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Registered number: 06072392









MEDIASHARE LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
MEDIASHARE LIMITED
 
 
COMPANY INFORMATION


Directors
R K Hagan 
M E L Webber 




Registered number
06072392



Registered office
Unit G Panorama
Bridge Close

Dartford

Kent

DA2 6QP




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA





 
MEDIASHARE LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Statement of comprehensive income
 
8
Balance sheet
 
9
Statement of changes in equity
 
10
Notes to the financial statements
 
11 - 25


 
MEDIASHARE LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

Introduction
 
The directors present their strategic report for the year ended 31 January 2024.

Business review
 
The company has looked to consolidate on its very pleasing results from the prior year by investing in more equipment and staffing to ensure the directors vision for growth is achievable. This vision of growth is driven not only by the demand in the UK market but looking at opportunities around the world.
Due to the consolidation process and a group loan account tidy up the profit before tax for the year has reduced to £1.89m from £5.02m in the prior year. The directors however consider that EBITDA is a better measure of the company’s performance which generated £5.07m in the year.

Principal risks and uncertainties
 
The company's principal risk relates to the status of the entertainment industry and the demand for tours. In addition the company are subject to the fluctating foreign exhchange rates. The directors of the company continually monitor these risks.

Financial key performance indicators
 
As referred to in the Business review the key perfomance indicator used by the company is that of EBITDA along with turnover.


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



M E L Webber
Director

Date: 30 October 2024

Page 1

 
MEDIASHARE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,386,816 (2023 - £4,066,733).

The directors have proposed payment of a final dividend amounting to £1,667,541 (2023 - £1,754,362).

Directors

The directors who served during the year were:

R K Hagan 
M E L Webber 

Future developments

Post year end the group has received additional investment to continue with its growth strategy.

Page 2

 
MEDIASHARE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

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'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's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditors

The auditorsBarnes Roffe 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.
 





M E L Webber
Director

Date: 30 October 2024

Page 3

 
MEDIASHARE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDIASHARE LIMITED
 

Opinion


We have audited the financial statements of Mediashare Limited (the 'company') for the year ended 31 January 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
MEDIASHARE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDIASHARE 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
MEDIASHARE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDIASHARE LIMITED (CONTINUED)


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 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: 
• The engagement partner ensured that the engagement team collectively had the appropriate competence,  capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the company through discussion with directors and    other management, and from our commercial knowledge and experience of the relevant sector;
• The specific laws and regulations which we considered may have a direct material effect on the financial   statements or the operations of the company, are as follows;
  o Companies Act 2006
  o FRS102
  o Health and Safety legislation
  o Employment legislation
  o Tax legislation
  o International Laser Display Association (ILDA)
  o Institution of Occupational Safety and Health (IOSH)
• We assessed the compliance with the laws and regulations identified above through making     enquiries of management, reviewing board minutes, inspecting certificates of compliance and inspecting   legal correspondence; and
• Laws and regulations were communicated within the audit team at the planning meeting, and during the    audit as any further laws and regulation were identified. The audit team remained alert to instances of    non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: 
• Making enquires of management as to where they consider there was susceptibility to fraud and their    knowledge of actual suspected and alleged fraud; 
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates    were indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the    company’s usual course of business.
 
Page 6

 
MEDIASHARE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDIASHARE LIMITED (CONTINUED)


The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls; 
• Revenue recognition; and 
• Posting of unusual journals or transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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


Other matters 
 

The financial statements of the company for the year ended 31 January 2023 were not audited as the company was able to take advantage of the audit exemption.
We have however carried out audit work on opening balances as at 1 February 2023 and are not aware of any misstatements that would materially affect the current period's financial statements.


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.





Mario Cientanni (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA

 
 
Date: 
30 October 2024
Page 7

 
MEDIASHARE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
Note
£
£

  

Turnover
 4 
16,938,290
16,418,890

Cost of sales
  
(11,759,956)
(9,807,554)

Gross profit
  
5,178,334
6,611,336

Administrative expenses
  
(1,948,001)
(1,586,568)

Exceptional administrative expenses
  
(1,339,026)
-

Operating profit
 5 
1,891,307
5,024,768

Interest receivable and similar income
 9 
739
977

Interest payable and similar expenses
 10 
(6,849)
(10,734)

Profit before tax
  
1,885,197
5,015,011

Tax on profit
 11 
(498,381)
(948,278)

Profit for the financial year
  
1,386,816
4,066,733

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 11 to 25 form part of these financial statements.

