601

Deferred tax


Origination and reversal of timing differences
(2,667)
17,598

Total deferred tax
(2,667)
17,598


Taxation on profit on ordinary activities
148,658
635,199
Page 27

 
FIREFLY MOBILITY MEDIA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

Year ended
31 December
Period ended
31 December
2023
2022
£
£


Loss on ordinary activities before tax
(1,171,104)
(30,928)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
(275,450)
(5,876)

Effects of:


Non-tax deductible amortisation of intangible assets and impairment
379,743
189,938

Expenses not deductible for tax purposes
35,370
13,315

Fixed asset taxation differences
(3,783)
-

Adjustments to current tax charge in respect of prior periods
1
-

Adjustment to tax recognised by subsidiary undertakings pre-acquisition
-
394,853

Remeasurement of deferred tax for changes in tax rates
(973)
-

Deferred tax not recognised
13,750
42,969

Total tax charge for the period
148,658
635,199


Factors that may affect future tax charges

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.

Page 28

 
FIREFLY MOBILITY MEDIA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

12.


Intangible assets

Group





Trademarks
Goodwill
Total

£
£
£



Cost


At 1 January 2023
2,300,000
10,595,993
12,895,993



At 31 December 2023

2,300,000
10,595,993
12,895,993



Amortisation


At 1 January 2023
244,575
787,105
1,031,680


Charge for the period on owned assets
395,000
1,274,516
1,669,516



At 31 December 2023

639,575
2,061,621
2,701,196



Net book value



At 31 December 2023
1,660,425
8,534,372
10,194,797



At 31 December 2022
2,055,425
9,808,888
11,864,313



The intangible assets which are material to the financial statements comprise of the following:
Goodwill on purchased trading contracts with a carrying value of £323,125 and a remaining useful life of 5.875 years as of the balance sheet date;
Goodwill on consolidation of subsidiary undertakings with a carrying value of £8,211,247 and remaining useful lives ranging from 5.75 to 8.39 years as of the balance sheet date;
Trade names and trademarks with a carrying value of £1,005,699 and remaining amortisation period of 8.39 years as of the balance sheet date; and
Customer relationships with a carrying value of £654,726 and remaining useful lives of 2.39 years as of the balance sheet date.
Company
The Company held no intangible fixed assets.

Page 29

 


 
FIREFLY MOBILITY MEDIA UK LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023


13.


Tangible fixed assets


Group







Short-term leasehold property
Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
29,458
40,427
17,989
1,250
44,810
133,934


Additions
10,141
-
-
-
23,020
33,161



At 31 December 2023

39,599
40,427
17,989
1,250
67,830
167,095



Depreciation


At 1 January 2023
12,251
7,018
2,167
130
16,328
37,894


Charge for the period on owned assets
12,160
12,859
313
313
18,352
43,997



At 31 December 2023

24,411
19,877
2,480
443
34,680
81,891



Net book value



At 31 December 2023
15,188
20,550
15,509
807
33,150
85,204



At 31 December 2022
17,207
33,409
15,822
1,120
28,482
96,040

Page 30

 
FIREFLY MOBILITY MEDIA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

13.


Tangible fixed assets (continued)

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.


14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 January 2023
11,657,370



At 31 December 2023
11,657,370





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Aventis Media Holdings Limited
Ordinary
100%
Ubiquitous Limited*
Ordinary
100%

* Investment held indirectly
Both subsidiary undertakings of the Company were incorporated under the UK Companies Act and domiciled in England. 
The registered office for both Aventis Media Holdings Limited and Ubiquitous Limited is located on the 3rd Floor of 29/30 Ely Place, London, EC1N 6TD.

Page 31

 
FIREFLY MOBILITY MEDIA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

15.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Falling due within one year

Trade debtors
5,580,755
4,354,737
-
-

Amounts owed by group undertakings
-
1,000
-
459,021

Other debtors
196,087
146,508
-
-

Prepayments and accrued income
181,019
274,067
-
-

Deferred taxation
-
3,585
-
-

5,957,861
4,779,897
-
459,021


Trade and other debtors falling due within one year are non-interest bearing and, in the opinion of the director, of a fair value not materially different to their carrying value.
Amounts owed by group undertakings are unsecured, interest free and repayable on demand with no fixed date of repayment.
At the balance sheet date, the provision for impairment against debtors falling due within one year was £nil (2022: £11,333).


16.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
1,063,113
1,138,286


Page 32

 
FIREFLY MOBILITY MEDIA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
318,721
394,136
-
-

Amounts owed to group undertakings
12,404,097
12,115,391
12,616,951
12,115,391

Corporation tax
146,766
208,976
-
-

Other taxation and social security
861,040
738,928
-
-

Accruals and deferred income
5,539,087
5,063,827
1,719,712
958,630

19,269,711
18,521,258
14,336,663
13,074,021


Amounts owed to group undertakings are unsecured, repayable on demand with no fixed date of repayment and of which £12,115,391 (2022: £12,115,391) incurs interest at the highest Prime Rate in effect during said month plus 6.75% per annum provided that the interest rate in effect shall not be less than 10.00% per annum nor exceed 14.00% per annum. Remaining amounts owed to group undertakings are non-interest bearing.


18.


Financial instruments

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.


19.


Deferred taxation


Group



2023


£






At beginning of year
(18,820)


Credited/(charged) to profit or loss
2,667



At end of year
(16,153)

Page 33

 
FIREFLY MOBILITY MEDIA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
 
19.Deferred taxation (continued)







The net deferred taxation asset/(liability) carried forward is made up as follows:

Group
Group
2023
2022
£
£

Accelerated capital allowances
(16,153)
(22,405)

Other short term timing differences
-
3,585

(16,153)
(18,820)

Comprising:

Asset - due within one year
-
3,585

Liability
(16,153)
(22,405)

(16,153)
(18,820)


Company
The Company held no deferred taxation assets or liabilites carried forward as at the balance sheet date of the 2023 or 2023 financial reporting periods.


In the opinion of the director, deferred taxation carried forward as at the balance sheet date and expected to reverse in the following financial reporting period is not considered to be material to warrant further disclosure.


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



21.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and (losses) net of amounts distributed to the Company's equity shareholders.
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

22.


Contingent liabilities

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.


23.


Pension commitments

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.


24.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
43,232
170,161

Later than 1 year and not later than 5 years
276,586
373,065

319,818
543,226
Company
The Company had no commitments under non-cancellable operating leases at the balance sheet date.


25.


Related party transactions

The Company has taken advantage of the exemptions provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions undertaken or balances carried forward as at the balance sheet date between wholly-owned group undertakings.
There were no other related party transactions and/or period end balances to report in accordance with the Companies Act 2006 and Financial Reporting Standard 102 as part of these financial statements.


26.


Controlling party

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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