The directors present their annual report and financial statements for the year ended 30 June 2024.
Bay Media made strong progress in 23/24, further expanding our network allowing us to offer by far the most comprehensive nationwide campaigns in our product area. This network coverage benefits our clients and our council partners. Our network, carefully built over 25 years, is the market leader in the Raised Lamppost OOH space.
The business has a well-controlled cost base and an experienced team capable of delivering large scale campaigns and messaging. We expect to be able to maintain this position whilst also contributing more each year to Local Authority partners as our revenue continues to grow.
We continued to actively experiment with new products this year.
Bay Media UK sales team is based on artistic Bermondsey Street in Central London. This gives us close access to service the major national buying agencies, and supports our sales to both national and local customers.
We have well over 30,000 systems of our patented hardware actively in use or on loan to local authorities in the UK, France, Germany, Austria and Switzerland. Our accounting policy amortises these systems over 3 years’. However, they have a much longer useful life, and we diligently maintain and upgrade these to maximise their life over decades.
Bay Media France Sarl, our sister company, was proud to partner with the 2024 Paris Olympics (our second large scale Olympic Games after London in 2012), with over 3,700 prominent locations in central Paris. Our product, service level offering and support systems are far superior to local competitors, and we continue to receive this feedback consistently from our customers and prospective customers. We work with over a dozen Alpine Ski Resorts where the stormy mountain conditions suit the resilience of our product.
Our German speaking team continues to make good progress across Germany, Austria and Switzerland, and we are very confident that we can have success here, with a population more than 100 million, and a combined GDP expected to reach $5.38 trillion by 2029. The expectation of product excellence in this region combined with stormy northern-European weather conditions suits our product-service-mix well and is generations ahead of the competition.
Bay Media's client base is as diverse as the communities we serve. Our business spans across various sectors, including events, top level sports, education, public sector, retail, tourism, theatres and the arts. We maintain a healthy balance between commercial, public sector and semi-public sector clients, ensuring that we continue to support the unique needs of each partner with whom we work.
Our commitment to innovation extends into service support. proofrock.com, our proprietary smartphone install system available to our teams on the App and Play stores, streamlines communication with customers regarding campaign delivery. It is used daily by our installers across Europe. ProofRock brings an unprecedented level of trust and reliability to our advertising services, allowing us to provide time-stamped and geotagged proof-of-posting and reports to our clients in real time.
Sustainability is an important focus for Bay Media. Through the Bay Media Forest Project, we have planted over 4,000 broadleaf trees and we achieved accreditation under the Planet Mark program, showcasing our dedication to enhancing our positive environmental impact and working towards net-zero goals.
As we look to future plans, we remain committed to adapting to the challenges and opportunities that lie in the year ahead.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
BAY MEDIA LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is 76a Bermondsey Street, London, SE1 3UD.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of persons (including directors) employed by the company during the year was: