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Registered number: 04953861










MEDIAFLEET LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024



 
MEDIAFLEET LIMITED
 

COMPANY INFORMATION


Directors
B J Smith 
C J Smith 
S M Smith 




Registered number
04953861



Registered office
Reading Bridge House
George Street

Reading

Berkshire

RG1 8LS




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS





 
MEDIAFLEET LIMITED
 

CONTENTS



Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7 - 8
Statement of changes in equity
9
Notes to the financial statements
10 - 21


 
MEDIAFLEET LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors

The directors who served during the year were:

B J Smith 
C J Smith 
S M Smith 

Directors' responsibilities statement

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

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


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

make judgments and accounting estimates that are reasonable and prudent;

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

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

Principal activity

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

Page 1

 
MEDIAFLEET LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Business review

Supported by a strong order book and a number of significant customer projects Mediafleet benefited from an encouraging element of critical mass during 2023/2024 financial year. Accordingly we were able to focus on efficiencies and improving our production and workshop processes, and this enabled us to deliver a robust financial performance in spite of the inflationary headwinds and continued shortage of skilled labour in the automotive supply chain. Importantly we remained competitively priced throughout the period, determined that our improving finances would be delivered via performance rather than passing on price increases to our customers. 
The company undertook a number of key initiatives during the financial year, including capital expenditure on new print machinery and opening additional workshop and vehicle compound facilities at our main Witney site. Indeed we now benefit from a significantly larger operating footprint, and it’s testament to the hard work put in by our team that the new equipment and space has been pressed straight into action.
This is a fifth consecutive year of sales and profit growth for Mediafleet, and this underlines our belief that the vehicle branding sector remains an exciting market in which to be involved, and one that continues to deliver strong value both for its customer base and for the growing number of people working within it. We look forward to the opportunities and projects ahead in the new financial year, although with a healthy degree of caution given the unpredictable wider business environment.

Financial and Key Performance Indicators

The financial highlights of the period were:
• Gross sales increased by 25% to £9.79 million (2023: £7.82 million)
• Pre Tax Profit increased by 49% to £1.77 million (2023: £1.19 million)

Disclosure of information to auditor

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

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

Auditor

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

Small companies note

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

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



................................................
B J Smith
Director
Date: 3 December 2024

Page 2

 
MEDIAFLEET LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDIAFLEET LIMITED
 

Opinion


We have audited the financial statements of Mediafleet Limited (the 'Company') for the year ended 30 June 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 30 June 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 3

 
MEDIAFLEET LIMITED
 

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


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


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


Matters on which we are required to report by exception
 

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


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 4

 
MEDIAFLEET LIMITED
 

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


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


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.


The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
 
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.


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


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


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

3 December 2024
Page 5

 
MEDIAFLEET LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
 £
£

  

Turnover
  
9,790,125
7,818,719

Cost of sales
  
(5,698,745)
(4,530,724)

Gross profit
  
4,091,380
3,287,995

Administrative expenses
  
(2,305,455)
(2,093,085)

Operating profit
  
1,785,925
1,194,910

Interest receivable and similar income
  
1,429
118

Interest payable and similar expenses
  
(13,595)
(6,061)

Profit before tax
  
1,773,759
1,188,967

Tax on profit
 5 
(446,549)
(242,030)

Profit for the financial year
  
1,327,210
946,937

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

The notes on pages 10 to 21 form part of these financial statements.

Page 6

 
MEDIAFLEET LIMITED
REGISTERED NUMBER: 04953861

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 6 
19,581
2,139

Tangible assets
 7 
258,233
117,629

Investments
 8 
2
2

  
277,816
119,770

Current assets
  

Stocks
 9 
249,838
305,380

Debtors: amounts falling due within one year
 10 
2,835,763
1,813,090

Cash at bank and in hand
 11 
1,664,795
1,285,116

  
4,750,396
3,403,586

Creditors: amounts falling due within one year
 12 
(3,232,256)
(2,259,973)

Net current assets
  
 
 
