Now Advertising Limited
Unaudited Financial Statements
For the year ended 31 December 2021
For Filing with Registrar
Company Registration No. 07722078 (England and Wales)
Now Advertising Limited
Company Information
Directors
J P Townshend
S Jerome
T Fairclough
B Da Costa
R W Hume-Kendall
G Bell
(Appointed 18 February 2021)
L Hayward
(Appointed 20 May 2022)
Company number
07722078
Registered office
Exmouth House
3/11 Pine Street
London
United Kingdom
EC1R 0JH
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Now Advertising Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
Now Advertising Limited
Balance Sheet
As at 31 December 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
5
62,445
93,706
Current assets
Debtors
6
773,168
1,168,477
Cash at bank and in hand
1,697,072
1,716,627
2,470,240
2,885,104
Creditors: amounts falling due within one year
7
(912,253)
(1,618,450)
Net current assets
1,557,987
1,266,654
Total assets less current liabilities
1,620,432
1,360,360
Provisions for liabilities
8
(30,649)
(34,933)
Net assets
1,589,783
1,325,427
Capital and reserves
Called up share capital
9
222,000
224,000
Share premium account
166,777
166,777
Capital redemption reserve
2,000
-
0
Own shares
-
0
(368,431)
Profit and loss reserves
1,199,006
1,303,081
Total equity
1,589,783
1,325,427

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Now Advertising Limited
Balance Sheet (Continued)
As at 31 December 2021
Page 2
The financial statements were approved by the board of directors and authorised for issue on 16 August 2022 and are signed on its behalf by:
L Hayward
Director
Company Registration No. 07722078
Now Advertising Limited
Statement of Changes in Equity
For the year ended 31 December 2021
Page 3
Share capital
Share premium account
Capital redemption reserve
Own  shares
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2020
188,000
-
0
-
0
(165,654)
1,147,976
1,170,322
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
-
-
155,105
155,105
Issue of share capital
9
36,000
166,777
-
-
-
202,777
Own shares acquired
-
-
-
(202,777)
-
(202,777)
Balance at 31 December 2020
224,000
166,777
-
0
(368,431)
1,303,081
1,325,427
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
-
-
275,616
275,616
Dividends
-
-
-
-
(310,776)
(310,776)
Own shares acquired
-
-
-
-
0
(11,260)
(11,260)
Disposals of own shares
-
-
-
368,431
(57,655)
368,431
Redemption of shares
9
(2,000)
-
0
2,000
-
-
0
-
0
Balance at 31 December 2021
222,000
166,777
2,000
-
0
1,199,006
1,589,783
Now Advertising Limited
Notes to the Financial Statements
For the year ended 31 December 2021
Page 4
1
Accounting policies
Company information

Now Advertising Limited is a private company limited by shares incorporated in England and Wales. The registered office is Exmouth House, 3/11 Pine Street, London, United Kingdom, EC1R 0JH.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
2-5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Now Advertising Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 5
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments
The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Now Advertising Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 6
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Now Advertising Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 7
1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.15

Employee benefit trust

In accordance with FRS 102 S28 - Employee Benefit Trusts and Other Intermediate Payment Arrangements, the company includes the assets and liabilities of that trust within its balance sheet. In the event of the winding up of the company, neither the shareholders nor the creditors of the company would be entitled to the assets of the employee benefit trust.

 

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
23
29
3
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
82,358
44,300
Deferred tax
Origination and reversal of timing differences
(5,705)
2,213
Total tax charge
76,653
46,513
Now Advertising Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 8
4
Intangible fixed assets
Other
£
Cost
At 1 January 2021 and 31 December 2021
16,796
Amortisation and impairment
At 1 January 2021 and 31 December 2021
16,796
Carrying amount
At 31 December 2021
-
0
At 31 December 2020
-
0
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
348,302
Additions
9,612
At 31 December 2021
357,914
Depreciation and impairment
At 1 January 2021
254,596
Depreciation charged in the year
40,873
At 31 December 2021
295,469
Carrying amount
At 31 December 2021
62,445
At 31 December 2020
93,706
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
225,660
1,023,143
Amounts owed by group undertakings
307,441
-
0
Other debtors
238,646
145,334
771,747
1,168,477
2021
2020
Now Advertising Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
6
Debtors
(Continued)
Page 9
Amounts falling due after more than one year:
£
£
Deferred tax asset
1,421
-
0
Total debtors
773,168
1,168,477
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
202,032
434,596
Corporation tax
55,314
44,300
Other taxation and social security
355,166
372,788
Other creditors
299,741
766,766
912,253
1,618,450
8
Provisions for liabilities
2021
2020
£
£
Dilapidations
30,000
30,000
Deferred tax liabilities
649
4,933
30,649
34,933
9
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
220,000
224,000
220,000
224,000
NVD shares of £1 each
2,000
-
2,000
-
222,000
224,000
222,000
224,000

During the year, 4,000 Ordinary A shares were redesignated as 4,000 NVD Shares (non-voting shares). Subsequently 2,000 of the NVD shares were repurchased by the company for £11,260.

 

During the prior year, 36,000 Ordinary A Shares were alloted for a total consideration of £202,680

Now Advertising Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 10
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2021
2020
£
£
Within one year
142,345
142,345
Between two and five years
78,883
221,227
221,228
363,572
11
Control

There is no ultimate controlling party.

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