ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

MEDIAFLEET LIMITED - Company Information

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Registered number: 04953861










MEDIAFLEET LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022


 
MEDIAFLEET LIMITED
 

COMPANY INFORMATION


Directors
B J Smith 
C J Smith 
S M Smith 




Registered number
04953861



Registered office
Reading Bridge House
George Street

Reading

Berkshire

RG1 8LS




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS




 
MEDIAFLEET LIMITED
 

CONTENTS



Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 20

 
MEDIAFLEET LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2022

The directors present their report and the financial statements for the year ended 30 June 2022.

Directors

The directors who served during the year were:

B J Smith 
C J Smith 
S M Smith 

Principal activity

The principal activities of the company are the design, prototype development, manufacture and installation of exterior graphics for commercial markets, primarily transportation and retail sales promotion.

Business review

Mediafleet reached its targets for both revenue and profitability in the twelve months to June 30th 2022, and this was in spite of a still volatile market environment whilst companies emerged from the Covid pandemic. 
As the financial year progressed it became clear that many of our fleet customers were keen to both replace vehicles with newer models, and introduce branding changes as part of their new business strategies. Whilst this presented us with the opportunity to grow annual sales, the drive for profitability was less certain in the face of a difficult pricing environment due to raw material cost increases, and regular disruption to vehicle supplies coming through from manufacturers, which at times undermined our working efficiencies on certain contracts. Its particularly positive to note therefore that our team largely overcame these challenges to deliver a record trading year.

Financial and Key Performance Indicators

The financial highlights of the period were:
• Gross sales increased by 19.3% at £5.25 million (2021 £4.4 million)
• Pre Tax Profit increased by 25.6% at £803,782 (2021 £639,713)
The outlook for the new financial year sees a great deal of demand from our customers for new commercial vehicles tempered by significant concerns over the health of the wider economy. For this reason we now continue to work conscientiously through a strong order pipeline, whilst monitoring for any shift in sentiment in the fleet sector. Our improving cash resources mean that we are well placed to support another strong 12 months of growth, should our current momentum continue, or alternatively to set the business on a more cautious path if market conditions deteriorate.

Page 1
 
MEDIAFLEET LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022

Directors' responsibilities statement

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

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Auditor

The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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





................................................
B J Smith
Director
Date: 13 January 2023

Page 2
 
MEDIAFLEET LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDIAFLEET LIMITED
 

Opinion


We have audited the financial statements of Mediafleet Limited (the 'Company') for the year ended 30 June 2022, which comprise the Statement of comprehensive income, the Balance sheet, 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).


In our opinion the financial statements:


∙give a true and fair view of the state of the Company's affairs as at 30 June 2022 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.


Other information


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


We have nothing to report in this regard.


Page 3
 
MEDIAFLEET LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDIAFLEET LIMITED (CONTINUED)


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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' report has 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 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; or
∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, 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 4
 
MEDIAFLEET LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDIAFLEET LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

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

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.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
 
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any material instances of non compliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work to address the risk of irregularities due to 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 evidence of bias.

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 Auditor's report.

Use of our report
 

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




Darren O'Connor FCCA ACA BSc (Hons) (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
Reading Bridge House
George Street
Reading
Berkshire
RG1 8LS

19 January 2023
Page 5
 
MEDIAFLEET LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2022

2022
2021
Note
 £
£

  

Turnover
  
5,254,726
4,430,248

Cost of sales
  
(2,836,867)
(2,378,987)

Gross profit
  
2,417,859
2,051,261

Administrative expenses
  
(1,603,385)
(1,460,971)

Other operating income
  
-
53,743

Operating profit
  
814,474
644,033

Interest receivable and similar income
  
1
8

Interest payable and similar expenses
  
(6,080)
(4,328)

Profit before tax
  
808,395
639,713

Tax on profit
 5 
(151,421)
(128,448)

Profit for the financial year
  
656,974
511,265

There was no other comprehensive income for 2022 (2021: £NIL).

The notes on pages 9 to 20 form part of these financial statements.

