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Registered number: 09587265










GoMedia Services Ltd










Annual Report and Financial Statements

For the year ended 31 December 2023





 
GoMedia Services Ltd
 

Company Information


Directors
Mr Magnus Friberg (resigned 3 November 2023)
Mr Peter John Kingsland 
Mr Thomas Olsson (resigned 9 October 2023)
Mr Quentin Dejean (appointed 12 October 2023)
Mr Baudouin Huon (appointed 18 December 2023, resigned 17 July 2024)
Ms Viktoria Skantz (appointed 18 July 2024)
Mr Martin Johansson (appointed 21 December 2023)
Ms Catherine Chardon (appointed 16 May 2024)




Registered number
09587265



Registered office
C/O Icomera Uk Victory House
Quayside

Chatham Maritime

Chatham

Kent

ME4 4QU




Independent auditors
Constantin

Chartered Accountants and Statutory Auditor

25 Hosier Lane

London

United Kingdom

EC1A 9LQ





 
GoMedia Services Ltd
 

Contents



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


 
GoMedia Services Ltd
 

 
Directors' report
For the year ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 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.

Directors

The directors who served during the year were:

Mr Magnus Friberg (resigned 3 November 2023)
Mr Peter John Kingsland 
Mr Thomas Olsson (resigned 9 October 2023)
Mr Quentin Dejean (appointed 12 October 2023)
Mr Baudouin Huon (appointed 18 December 2023, resigned 17 July 2024)
Mr Martin Johansson (appointed 21 December 2023)

Principal risks and uncertainties

Impact of the war in Ukraine on their operations

Our external consultants have staff in the Ukraine who were moved to either non-occupied areas or to other countries at the start of the conflict. We have a business contingency plan in place in case of any changes. This has not impacted either our accounts or our operations.

Impact of the high inflation in the UK

During the financial year we have increased our prices where possible to meet inflation. This has been a challenge, especially in discussions with operators who work in overseas territories where Inflation has been lower. Our suppliers are generally on long term contracts and we have not seen significant increases in our cost base.

Page 1

 
GoMedia Services Ltd
 

 
Directors' report (continued)
For the year ended 31 December 2023


Disclosure of information to auditors

Auditors

The auditorsConstantinwill 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 on 30 January 2025 and signed on its behalf.
 





Mr Peter John Kingsland
Director

Page 2

 
GoMedia Services Ltd
 

 
Independent auditors' report to the members of GoMedia Services Ltd
 

Report on the audit of the financial statements 
 
Opinion


In our opinion the financial statements of GoMedia Services Ltd (the ‘Company’):
• give a true and fair view of the state of the company’s affairs as at 31/12/2023 and of its loss for the year   then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting     Practice, including Financial Reporting Standard 101 “Reduced Disclosure Framework”; and
• have been prepared in accordance with the requirements of the Companies Act 2006.
 
We have audited the financial statements which comprise:
• the statement of comprehensive income;
• the balance sheet;
• the statement of changes in equity;
• the related notes 1 to 21 (Which include a statement of accounting policies)
 
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 “Reduced Disclosure Framework” (United Kingdom Generally Accepted Accounting Practice).


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 UK, including the Financial Reporting Council’s (the ‘FRC’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 3

 
GoMedia Services Ltd
 

 
Independent auditors' report to the members of GoMedia Services Ltd (continued)


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 report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.


Responsibilities of directors

As explained more fully in the directors’ responsibilities statement, 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.



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.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 


Page 4

 
GoMedia Services Ltd
 

 
Independent auditors' report to the members of GoMedia Services Ltd (continued)


Extent to which the audit was considered capable of detecting irregularities, including fraud
 

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 considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and directors about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:
• had a direct effect on the determination of material amounts and disclosures in the financial statements.
 These included the UK Companies Act and tax legislation; and
• do not have a direct effect on the financial statements but compliance with which may be fundamental to   the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
• reviewing financial statement disclosures by testing to supporting documentation to assess compliance    with provisions of relevant laws and regulations described as having a direct effect on the financial    statements;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate    risks of material misstatement due to fraud;
• enquiring of management and external legal counsel concerning actual and potential litigation and claims,   and instances of non-compliance with laws and regulations; and
• reading minutes of meetings of those charged with governance.