1,518,140
 
 
1,143,613

Total assets less current liabilities
  
1,795,956
1,263,383

Creditors: amounts falling due after more than one year
 13 
(10,660)
(20,911)

Provisions for liabilities
  

Deferred tax
 16 
(61,447)
(20,877)

  
 
 
(61,447)
 
 
(20,877)

Net assets
  
1,723,849
1,221,595


Capital and reserves
  

Called up share capital 
  
2,427
2,427

Share premium account
  
147,761
147,761

Capital redemption reserve
  
1,033
1,033

Profit and loss account
  
1,572,628
1,070,374

  
1,723,849
1,221,595


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

Page 7

 
MEDIAFLEET LIMITED
REGISTERED NUMBER: 04953861

BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

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

................................................
B J Smith
Director
Date: 3 December 2024

Page 8

 
MEDIAFLEET LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


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

£
£
£
£
£

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



Profit for the year
-
-
-
1,327,210
1,327,210

Dividends: Equity capital
-
-
-
(824,956)
(824,956)


At 30 June 2024
2,427
147,761
1,033
1,572,628
1,723,849


The notes on pages 10 to 21 form part of these financial statements.


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


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

£
£
£
£
£

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



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

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


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


The notes on pages 10 to 21 form part of these financial statements.

Page 9

 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

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

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

  
2.2

Revenue

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

 
2.3

Operating leases: the Company as lessee

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

 
2.4

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.

 
2.5

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.

Page 10

 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Intangible assets

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

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

 The estimated useful lives range as follows:

Computer software
-
3
years
Development expenditure
-
3
years

 
2.8

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 11

 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.8
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.

Depreciation is provided on the following basis:

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

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

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

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Stocks

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

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

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.

 
2.12

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.

 
2.13

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.

Page 12

 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.14

Dividends

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


3.


Employees

The average monthly number of employees, including directors, during the year was 43 (2023 - 41).


4.


Dividends

2024
2023
£
£


Dividend paid on equity capital
824,956
573,644

824,956
573,644


5.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
406,038
244,966

Adjustments in respect of previous periods
(59)
(982)


Total current tax
405,979
243,984

Deferred tax


Accelerated capital allowances
-
(297)

Short term timing differences
40,570
(1,657)

Total deferred tax
40,570
(1,954)


Taxation on profit on ordinary activities
446,549
242,030
Page 13

 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
5.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,773,759
1,188,967


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
443,440
243,738

Effects of:


Fixed asset differences
-
(992)

Expenses not deductible for tax purposes
3,168
311

Adjustments to deferred tax
-
386

Adjustment to tax charge in respect of previous periods
(59)
(982)

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

Total tax charge for the year
446,549
242,030


Factors that may affect future tax charges

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

Page 14

 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Intangible assets




Development expenditure
Computer software
Goodwill
Total

£
£
£
£



Cost


At 1 July 2023
22,000
16,126
10,600
48,726


Additions
-
22,792
-
22,792



At 30 June 2024

22,000
38,918
10,600
71,518



Amortisation


At 1 July 2023
19,861
16,126
10,600
46,587


Charge for the year
2,139
3,211
-
5,350



At 30 June 2024

22,000
19,337
10,600
51,937



Net book value



At 30 June 2024
-
19,581
-
19,581



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



Page 15

 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Tangible fixed assets





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

£
£
£
£
£
£



Cost or valuation


At 1 July 2023
333,623
28,950
92,746
187,866
99,130
742,315


Additions
206,225
-
2,354
9,362
10,782
228,723


Disposals
(44,130)
-
-
-
-
(44,130)



At 30 June 2024

495,718
28,950
95,100
197,228
109,912
926,908



Depreciation


At 1 July 2023
278,641
10,422
66,442
184,210
84,971
624,686


Charge for the year
63,512
3,706
4,299
3,884
6,235
81,636


Disposals
(37,647)
-
-
-
-
(37,647)



At 30 June 2024

304,506
14,128
70,741
188,094
91,206
668,675



Net book value



At 30 June 2024
191,212
14,822
24,359
9,134
18,706
258,233



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

Page 16

 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
2



At 30 June 2024
2






Net book value



At 30 June 2024
2



At 30 June 2023
2


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Motamedia Limited
Dormant company
Ordinary
100%

The aggregate of the share capital and reserves as at 30 June 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:

Name
Aggregate of share capital and reserves

Motamedia Limited
(2,176)

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


9.