Page 6
 
MEDIAFLEET LIMITED
REGISTERED NUMBER: 04953861

BALANCE SHEET
AS AT 30 JUNE 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 6 
10,632
23,341

Tangible assets
 7 
125,389
114,075

Investments
 8 
2
2

  
136,023
137,418

Current assets
  

Stocks
 9 
308,010
181,242

Debtors: amounts falling due within one year
 10 
1,460,301
1,430,552

Cash at bank and in hand
 11 
705,837
569,849

  
2,474,148
2,181,643

Creditors: amounts falling due within one year
 12 
(1,707,882)
(1,658,772)

Net current assets
  
 
 
766,266
 
 
522,871

Total assets less current liabilities
  
902,289
660,289

Creditors: amounts falling due after more than one year
 13 
(31,156)
(40,000)

Provisions for liabilities
  

Deferred tax
 16 
(22,831)
(25,415)

  
 
 
(22,831)
 
 
(25,415)

Net assets
  
848,302
594,874


Capital and reserves
  

Called up share capital 
  
2,427
2,427

Share premium account
  
147,761
147,761

Capital redemption reserve
  
1,033
1,033

Profit and loss account
  
697,081
443,653

  
848,302
594,874


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

B J Smith
Director
Date: 13 January 2023

Page 7
 
MEDIAFLEET LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022


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

£
£
£
£
£

At 1 July 2021
2,427
147,761
1,033
443,653
594,874



Profit for the year
-
-
-
656,974
656,974

Dividends: Equity capital
-
-
-
(403,546)
(403,546)


At 30 June 2022
2,427
147,761
1,033
697,081
848,302


The notes on pages 9 to 20 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2021


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

£
£
£
£
£

At 1 July 2020
2,427
147,761
1,033
348,665
499,886


Comprehensive income for the year

Profit for the year
-
-
-
511,265
511,265

Dividends: Equity capital
-
-
-
(416,277)
(416,277)


At 30 June 2021
2,427
147,761
1,033
443,653
594,874


The notes on pages 9 to 20 form part of these financial statements.

Page 8
 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

1.


General information

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

 
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 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:

  
2.2

Revenue

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.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Government grants

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.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 9
 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Intangible assets

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:

Computer software
-
5
years
Development expenditure
-
5
years

Page 10
 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
on the reducing balance
Motor vehicles
-
20%
on the reducing balance
Fixtures and fittings
-
15%
on the reducing balance
Improvement to property
-
over 5 years straight line
Computer equipment
-
25%
on the 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 profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

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.

 
2.13

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.

Page 11
 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

2.Accounting policies (continued)

 
2.14

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.

 
2.15

Financial instruments

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.

 
2.16

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.


Employees

The average monthly number of employees, including directors, during the year was 39 (2021 - 37).


4.


Dividends

2022
2021
£
£


Dividend paid on equity capital
403,546
416,277

403,546
416,277

Page 12
 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

5.


Taxation


2022
2021
£
£

Corporation tax


Current tax on profits for the year
155,606
119,333

Adjustments in respect of previous periods
(1,601)
(2,084)


Total current tax
154,005
117,249

Deferred tax


Accelerated capital allowances
(2,150)
11,199

Difference in movement
(434)
-

Total deferred tax
(2,584)
11,199


Taxation on profit on ordinary activities
151,421
128,448

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2021 - higher than) the standard rate of corporation tax in the UK of19% (2021 - 19%). The differences are explained below:

2022
2021
£
£


Profit on ordinary activities before tax
808,395
639,713


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
153,595
121,545

Effects of:


Fixed asset differences
(890)
-

Expenses not deductible for tax purposes
285
613

Adjustments to deferred tax
547
8,825

Adjustment to tax charge in respect of previous periods
(1,601)
(2,535)

Remeasurement of deferred tax for changes in tax rates
(515)
-

Total tax charge for the year
151,421
128,448


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 13
 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

6.


