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Registered number: 04953861
MEDIAFLEET LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2020
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MEDIAFLEET LIMITED
REGISTERED NUMBER: 04953861
BALANCE SHEET
AS AT 30 JUNE 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital redemption reserve
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Page 1
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MEDIAFLEET LIMITED
REGISTERED NUMBER: 04953861
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2020
................................................
B J Smith
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The notes on pages 3 to 12 form part of these financial statements.
Page 2
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MEDIAFLEET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Mediafleet Limited is a private limited company incorporated and domiciled in England and Wales with registered number 04953861.
The Company is engaged in the supply of vinyl wrap vehicle livery.
The Company's registered office is Reading Bridge House, George Street, Reading, Berkshire, RG1 8LS.
The Company's principle place of business is Windrush Industrial Park, Witney, Oxon, OX29 7HB.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The directors have prepared forecasts and projections using what the directors believe to be reasonable assumptions relating to the Company’s financial performance, current financial position and existing financial resources for a period of at least 12 months from signing of the financial statements which show the Company to be a going concern.
Whilst trading was negatively impacted during the first national lockdown, and sales levels reduced during the April to June financial quarter, the business experienced a healthy rebound in activity through the remainder of 2020. It is clear that the commercial fleet supply chain has been able to largely weather the disruption caused by the Covid outbreak, and this is, to some degree, due to the essential services work undertaken by a large percentage of the UK fleet operators and customers.
Whilst the directors remain alert to the risks of the current economic volatility, they are cautiously optimistic about prospects for the business in the year ahead, and their improving trading since lockdown reflects the generally positive outlook.
Based on the above, the directors are of the opinion that the going concern principle is applicable and that the Company have the necessary resources to continue as a going concern for the foreseeable future.
Revenue from the sales of goods is recognised at the point of invoice, which is when the final installation stage has been completed. Where large fleet projects are concerned involving large manufacturing runs of branding kits and rolling implementation across month ends, a percentage of the revenue relating to materials and manufacturing is recognised within Work In Progress.
Where customer projects do not involve an installation stage and we are contracted to manufacture only, then invoices are generated and revenue recognised at the point of dispatch.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Page 3
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MEDIAFLEET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2.Accounting policies (continued)
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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.
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.
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Current and deferred taxation
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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.
Page 4
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MEDIAFLEET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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, on the following basis.
Depreciation is provided on the following basis:
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over 5 years straight line
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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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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 outbasis. 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 5
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MEDIAFLEET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2.Accounting policies (continued)
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.
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Cash and cash equivalents
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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.
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.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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.
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The average monthly number of employees, including directors, during the year was 35 (2019 - 34).
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Page 6
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MEDIAFLEET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Page 7
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MEDIAFLEET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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Charge for the year on owned assets
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Page 8
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MEDIAFLEET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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Investments in subsidiary companies
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The following was a subsidiary undertaking of the Company:
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The aggregate of the share capital and reserves as at 30 June 2020 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:
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Aggregate of share capital and reserves
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The subsidiary company is dormant hence there is no profit or loss in the year.
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Page 9
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MEDIAFLEET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Other creditors includes £368,827 (2019: £697,189) due to debt factors. The liability is secured against a fixed and floating charge on all assets and undertakings of the company.
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Page 10
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MEDIAFLEET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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The obligations under hire purchase are secured on the underlying assets.
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Page 11
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MEDIAFLEET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
The Company operates a defined pension contribution pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension costs charge represents contributions payable by the Company to the fund and amounted to £27,096 (2019: £18,150). Contributions totalling £5,044 (2019: £4,313) were payable at the balance sheet date.
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Related party transactions
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At the balance sheet date the Company was owed £729 (2019: £677) by Motamedia Limited, a subsidiary undertaking of Mediafleet Limited. During the period, the Company paid £52 (2019: £65) on behalf of Motamedia Limited in respect of bank charges.
During the year, the Company paid rent of £45,096 (2019: £45,096) for the house in which the director Mr C Smith resides. A substantial part of the property is used for accomodating the Company's administration office. Mr C Smith bore £15,000 (2019: £15,000) of the cost of the rent.
At the balance sheet date Mr C Smith, a director of the Company, owed £31,683 in respect of a loan account, which is non-interest bearing and repayable on demand.
At the balance sheet date Mr B Smith, a director of the Company, owed £76,242 (2019: £56,973) in respect of a loan account, which is non-interest bearing and repayable on demand.
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The Company is controlled by B J Smith by virtue of his majority shareholding.
The auditor's report on the financial statements for the year ended 30 June 2020 was unqualified.
The audit report was signed on 4 February 2021 by Darren O'Connor FCCA ACA BSc (Hons) (Senior statutory auditor) on behalf of James Cowper Kreston.
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