Registered number:
FOR THE YEAR ENDED 30 JUNE 2024
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MAVERICK ADVERTISING & DESIGN LIMITED
COMPANY INFORMATION
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MAVERICK ADVERTISING & DESIGN LIMITED
CONTENTS
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MAVERICK ADVERTISING & DESIGN LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
2023/24 saw a continued slowdown in the UK economy, despite a number of new business wins. This was compounded by the business having to weather significant reduction in income from the largest client. EBIT margin has faced downward pressure to 1.5% as a result too.
The principle headwinds around turnover have been driven by clients delaying commitment to new projects, due to a weak underlying economic outlook and uncertainty created by a series of interest rate rises. In tandem, the pressure on margins has been driven by a combination of inflationary driven costs increases and staff costs. During 2023/24, the business adjusted to the reduction in revenue by reducing headcount, which has meant the costs of implementing has been picked up within this financial year also. This was a one-off cost that has impacted the operating profit. The headcount adjustment in 2023/24 will result in a 20-25% cost reduction for 2024/25. A positive cash balance has been maintained due to strong cash accumulation in previous financial years. This has meant that although the cash balance has reduced in 2023/24, the business has traded through the headwinds, and as this report is submitted the business in 2024/25 has started to return to previous EBIT performance of 10-12%. The business has also moved upstream reposition itself as more advisory enabling to service a wider group of stakeholders and their needs, including boards and key stakeholders like CEO’s, CMO’s, CHRO’s and CTO’s. A key aspect of this is the InsideOut proposition that the business trade-marked some time back and which has now become a central piece of IP. Having re-launched the company around the proposition, the business is now able to blend skills in internal engagement, culture & learning, with B2B and B2C communications – offering the ability to accelerate the performance of the organisation that we work with by connecting brand and culture as key strategic levers. This enables us to design and deliver the right solution for each client, all managed under one umbrella and via one team.
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MAVERICK ADVERTISING & DESIGN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2023/24 was a year in which the overall economic headwinds impacted many businesses’ performance and business had to readjust to weather these. The overall turnover for The Maverick Group was down by 16%. Although turnover dropped, the core accounts gained across years remained strong, with all the revenue attrition being focused around one or two specific stakeholder budgets. Hard work by the team in response to this has seen client diversification improve by 35% in 2023/24, and almost 50% so far in 2024/25.
Building on this, one of the highlights for 2023/24 which continued into 2024/25 have been strong new business wins and the expansion of the client base. This has helped to support the softening of budgets across some of the established programs. Client diversification increased by 35% (an addition of 7 clients to the roster) in 2023/24, and as highlighted this is a strategy that has continued into 2024/25. The Maverick Group's industry-leading creative and strategic capabilities were highlighted by winning two prestigious awards at The Drum Awards in the category of Social Purpose, as well as securing the Best Charitable/Corporate Social Responsibility Initiative at the Global Agency Awards. Beyond these notable wins, the Group received multiple award nominations throughout the 2023/24 period, underscoring the consistently high quality of our work. Reflecting our commitment to people and culture, we achieved Great Place To Work® certification in November 2023, and for the first time, were named among the UK’s Best Places to Work in Advertising, Media & Marketing in 2024, demonstrating meaningful progress in employee satisfaction and engagement. We believe in part this is down to our flexible hybrid working policy that has helped to retain talent and improved productivity. This policy is evaluated regularly to ensure the most effective business model is in place to meet both our people and client needs.