Intangible assets




Development expenditure
Computer software
Goodwill
Total

£
£
£
£



Cost


At 1 July 2021
22,000
16,126
10,600
48,726



At 30 June 2022

22,000
16,126
10,600
48,726



Amortisation


At 1 July 2021
6,722
8,063
10,600
25,385


Charge for the year
7,334
5,375
-
12,709



At 30 June 2022

14,056
13,438
10,600
38,094



Net book value



At 30 June 2022
7,944
2,688
-
10,632



At 30 June 2021
15,278
8,063
-
23,341



Page 14
 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

7.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Improvements to property
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 July 2021
306,284
-
88,280
184,906
89,240
668,710


Additions
10,536
28,950
250
2,960
4,370
47,066



At 30 June 2022

316,820
28,950
88,530
187,866
93,610
715,776



Depreciation


At 1 July 2021
241,523
-
57,127
180,187
75,798
554,635


Charge for the year
18,824
5,790
4,673
2,012
4,453
35,752



At 30 June 2022

260,347
5,790
61,800
182,199
80,251
590,387



Net book value



At 30 June 2022
56,473
23,160
26,730
5,667
13,359
125,389



At 30 June 2021
64,761
-
31,153
4,719
13,442
114,075

Page 15
 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

8.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2021
2



At 30 June 2022
2



Net book value



At 30 June 2022
2



At 30 June 2021
2


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Motamedia Limited
Dormant company
Ordinary
100%

The aggregate of the share capital and reserves as at 30 June 2022 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:

Name
Aggregate of share capital and reserves

Motamedia Limited
(2,176)

The subsidiary company is dormant hence there is no profit or loss in the year.

Page 16
 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

9.


Stocks

2022
2021
£
£

Raw materials
149,623
108,577

Work in progress
158,387
72,665

308,010
181,242



10.


Debtors

2022
2021
£
£


Trade debtors
1,208,284
1,246,446

Amounts owed by group undertakings
885
795

Other debtors
129,589
73,639

Prepayments and accrued income
121,543
109,672

1,460,301
1,430,552



11.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
705,837
569,849

705,837
569,849


Page 17
 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

12.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
9,677
10,000

Trade creditors
576,801
458,979

Corporation tax
155,606
119,333

Other taxation and social security
164,452
201,823

Obligations under finance lease and hire purchase contracts
5,859
4,123

Other creditors
746,934
770,054

Accruals and deferred income
48,553
94,460

1,707,882
1,658,772


Other creditors includes £714,474 (2021: £746,896) due to debt factors. The liability is secured against a fixed and floating charge on all assets and undertakings of the company.


13.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
31,156
40,000

31,156
40,000



14.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Bank loans
9,677
10,000

Amounts falling due 1-2 years

Bank loans
9,922
9,677


9,922
9,677

Amounts falling due 2-5 years

Bank loans
21,234
30,323


The bank loan due within one year and more than one year has a fixed and floating charge over all present and future assets of the company. The loan is interest bearing and repayable over the agreed terms.

Page 18
 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

15.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2022
2021
£
£


Within one year
5,859
4,123

5,859
4,123

The obligations under hire purchase are secured on the underlying assets.


16.


Deferred taxation




2022


£






At beginning of year
(25,415)


Charged to profit or loss
2,584



At end of year
(22,831)

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Accelerated capital allowances
(22,831)
(25,415)

(22,831)
(25,415)


17.


Pension commitments

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 £33,263 (2021: £29,352). Contributions totalling £6,429 (2021: £6,042) were payable at the balance sheet date.

Page 19
 
MEDIAFLEET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

18.


Commitments under operating leases

At 30 June 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
171,422
130,703

Later than 1 year and not later than 5 years
532,772
520,000

Later than 5 years
233,909
358,301

938,103
1,009,004


19.


Related party transactions

At the balance sheet date the Company was owed £885 (2021: £795) by Motamedia Limited, a subsidiary undertaking of Mediafleet Limited. During the period, the Company paid £90 (2021: £66) on behalf of Motamedia Limited in respect of bank charges.
During the year, the Company paid rent of £45,096 (2021: £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 (2021: £15,000) of the cost of the rent.
At the balance sheet date Mr C Smith, a director of the Company, owed £2,812 (2021: £10,441) 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 £82,658 (2021: £28,628) in respect of a loan account, which is non-interest bearing and repayable on demand.


20.


Controlling party

The Company is controlled by B J Smith by virtue of his majority shareholding.


Page 20