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Registered number: 04462001









MAVERICK ADVERTISING & DESIGN LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
MAVERICK ADVERTISING & DESIGN LIMITED
 

COMPANY INFORMATION


Directors
C Rees 
O Rees 




Company secretary
O Rees



Registered number
04462001



Registered office
5 Gainsford Street
London

SE1 2NE




Independent auditors
Price Bailey LLP
Chartered Accountants & Statutory Auditors

24 Old Bond Street

London

W1S 4AP





 
MAVERICK ADVERTISING & DESIGN LIMITED
 

CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditors' Report
6 - 9
Statement of Comprehensive Income
10
Balance Sheet
11
Statement of Changes in Equity
12
Statement of Cash Flows
13
Analysis of Net Debt
14
Notes to the Financial Statements
15 - 26


 
MAVERICK ADVERTISING & DESIGN LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
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.

Page 1

 
MAVERICK ADVERTISING & DESIGN LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Business review
 
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
Page 2

 
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. 

Principal risks and uncertainties
 
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.

Financial key performance indicators
 
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.





O Rees
Director

Date: 27 March 2025

Page 3

 
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.

Directors

The Directors who served during the year were:

C Rees 
O Rees 

Results and dividends

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).

Directors' responsibilities statement

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

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


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

make judgments and accounting estimates that are reasonable and prudent;

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

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

Future developments

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.

Research and development activities

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

Page 4

 
MAVERICK ADVERTISING & DESIGN LIMITED
 

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

Disclosure of information to auditors

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

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

Auditors

The auditorsPrice Bailey LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 March 2025 and signed on its behalf.
 





O Rees
Director

Page 5

 
MAVERICK ADVERTISING & DESIGN LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAVERICK ADVERTISING & DESIGN LIMITED
 

Opinion


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


Conclusions relating to going concern


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


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


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


Page 6

 
MAVERICK ADVERTISING & DESIGN LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAVERICK ADVERTISING & DESIGN LIMITED (CONTINUED)


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


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


Matters on which we are required to report by exception
 

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


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 7

 
MAVERICK ADVERTISING & DESIGN LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAVERICK ADVERTISING & DESIGN LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• 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.


Page 8

 
MAVERICK ADVERTISING & DESIGN LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAVERICK ADVERTISING & DESIGN LIMITED (CONTINUED)


Use of our report
 

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





Darren Amott (Senior Statutory Auditor)
  
for and on behalf of
Price Bailey LLP
 
Chartered Accountants &
Statutory Auditors
  
24 Old Bond Street
London
W1S 4AP

28 March 2025
Page 9

 
MAVERICK ADVERTISING & DESIGN LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
10,094,729
11,949,211

Cost of sales
  
(3,147,479)
(3,938,946)

Gross profit
  
6,947,250
8,010,265

Administrative expenses
  
(6,858,926)
(7,178,732)

Other operating income
 5 
13,708
37,333

Operating profit
 6 
102,032
868,866

Interest receivable and similar income
 10 
84,376
34,197

Interest payable and similar expenses
 11 
(11,268)
(35,505)

Profit before tax
  
175,140
867,558

Tax on profit
 12 
(62,468)
(195,530)

Profit for the financial year
  
112,672
672,028

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

The notes on pages 15 to 26 form part of these financial statements.

Page 10

 
MAVERICK ADVERTISING & DESIGN LIMITED
REGISTERED NUMBER: 04462001

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
202,127
260,058

Current assets
  

Debtors: amounts falling due after more than one year
 15 
976,622
224,742

Debtors: amounts falling due within one year
 15 
4,466,758
3,429,818

Cash at bank and in hand
 16 
2,454,309
7,187,993

  
7,897,689
10,842,553

Creditors: amounts falling due within one year
 17 
(3,982,579)
(6,086,598)

Net current assets
  
 
 
3,915,110
 
 
4,755,955

Total assets less current liabilities
  
4,117,237
5,016,013

  

Net assets
  
4,117,237
5,016,013


Capital and reserves
  

Called up share capital 
 19 
216
216

Capital redemption reserve
  
33
33

Profit and loss account
  
4,116,988
5,015,764

  
4,117,237
5,016,013


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




O Rees
Director

Date: 27 March 2025

The notes on pages 15 to 26 form part of these financial statements.

Page 11

 
MAVERICK ADVERTISING & DESIGN LIMITED
 

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


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

£
£
£
£


At 1 July 2022
216
33
5,546,130
5,546,379


Comprehensive income for the year

Profit for the year
-
-
672,028
672,028


Contributions by and distributions to owners

Dividends
-
-
(1,202,394)
(1,202,394)



At 1 July 2023
216
33
5,015,764
5,016,013


Comprehensive income for the year

Profit for the year
-
-
112,672
112,672


Contributions by and distributions to owners

Dividends
-
-
(1,011,448)
(1,011,448)


At 30 June 2024
216
33
4,116,988
4,117,237


The notes on pages 15 to 26 form part of these financial statements.