Report on other legal and regulatory requirements
 
Opinions 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.
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 any material misstatements in the strategic report or the directors’ report.


Page 5

 
GoMedia Services Ltd
 

 
Independent auditors' report to the members of GoMedia Services Ltd (continued)


Matters on which we are required to report by exception
 

Under the Companies Act 2006 we are required to report in respect of the following matters 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.
We have nothing to report in respect of these matters.


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 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an 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.





Thierry de Gennes, ACA (Senior statutory auditor)
  
For and on behalf of Constantin
 
Chartered Accountants and Statutory Auditor
25 Hosier Lane
London
United Kingdom
EC1A 9LQ

30 January 2025
Page 6

 
GoMedia Services Ltd
 

Statement of comprehensive income
For the year ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
 4 
2,757,108
4,052,731

Cost of sales
  
(1,877,411)
(2,615,177)

Gross profit
  
879,697
1,437,554

Administrative expenses
  
(2,365,625)
(2,828,163)

Other operating income
  
190,437
242,145

Operating loss
 5 
(1,295,491)
(1,148,464)

Interest receivable and similar income
 9 
26,110
18,078

Interest payable and similar expenses
  
(3,336)
(5,036)

Loss before tax
  
(1,272,717)
(1,135,422)

Tax on loss
 10 
231,530
268,139

Loss for the financial year
  
(1,041,187)
(867,283)

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

The notes on pages 10 to 23 form part of these financial statements.

Page 7

 
GoMedia Services Ltd
Registered number: 09587265

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

  

Fixed assets
  

Tangible assets
 11 
19,425
195,149

Current assets
  

Stocks
 12 
202,218
209,259

Debtors: amounts falling due after more than one year
 13 
77,156
308,776

Debtors: amounts falling due within one year
 13 
1,306,700
1,599,795

Cash at bank and in hand
  
427,629
728,410

  
2,013,703
2,846,240

Creditors: amounts falling due within one year
 14 
(618,003)
(585,077)

Net current assets
  
 
 
1,395,700
 
 
2,261,163

  

  

  

Net assets
  
1,415,125
2,456,312


Capital and reserves
  

Called up share capital 
 17 
1,848
1,848

Share premium account
 18 
667,726
667,726

Profit and loss account
 18 
745,551
1,786,738

  
1,415,125
2,456,312


The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 January 2025.




Mr Peter John Kingsland
Director

The notes on pages 10 to 23 form part of these financial statements.

Page 8

 
GoMedia Services Ltd
 

Statement of changes in equity
For the year ended 31 December 2023


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

£
£
£
£


At 1 January 2021
1,848
667,726
2,654,021
3,323,595



Loss for the year
-
-
(867,283)
(867,283)



At 31 December 2021 and 1 January 2022
1,848
667,726
1,786,738
2,456,312



Loss for the year
-
-
(1,041,187)
(1,041,187)


At 31 December 2023
1,848
667,726
745,551
1,415,125


The notes on pages 10 to 23 form part of these financial statements.

Page 9

 
GoMedia Services Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

GoMedia Services Ltd is a private company, limited by shares incorporated in the United Kingdom, and registered in England. 
The address of the registered office is C/O Icomera Uk Victory House, Quayside, Chatham Maritime, Chatham, Kent, England, ME4 4QU. 
The principle activity of the company is the provision of infotainment systems to the public transport 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 101 'Reduced Disclosure Framework'  and the Companies Act 2006.
 
The preparation of financial statements in compliance with FRS 101 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 following principal accounting policies have been applied:

  
2.2

Financial reporting standard 101 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions under FRS 101:
•   the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held For Sale and     Discontinued Operations
•   the requirements of IFRS 7 Financial Instruments: Disclosures
•   the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
•   the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115,   118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
•   the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present     comparative information in respect of:
   - paragraph 79(a)(iv) of IAS 1;
   - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
   - paragraph 118(e) of IAS 38 Intangible Assets;
   - paragraphs 76 and 79(d) of IAS 40 Investment Property; and
   - paragraph 50 of IAS 41 Agriculture
•   the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D,     111 and 134-136 of IAS 1 Presentation of Financial Statements
•   the requirements of IAS 7 Statement of Cash Flows
•  the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in      Accounting Estimates and Errors
•  the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
•  the requirements in IAS 24 Related Party Disclosures to disclose related party transactions     entered into between two or more members of a group, provided that any subsidiary which is    a party to the transaction is wholly owned by such a member
•   the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS    36 Impairment of Assets.