Page 8

 
MEDIASHARE LIMITED
REGISTERED NUMBER: 06072392

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 14 
6,542,627
6,065,769

Investments
 15 
1
1

  
6,542,628
6,065,770

Current assets
  

Debtors due after more than 1 year
 16 
1,285,249
2,528,233

Debtors due within 1 year
 16 
2,775,243
1,659,735

Cash at bank and in hand
 17 
515,847
1,350,332

  
4,576,339
5,538,300

Creditors: amounts falling due within one year
 18 
(2,034,886)
(1,954,412)

Net current assets
  
 
 
2,541,453
 
 
3,583,888

Total assets less current liabilities
  
9,084,081
9,649,658

Creditors: amounts falling due after more than one year
 19 
(1,444,000)
(1,639,328)

Provisions for liabilities
  

Deferred tax
 21 
(1,019,640)
(1,109,164)

Net assets
  
6,620,441
6,901,166


Capital and reserves
  

Called up share capital 
 22 
1,051
1,051

Share premium account
  
799,926
799,926

Profit and loss account
  
5,819,464
6,100,189

  
6,620,441
6,901,166


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




M E L Webber
Director

Date: 30 October 2024

The notes on pages 11 to 25 form part of these financial statements.

Page 9

 
MEDIASHARE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


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

£
£
£
£

At 1 February 2023
1,051
799,926
6,100,189
6,901,166



Profit for the year
-
-
1,386,816
1,386,816

Dividends
-
-
(1,667,541)
(1,667,541)


At 31 January 2024
1,051
799,926
5,819,464
6,620,441



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023


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

£
£
£
£

At 1 February 2022
1,000
-
3,787,818
3,788,818



Profit for the year
-
-
4,066,733
4,066,733

Dividends
-
-
(1,754,362)
(1,754,362)

Shares issued during the year
51
799,926
-
799,977


At 31 January 2023
1,051
799,926
6,100,189
6,901,166


The notes on pages 11 to 25 form part of these financial statements.

Page 10

 
MEDIASHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Mediashare Limited is a private company limited by shares and incorporated in the England and Wales. The address of the registered office is Unit G Panorama, Bridge Close,  Dartford, DA2 6QP. The principal activity of the company during the year has been the provision of laser equipment and technical support to the leisure and entertainment industry. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of ER Productions Holdings Limited as at 31 January 2024 and these financial statements may be obtained from Unit G Panorama, Bridge Close, Dartford, Kent, DA2 6QP.

Page 11

 
MEDIASHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the company as lessee

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

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

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

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 12

 
MEDIASHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

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

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

 
2.9

Current and deferred taxation

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

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

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

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

 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

 
2.11

Tangible fixed assets

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

Page 13

 
MEDIASHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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


Plant and machinery
-
25%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
25%
Reducing balance
Office equipment
-
25%
Reducing balance

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

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

 
2.12

Investments

Unlisted ivestments are held at cost less impairment.

 
2.13

Debtors

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

 
2.14

Cash and cash equivalents

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

 
2.15

Creditors

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

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
 


Page 14

 
MEDIASHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.17

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 15

 
MEDIASHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.18

Dividends

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, the directors are required to make estimates and judgements. These estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant and reviewed on an ongoing basis.
Key estimates include depreciation charges which are further disclosed in note 2.10.


4.


Turnover

2024
2023
£
£

Sale and rent of equipment
16,938,290
16,418,890

16,938,290
16,418,890


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
8,964,413
6,750,854

Rest of Europe
2,769,594
2,684,667

Rest of the world
5,204,283
6,983,369

16,938,290
16,418,890


Page 16

 
MEDIASHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
85,753
(34,335)

Other operating lease rentals
566,998
362,942

Depreciation
1,835,308
1,835,308


6.


Auditors' remuneration

2024
2023
£
£

Fees paid for audit services
19,750
-


7.


Employees

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


2024
2023
£
£

Wages and salaries
3,424,640
2,571,133

Social security costs
415,002
285,543

Cost of defined contribution scheme
55,715
36,494

3,895,357
2,893,170


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
2
2



Other employees
58
41

60
43

Page 17

 
MEDIASHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
20,000
20,000

Company contributions to defined contribution pension schemes
226
141

20,226
20,141


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.


9.


Interest receivable

2024
2023
£
£


Other interest receivable
739
977

739
977


10.