STRATEGY
Building on the InsideOut proposition the business intends to broaden its client base, the stakeholders it serves and double down on creating impactful, long-term programs and campaigns that drive significant performance for our clients and predictable, profitable revenue for the business. It’s a strategy that we first introduced back in 2009, and its one that has provided strong revenue gains, cash generation and profitable growth since. Its also the approach that enabled us to weather tougher climates that we have seen 2008-2010 and during/post Covid. One of the greatest strengths of the business is that it exports over 70% of its services, so seeking out areas of opportunity is part of the DNA. To capitalize on this the business has identified regions of growth that will respond well to the InsideOut proposition – and which are areas where genuine growth exists - we believe you need to be in the markets of growth, to grow. To support the strategy we built several relationships which have become new pillar clients in 2024, which will allow the business to expand into the US and UAE. At the same time the business intends to double down on its relationships and business opportunities in Europe, creating a three pronged approach to developing a much broader range of client, across geographies we have traditionally worked in. This strategy is being actioned in 2025, to support the 2024/25 and onwards to 2027/28 US – Building around a new pillar client the business will develop a US specific client base, with Fort Lauderdale as a base. This will be via an office share, offered by the pillar client. Our business has transacted in the US on and off for over 15 years, so existing contacts will be re-connected with and a range of new business activity will take place, built around the InsideOut proposition. Europe & UK – Building on the strong European client base, the business will double down on its focus in this region, supported by a new office set-up in Germany in 2023. In the UK we will continue to develop clients organically, but budgets are tight so this will be careful prospecting, highly focused on high value opportunities. UAE – Building around a new pillar client developed in 2024, we will develop a specific ME focused client base, utilizing Dubai as a base. Our client has offered to support the set up with office space and a range of contacts, and again we have transacted in this region for almost 20 years on and off, so existing contacts will be
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MAVERICK ADVERTISING & DESIGN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
reconnected with and a range of new business activity will take place, built around the InsideOut proposition.
Overall this activity will emphasise the areas of strength the business has, whilst offering areas of growth to maximise the impact and potential of culture and brand as accelerators for clients, through the InsideOut proposition.
There are a number of risks that are apparent as we look from 2023/2024, to 2024/25, and onwards. The most significant one is the impact of the new US president and impact that may have on global trade and disruption as a result. Our view is that being exposed a number of geographies that might prosper despite, will help support the growth ambitions of the business. Trading through and doubling down on prospecting activity in regions we know, with supportive clients and a range of contacts will help us minimize negative impact and maximise the opportunity that our refreshed proposition offers.
Additional risks in UK come from stalled government policy and high interest rates, which are blocking attempts to stimulate the economy and grow. Competition is high in the UK and budgets are much smaller than they were, which artificially limits growth – the solution being to expand the opportunities, by being in the regions where growth is active, or about to be. We see Europe as an opportunity mostly, stimulated by Mario Dragghi’s report on competitiveness and by the actions of the US government. We believe this will have a catalytic effect on economic activity and the ambition to drive through much needed change – one commentator described it as an awakening of a sleeping giant, we agree. But growth is very low, the worst in the G7, so a careful tracking of progress is required if the opportunity is to come to fruition. Finally, technology as a disruptor, especially AI, can be seen as a risk. But by moving upstream with an advisory as well as execution driven proposition the intention is to minimize the potential impact. At the same time being ahead in terms of AI, introducing this as a tool within the business to streamline origination, and incorporation into client solutions, is starting to enable us to make this a significant opportunity.
During the year 2023/24, sales were £10,094,729. The company delivered profit before tax of £175,140 (Prior year £845,058) maintaining an operating profit margin of 1.5%. The adjusted operating profit margin excluding one-off severance cost of £211,485 is 3.8%.
The business has turned around in 24/25 due to all measures put in place during 2023/24. 2024/25 is forecast to close with a profit margin in excess of 12% and is currently has achieved year to date profit margin of 10%.
This report was approved by the board and signed on its behalf.
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MAVERICK ADVERTISING & DESIGN 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.
The Directors who served during the year were:
The profit for the year, after taxation, amounted to £112,672 (2023 - £672,028).
Dividends paid during the year amounted to £1,011,366 (2023 - £1,202,394).
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
A statement on future developments has been included within the Strategic Report on page 5, in accordance with S414C (11) of the Companies Act 2006.