Page 10

 
GoMedia Services Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

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:

Rendering of services

Revenue from providing services is recognised in the accounting period in which the services are rendered.

For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously.
Projected related revenue is recognised using the percentage completion method where Revenue is recognised as a percentage of the work that has been completed. 

 
2.5

Leases

The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. 

Lease payments included in the measurement of the lease liability comprise:

fixed lease payments (including in-substance fixed payments), less any lease incentives;

variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;

Page 11

 
GoMedia Services Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.5
Leases (continued)

the amount expected to be payable by the lessee under residual value guarantees;

the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and

payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.

The lease liability is included in 'Creditors' on the Balance sheet.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:

the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised discount rate.

the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used).

a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.

The Company has elected not to assess whether rent concessions occurring as a direct consequence of the covid-19 pandemic are lease modifications.

The Company did not make any such adjustments during the periods presented.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Whenever the Company incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37. The costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are included in the 'Tangible Fixed Assets' line, as applicable, in the Balance sheet.

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.11.

Page 12

 
GoMedia Services Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.5
Leases (continued)

Variable rents that do not depend on an index or rate are not included in the measurement the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and are included in profit or loss.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has not used this practical expedient.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Interest income

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

 
2.8

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.

 
2.9

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 13

 
GoMedia Services Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment and software
-
Between 3 and 5 years

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

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.

Page 14

 
GoMedia Services Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
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

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.16

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value. 

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Fair value through profit or loss

All of the Company's financial assets other than those which meet the criteria to be measured at amortised cost are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset. 

Debt instruments at amortised cost

Debt instruments are subsequently measured at amortised cost where they are financial assets held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and selling the financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Amortised cost is calculated using the effective interest method and represents the amount measured at initial recognition less repayments of principal plus the cumulative amortisation using the effective interest method of any difference between the initial amount and the maturity amount, adjusted for any loss allowance.

 

Page 15

 
GoMedia Services Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Impairment of financial assets

The Company recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised or at FVOCI. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.

The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.

Financial liabilities

Fair value through profit or loss

Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.

At amortised cost

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

Page 16

 
GoMedia Services Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates.
The following judgements have had the most significant impact on amounts recognised in the financial statements:
 
Contract values
 
The company has entered into a number of contracts in the year. When the outcome of a contract can be estimated reliably, the company has recognised contract revenue and contract costs associated with the contract as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period. Reliable estimation of the outcome requires reliable estimates of the future costs and collectability of billings. 


4.


Turnover

The whole of the turnover is attributable to the company's principle activity being the provision of infotainment systems to the public transport industry.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
1,018,424
1,323,353

Rest of Europe
307,683
1,407,652

Rest of the world
1,431,002
1,321,726

2,757,109
4,052,731


Assets and liabilities related to contracts with customers:

The company has recognised the following assets and liabilities related to contracts with customers. 


2023
2022




Contract assets

6,269

13,255

Contract liabilities

(30,770)

(49,340)



(24,501)
(36,085)

Page 17

 
GoMedia Services Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2023

5.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
173,761
297,606

Exchange differences
52,089
6,205

Defined contribution pension cost
192,053
252,892


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
17,900
16,500


7.


Employees

2023
2022
£
£

Wages and salaries
1,349,320
1,570,193

Social security costs
260,123
349,029

Cost of defined contribution scheme
192,053
252,892

1,801,496
2,172,114


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


        2023
        2022
            No.
            No.







Avg no. of employees
29
31


8.


Directors' remuneration

The directors received no remuneration from the company, as their services related principally to other group companies (2022 - £nil). 





9.


Interest receivable

2023
2022
£
£


Other interest receivable
26,110
18,078

Page 18

 
GoMedia Services Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2023

10.


Taxation


2023
2022
£
£



Group taxation relief
(463,150)
-


(463,150)
-


Total current tax
(463,150)
-

Deferred tax


Origination and reversal of timing differences
231,620
(268,139)

Total deferred tax
231,620
(268,139)


Taxation on loss on ordinary activities
(231,530)
(268,139)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 19-25%% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(1,272,717)
(1,135,422)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19-25%% (2022 - 19%)
(299,343)
(215,730)

Effects of:


Expenses not deductible for tax purposes
5,081
4,108

Capital allowances for year in excess of depreciation
(2,089)
(4,030)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
13,630
10,802

Deferred tax asset
231,620
(268,138)

Unrelieved tax losses carried forward
-
204,849

Other differences leading to an increase (decrease) in the tax charge
(180,429)
-

Total tax charge for the year
(231,530)
(268,139)


Factors that may affect future tax charges

The standard rate of tax applied to reported profit is 19-25% (2021 - 19%). Following the substantive enactment of the Finance Act 2021 on 24 May 2021 (which has since received Royal Assent), the applicable tax rate increase on 1 April 2023 to 25%, for companies with taxable profits above £250,000. 

Page 19

 
GoMedia Services Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2023

11.


Tangible fixed assets





Right-of-use assets
Computer equipment and software
Total

£
£
£



Cost or valuation


At 1 January 2023
215,731
52,395
268,126


Additions
-
2,455
2,455


Disposals
(215,731)
(6,255)
(221,986)



At 31 December 2023

-
48,595
48,595



Depreciation


At 1 January 2023
50,393
22,584
72,977


Charge for the year on owned assets
161,798
11,963
173,761


Disposals
(212,191)
(5,377)
(217,568)



At 31 December 2023

-
29,170
29,170



Net book value



At 31 December 2023
-
19,425
19,425



At 31 December 2022
165,338
29,811
195,149


12.


Stocks

2023
2022
£
£

Work in progress
202,218
209,259



Page 20

 
GoMedia Services Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2023

13.


Debtors

2023
2022
£
£

Due after more than one year

Deferred tax asset
77,156
308,776


2023
2022
£
£

Due within one year

Trade debtors
69,549
115,150

Amounts owed by group undertakings (see note 20)
729,203
965,019

Other debtors
462,753
447,191

Prepayments and accrued income
38,926
59,180

Amounts recoverable on long-term contracts
6,269
13,255

1,306,700
1,599,795



14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
3,476
3,078

Amounts owed to group undertakings
95,352
-

Other taxation and social security
119,680
159,187

Lease liabilities
-
166,790

Other creditors
79,084
32,923

Accruals and deferred income
289,641
173,759

Contract liabilities
30,770
49,340

618,003
585,077



15.

Leases



Lease liabilities are due as follows:

2023
2022
£
£

Within one year
-
166,790

Page 21

 
GoMedia Services Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2023

16.


Deferred taxation




2023


£






At beginning of year
308,776


Charged to profit or loss
(231,620)



At end of year
77,156

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(4,033)
(7,087)

Tax losses carried forward
81,189
315,863

77,156
308,776


17.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



35,000 (2022 - 35,000) Ordinary A shares of £0.01 each
350
350
149,782 (2022 - 149,782) Ordinary B shares of £0.01 each
1,498
1,498

1,848

1,848



18.


Reserves

Share premium account

The share premium account represents the difference between the par value of the shares issued and the issue price. 

Profit and loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders. 


19.


Pension commitments

The Company operates a defined contribution 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 £192,093 (2022 - £252,892). At the balance sheet date the amount payable to the fund was £nil (2022 - £nil). 

Page 22

 
GoMedia Services Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2023

20.


Related party transactions

On 25 March 2021, the company issued a £700,000 loan to Icomera UK Limited, its parent company. Interest on the loan was accrued quarterly at an annual rate of 2%. The loan was settled in full in March 2023.
From 5 October 2022, GoMedia Services Limited implemented cash pooling with Bouygues' vehicle Uniservice SA, a group company. At the balance sheet date, the cash held with Uniservice SA was £NIL (2022 - £544,085) including interest accrued at a variable rate. 
No interest is charged on the remaining balance of amounts owed by group undertakings which is repayable on demand.


21.


Controlling party

The company is a wholly owned subsidiary of Icomera UK Limited, a company registered in England and Wales. 
The ultimate parent undertaking and controlling party is Bouygues SA, a company registered in France, whose office is at 32 Avenue Hoche, Paris, Ile-de-France, 75378. Copies of the consolidated accounts of Bouygues SA, which is the largest group for which group accounts are prepared and of which GoMedia Services Ltd is a member, are available from the website www.bouygues.com. 

Page 23