Interest payable and similar expenses

2024
2023
£
£


Bank loan interest payable
6,849
10,344

Other interest payable
-
390

6,849
10,734

Page 18

 
MEDIASHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
507,749
573,256

Foreign tax


Foreign tax on income for the year
80,156
-

Total current tax
587,905
573,256

Deferred tax


Origination and reversal of timing differences
(89,524)
375,022


Tax on profit
498,381
948,278

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 25% (2023 - 19%)

2024
2023
£
£


Profit on ordinary activities before tax
1,885,197
5,015,011


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25/19% (2023 - 19%)
453,016
952,852

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
9,511
14,214

Capital allowances for year in excess of depreciation
(195,996)
(396,484)

Exceptional items
321,770
-

Deferred tax charge/(credit)
(89,524)
375,022

Withholding tax expenses incurred
80,156
-

Relief for overseas tax
(80,552)
-

Other adjustments leading to an increase in the tax charge
-
2,674

Total tax charge for the year
498,381
948,278

Page 19

 
MEDIASHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
11.Taxation (continued)


Factors that may affect future tax charges

There are no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends paid
1,667,541
1,754,362

1,667,541
1,754,362


13.


Exceptional items

2024
2023
£
£


Intercompany loan write off
1,339,026
-

1,339,026
-

Page 20

 
MEDIASHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

14.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 February 2023
13,242,067
67,293
2,113,743
223,001
15,646,104


Additions
2,177,155
-
82,602
53,984
2,313,741


Disposals
-
(4,977)
-
-
(4,977)


Transfers between classes
(7,995)
7,995
-
-
-



At 31 January 2024

15,411,227
70,311
2,196,345
276,985
17,954,868



Depreciation


At 1 February 2023
8,745,885
55,505
649,886
129,059
9,580,335


Charge for the year on owned assets
1,414,625
2,947
389,921
27,815
1,835,308


Disposals
-
(3,402)
-
-
(3,402)


Transfers between classes
(2,832)
2,832
-
-
-



At 31 January 2024

10,157,678
57,882
1,039,807
156,874
11,412,241



Net book value



At 31 January 2024
5,253,549
12,429
1,156,538
120,111
6,542,627



At 31 January 2023
4,496,182
11,788
1,463,857
93,942
6,065,769


15.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 February 2023
1



At 31 January 2024
1




Page 21

 
MEDIASHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

16.


Debtors


2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
1,285,249
2,528,233

1,285,249
2,528,233

Due within one year

Trade debtors
2,712,283
1,608,780

Other debtors
4,427
13,498

Prepayments and accrued income
58,533
37,457

4,060,492
4,187,968



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
515,847
1,350,332

515,847
1,350,332



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
48,000
48,000

Trade creditors
745,100
563,092

Corporation tax
591,260
435,762

Other taxation and social security
229,105
174,671

Other creditors
103,065
57,611

Accruals and deferred income
318,356
675,276

2,034,886
1,954,412


Page 22

 
MEDIASHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,444,000
1,492,000

Amounts owed to group undertakings
-
147,328

1,444,000
1,639,328


Included within creditors due within and over one year are bank loans of £1,492,000 (2023: £1,540,000) which are secured over the assets of the company.


20.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
48,000
48,000

Amounts falling due 1-2 years

Bank loans
347,638
48,000

Amounts falling due 2-5 years

Bank loans
934,913
982,914

Amounts falling due after more than 5 years

Bank loans
161,449
461,086



21.


Deferred taxation




2024


£






At beginning of year
(1,109,164)


Credited to profit or loss
89,524



At end of year
(1,019,640)

Page 23

 
MEDIASHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
21.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,019,640)
(1,109,164)

(1,019,640)
(1,109,164)


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



500 (2023 - 500) Ordinary B shares of £1.00 each
500
500
500 (2023 - 500) Ordinary C shares of £1.00 each
500
500
51 (2023 - 51) Ordinary D shares of £1.00 each
51
51

1,051

1,051



23.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £55,715 (2023 - £36,494) . Contributions totalling £22,604 (2023 - £8,928) were payable to the fund at the balance sheet date and are included in creditors.


24.


Commitments under operating leases

At 31 January 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
280,200
295,200

Later than 1 year and not later than 5 years
210,150
490,350

490,350
785,550

Page 24

 
MEDIASHARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

25.


Related party transactions

During the year under revew, the company rendered services to a company under common control totalling £1,786,193 (2023: £1,356,158). As at the balance sheet date, Mediashare Limited was owed £235,199 (2023: £351,791) by this related party.
As at the balance sheet date, the company was owed £669,102 
(2023: £495,803) by its parent company.


26.


Controlling party

The ultimate parent company is ER Productions Holdings Limited which is incoporated in England and Wales. 
No one individual has ultimate control of the company.

 
Page 25