A statement on research and development activities has been included within the Strategic Report on page 5, in accordance with SI2008/410 Sch 7,7(c) of the Companies Act 2006
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MAVERICK ADVERTISING & DESIGN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
The auditors, Price Bailey LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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MAVERICK ADVERTISING & DESIGN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAVERICK ADVERTISING & DESIGN LIMITED
We have audited the financial statements of Maverick Advertising & Design Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant 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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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MAVERICK ADVERTISING & DESIGN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAVERICK ADVERTISING & DESIGN LIMITED (CONTINUED)
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 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.
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 material misstatements in the Strategic Report or the Directors' Report.
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MAVERICK ADVERTISING & DESIGN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAVERICK ADVERTISING & DESIGN LIMITED (CONTINUED)
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:
• Review of legal fees incurred; • Performing audit work over the risk of 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 bias; • Agreeing the financial statement disclosures to underlying supporting documentation; • Reviewing the key accounting estimates
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.
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MAVERICK ADVERTISING & DESIGN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAVERICK ADVERTISING & DESIGN LIMITED (CONTINUED)
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 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.
for and on behalf of
Chartered Accountants &
Statutory Auditors
24 Old Bond Street
W1S 4AP
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MAVERICK ADVERTISING & DESIGN LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
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MAVERICK ADVERTISING & DESIGN LIMITED
REGISTERED NUMBER: 04462001
BALANCE SHEET
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 26 form part of these financial statements.
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MAVERICK ADVERTISING & DESIGN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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MAVERICK ADVERTISING & DESIGN LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
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MAVERICK ADVERTISING & DESIGN LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024
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MAVERICK ADVERTISING & DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Maverick Advertising & Design Limited (the ‘Company’) is a private company limited by shares incorporated in England & Wales, United Kingdom.
The address of the registered office is 5 Gainsford Street, London, SE1 2NE. The Company's principal activity is that of the provision of marketing and advertising services.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on the going concern basis, In assessing the appropriateness of the going concern basis, the Directors have taken account of all relevant information coverign a period of at least twelve months from the date of approval of the financial statements. The directors consider it appropriate to continue to use the going concern assumption on the basis that the company will have sufficient resources to enable it to meet its liabilities as they fall due.
Functional and presentation currency
Transactions and balances
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MAVERICK ADVERTISING & DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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MAVERICK ADVERTISING & DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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MAVERICK ADVERTISING & DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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 SOCI.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Debt instruments (other than those wholly repayable or receivable within one year), including loans
and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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MAVERICK ADVERTISING & DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Financial assets and liabilities that are measured at cost and amortised cost are assessed at the end
of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. The directors make estimates and assumptions concerning the future based on their knowledge of the business and the markets it operates in. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.
Analysis of turnover by country of destination:
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MAVERICK ADVERTISING & DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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MAVERICK ADVERTISING & DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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MAVERICK ADVERTISING & DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
There were no factors that may affect future tax charges.
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MAVERICK ADVERTISING & DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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MAVERICK ADVERTISING & DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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MAVERICK ADVERTISING & DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Maverick Advertising & Design Limited has entered into an Omnibus Guarantee and Set-Off Agreement, as guarantor, in favour of the lenders to Oliver Investment Holdings Limited and REPUTATION by Maverick Ltd in respect of any liabilities arising to the lenders from Oliver Investment Holdings Limited and REPUTATION by Maverick Ltd. This amounted to £5,908,258 (2023 - £5,161,676) in total.
Maverick Advertising & Design Limited has entered into an agreement with Barclays to place £751,880 into a long-term deposit account as collateral for the £750,000 loan between Oliver Investment Holdings Limited and Barclays. During the loan duration, Maverick Advertising & Design Limited are unable to access these funds and they are held in non-current assets.
The group operates a defined contributions scheme. The assets of the scheme are held seperately 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 £
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MAVERICK ADVERTISING & DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The controlling parties are the directors
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