Stocks

2024
2023
£
£

Raw materials and consumables
155,127
146,992

Work in progress
94,711
158,388

249,838
305,380


Page 17

 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Debtors

2024
2023
£
£


Trade debtors
2,381,276
1,415,567

Amounts owed by group undertakings
1,309
1,309

Other debtors
119,066
204,971

Prepayments
334,112
191,243

2,835,763
1,813,090



11.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,664,795
1,285,116

1,664,795
1,285,116



12.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,173
9,922

Trade creditors
1,173,126
657,056

Corporation tax
406,038
244,966

Other taxation and social security
351,372
224,230

Obligations under finance lease and hire purchase contracts
2,534
3,035

Other creditors
1,066,525
903,077

Accruals and deferred income
222,488
217,687

3,232,256
2,259,973


Other creditors includes £996,923 (2023: £860,478) due to debt factors. The liability is secured against a fixed and floating charge on all assets and undertakings of the company.


13.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
10,660
20,911

10,660
20,911


Page 18

 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,173
9,922

Amounts falling due 1-2 years

Bank loans
10,660
9,942

Amounts falling due 2-5 years

Bank loans
-
10,969

20,833
30,833


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


15.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
-
3,035

-
3,035

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

Page 19

 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


Deferred taxation




2024


£






At beginning of year
(20,877)


Charged to profit or loss
(40,570)



At end of year
(61,447)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(61,447)
(20,877)

(61,447)
(20,877)


17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



Nil (2023 - 2,427) Ordinary shares of £1.00 each
-
2,427
1,265 (2023 - Nil) A Ordinary shares of £1.00 each
1,265
-
556 (2023 - Nil) B Ordinary shares of £1.00 each
556
-
486 (2023 - Nil) C Ordinary shares of £1.00 each
486
-
120 (2023 - Nil) D Ordinary shares of £1.00 each
120
-

2,427

2,427

During the year the company redesignated it’s Ordinary share capital from 2,427 Ordinary shares of £1 each to 1,265 A Ordinary shares of £1 each, 556 B Ordinary shares of £1 each, 486 C Ordinary shares of £1 each and 120 D Ordinary shares of £1 each. 



18.


Pension commitments

The Company operates a defined pension contribution pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension costs charge represents contributions payable by the Company to the fund and amounted to £36,386 (2023: £37,154). Contributions totalling £8,019 (2023: £6,631) were payable at the balance sheet date.

Page 20

 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


Commitments under operating leases

At 30 June 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
172,102
179,909

Later than 1 year and not later than 5 years
499,930
571,809

Later than 5 years
672,032
100,716

1,344,064
852,434


20.


Related party transactions

At the balance sheet date the Company was owed £Nil (2023: £885) by Motamedia Limited, a subsidiary undertaking of Mediafleet Limited. During the period, the Company paid £522 (2023: £NIL) on behalf of Motamedia Limited in respect of bank charges.
During the year, the Company paid rent of £45,096 (2023: £45,096) for the house in which the directors Mr C Smith and Mrs S Smith resides. A substantial part of the property is used for accomodating the Company's administration office. Mr C Smith and Mrs S Smith bore £15,000 (2023: £15,000) of the cost of the rent.
At the balance sheet date Mr C Smith and Mrs S Smith, directors of the Company was owed £23,896 (2023: The company owed £30,812) in respect of a loan account, which is non-interest bearing and repayable on demand. 
At the balance sheet date Mr B Smith, a director of the Company, owed £83,010 (2023: £117,071) in respect of a loan account, which is non-interest bearing and repayable on demand.


21.


Controlling party

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


Page 21