Page 12

 
MAVERICK ADVERTISING & DESIGN LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
112,672
672,028

Adjustments for:

Depreciation of tangible assets
61,881
69,400

Loss on disposal of tangible assets
16,053
-

Interest paid
11,268
35,505

Interest received
(84,376)
(34,197)

Taxation charge
62,468
195,530

(Increase) in debtors
(1,438,388)
(824,828)

(Decrease) in creditors
(2,598,363)
(3,924,147)

Corporation tax (paid)
(2,876)
(417,433)

Net cash generated from operating activities

(3,859,661)
(4,228,142)


Cash flows from investing activities

Purchase of tangible fixed assets
(20,926)
(72,013)

Sale of tangible fixed assets
923
-

Advance on behalf of another party
(751,880)
-

Interest received
84,376
34,197

Net cash from investing activities

(687,507)
(37,816)

Cash flows from financing activities

New secured loans
-
(166,667)

Dividends paid
(610,000)
(630,000)

Interest paid
(11,268)
(35,505)

Net cash used in financing activities
(621,268)
(832,172)

Net (decrease) in cash and cash equivalents
(5,168,436)
(5,098,130)

Cash and cash equivalents at beginning of year
7,187,993
12,286,123

Cash and cash equivalents at the end of year
2,019,557
7,187,993


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,454,309
7,187,993

Bank overdrafts
(434,752)
-

2,019,557
7,187,993


The notes on pages 15 to 26 form part of these financial statements.

Page 13

 
MAVERICK ADVERTISING & DESIGN LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

7,187,993

(4,733,684)

2,454,309

Bank overdrafts

-

(434,752)

(434,752)

Debt due within 1 year

(166,667)

166,667

-


7,021,326
(5,001,769)
2,019,557

The notes on pages 15 to 26 form part of these financial statements.

Page 14

 
MAVERICK ADVERTISING & DESIGN LIMITED
 

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

1.


General information

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

 
2.1

Basis of preparation of financial statements

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

The 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:

 
2.2

Going concern

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.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is pounds sterling.

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.

Page 15

 
MAVERICK ADVERTISING & DESIGN LIMITED
 

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

2.Accounting policies (continued)

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

Revenue is derived from fees for advertising and marketing services. Revenue is recognised over the period of the relevant assignments or projects, in line with incurred costs, or on a time basis as appropriate.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to statement of comprehensive income (SOCI) on a straight-line basis over the lease term.

 
2.6

Hire purchase and finance leases: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to SOCI so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Interest income

Interest income is recognised in statement of comprehensive income (SOCI) using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to SOCI 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

Borrowing costs

All borrowing costs are recognised in SOCI in the year in which they are incurred.

Page 16

 
MAVERICK ADVERTISING & DESIGN LIMITED
 

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

2.Accounting policies (continued)

 
2.10

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 the SOCI when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the SOCI 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.


 
2.12

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 17

 
MAVERICK ADVERTISING & DESIGN LIMITED
 

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

2.Accounting policies (continued)


2.12
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 a reducing balance basis.

Depreciation is provided on the following basis:

Leasehold improvements
-
25% reducing balance
Fixtures, fittings & equipment
-
25% reducing balance

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

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

 
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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.15

Creditors

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

 
2.16

Financial instruments

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

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.
 
Page 18

 
MAVERICK ADVERTISING & DESIGN LIMITED
 

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

2.Accounting policies (continued)


2.16
Financial instruments (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.

 
2.17

Dividends

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
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.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Provision of marketing and advertising services
10,094,729
11,949,211


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
3,134,626
2,239,427

Europe
6,815,494
9,029,478

Rest of the world
144,609
680,306

10,094,729
11,949,211


Page 19

 
MAVERICK ADVERTISING & DESIGN LIMITED
 

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

5.


Other operating income

2024
2023
£
£

R&D tax relief
-
35,433

Insurance claims receivable
-
1,900

Miscellaneous income
13,708
-

13,708
37,333



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(11,535)
(38,833)

Other operating lease rentals
478,000
460,000

Depreciation
61,882
69,400

Loss on disposal of fixed assets
16,053
-


7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
20,500
18,350


2024
2023
£
£

Fees payable to the Company's auditors and its associates in respect of:


Accounting and tax compliance services

3,500
3,250

Page 20

 
MAVERICK ADVERTISING & DESIGN LIMITED
 

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

8.


Employees

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


2024
2023
£
£

Wages and salaries
4,425,541
4,660,517

Social security costs
558,108
588,253

Cost of defined contribution scheme
373,989
375,020

5,357,638
5,623,790


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


        2024
        2023
            No.
            No.







Directors
2
2



Advertising staff
62
67



Admin staff
11
11

75
80


9.


Directors' remuneration

2024
2023
£
£

Directors' remuneration
87,386
68,909



10.


Interest receivable

2024
2023
£
£


Other interest receivable
84,376
34,197


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
7,780
23,141

Other interest payable
3,488
12,364

11,268
35,505

Page 21

 
MAVERICK ADVERTISING & DESIGN LIMITED
 

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

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
69,730
189,807

Adjustments in respect of previous periods
(7,262)
5,723


Total current tax
62,468
195,530

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 20.50%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
175,140
867,558


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.50%)
43,785
177,849

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
12,036
15,860

Capital allowances for year in excess of depreciation
13,909
(3,902)

Adjustments to tax charge in respect of prior periods
(7,262)
-

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
5,723

Total tax charge for the year
62,468
195,530


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Dividends paid
1,011,448
1,202,394

Page 22

 
MAVERICK ADVERTISING & DESIGN LIMITED
 

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

14.


Tangible fixed assets





Leasehold improvements
Fixtures & Fittings
Total

£
£
£



Cost or valuation


At 1 July 2023
199,157
770,236
969,393


Additions
-
20,926
20,926


Disposals
-
(86,483)
(86,483)



At 30 June 2024

199,157
704,679
903,836



Depreciation


At 1 July 2023
150,367
558,968
709,335


Charge for the year
10,892
50,989
61,881


Disposals
-
(69,507)
(69,507)



At 30 June 2024

161,259
540,450
701,709



Net book value



At 30 June 2024
37,898
164,229
202,127



At 30 June 2023
48,790
211,268
260,058

Page 23

 
MAVERICK ADVERTISING & DESIGN LIMITED
 

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



15.


Debtors

2024
2023
£
£

Due after more than one year

Cash held on long term deposit as loan security
751,880
-

Tax recoverable - s455
224,742
224,742


2024
2023
£
£

Due within one year

Trade debtors
1,466,016
1,723,806

Other debtors
2,601,619
1,312,781

Prepayments and accrued income
399,123
393,231

4,466,758
3,429,818



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,454,309
7,187,993

Bank overdrafts
(434,752)
-

2,019,557
7,187,993



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
434,752
-

Bank loans
-
166,667

Trade creditors
351,511
580,660

Corporation tax
255,763
196,171

Other taxation and social security
156,448
144,013

Other creditors
325,885
123,017

Accruals and deferred income
2,458,220
4,876,070

3,982,579
6,086,598


Page 24

 
MAVERICK ADVERTISING & DESIGN LIMITED
 

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

18.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
2,454,309
7,187,993

Financial assets measured at amortised cost
4,981,104
3,168,751

7,435,413
10,356,744


Financial liabilities


Financial liabilities measured at amortised cost
(1,492,500)
(1,277,723)


Financial assets measured at fair value through profit or loss comprise bank balances.


Financial assets that are debt instruments measured at amortised cost comprise trade and other debtors; accrued income; and director loans.


Financial liabilities measured at amortised cost comprise trade and other creditors; bank loans and accrued expenditure.


19.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



216 (2023 - 216) Ordinary A shares shares of £1.00 each
216
216



20.


Contingent liabilities

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.


21.


Pension commitments

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 £373,989 (2023 - £375,020). At the year end the company owed £30,518 (2023 - £31,218) to the scheme, which is included in other creditors.

Page 25

 
MAVERICK ADVERTISING & DESIGN LIMITED
 

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

22.


Transactions with directors

2024
2023
£
£

Directors' loan accounts


Balance bought forward
691,515
801,515

Loans granted and expenses paid on behalf of directors
1,938,564
592,418

Repayments
(423,832)
(702,418)

Balance carried forward
2,206,247
691,515

The company does not charge interest on the loans granted and expenses paid on behalf of the directors. There were no specific terms to these amounts.
The directors have provided an all monies guarantee for a principal amount of £500,000 plus interest against outstanding bank loans of the company.


23.


Related party transactions

During the year the company paid dividends of £1,011,366 (2023 - £1,202,394) to the directors. Additionally, rent of £18,000 (2023 - £4,500) was paid to the directors, and at the year-end there is a remaining rent prepayment of £54,500 (2023 - £74,500).
Key management personnel compensation for the year totalled £271,526 (2023 - £271,526).
During the year the company paid expenses of £2,000 (2023 - £7,108) on behalf of Oliver Investment Holdings Limited and were charged rent of £460,000 (2023- £460,000) by Oliver Investment Holdings Limited, a company under the control of the directors. The amount due from Oliver Investment Holdings at the year end was £385,697 (2023 - £590,506). 
During the year the company received income of £460,616 (2023 - £NIL) on behalf of REPUTATION by Maverick Ltd and were recharged £408,992 (2023- £230,301) by REPUTATION by Maverick Ltd, a company under the control of the directors. Additionally, the company paid expenses of £7,311 (2023 - £178,830) on behalf of REPUTATION by Maverick Ltd. The amount due to REPUTATION by Maverick Ltd at the year end was £252,738  (2023- £51,471).


24.


Controlling party

The controlling parties are the directors Mr O Rees and Mrs C Rees.

Page 26