Registration number:
Unique Advertising Limited
for the Year Ended 31 December 2022
Unique Advertising Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Unique Advertising Limited
Company Information
Directors |
Mr RS Ingleby Miss CD Wilkinson |
Registered office |
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Auditors |
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Unique Advertising Limited
(Registration number: 10418475)
Balance Sheet as at 31 December 2022
Note |
2022 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Investments |
- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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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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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Retained earnings |
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Shareholders' deficit |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Unique Advertising Limited
(Registration number: 10418475)
Balance Sheet as at 31 December 2022
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Unique Advertising Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Unique Advertising Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Going concern
The company receives support from its largest creditor, International Connections Group Limited, and will continue to for at least 12 months from the date of signing of the balance sheet. For this reason, the accounts have been prepared on a going concern basis.
Unique Advertising Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Audit report
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Prior period errors
A restatement was made to the year ended 31st December 2021 financial statements to recognise deferred income and prepaid commissions for prior years.
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | Relating to periods before the prior period disclosed in these financial statements | |
Deferred income | - | 809,236 | 234,131 |
Work in progress | - | 241,738 | 75,711 |
Deferred tax | - | 110,818 | 30,100 |
Retained earnings | - | (456,680) | (128,320) |
A restatement was made to the year ended 31st December 2021 financial statements to amend a material misstatement in trade receivables.
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | Relating to periods before the prior period disclosed in these financial statements | |
Profit & loss | - | (25,424) | - |
Trade receivables | (31,388) | (31,388) | - |
Deferred tax | 5,964 | 5,964 | - |
Profit & loss reserve | (25,424) | - | - |
Revenue recognition
Unique Advertising Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Revenue is generated through the provision of advertising services via two year contracts. Income is recognised over the term of the contract commencing from the date the advertisment is first published. To the extent income relates to future accounting periods, it is treated as deferred income and included in creditors.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Unique Advertising Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Asset class |
Depreciation method and rate |
Office equipment |
3 year straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
5 year straight line |
Other intangibles |
Over the term of the contract |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Unique Advertising Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Work in progress
Work in progress relates to commissions paid to sales agents which are deferred over the term of the contract to which they relate. The deferral of agents' commissions is not spread over the contract renewal.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Unique Advertising Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Unique Advertising Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Auditors' liability limitation |
The company entered into a liability limitation agreement with the auditor on 21st November 2023. The liability of the auditor in respect of any claim or claims made by the company is limited to £4,000,000 inclusive of interest and costs.
Unique Advertising Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Intangible assets |
Goodwill |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 January 2022 |
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Additions acquired separately |
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Disposals |
- |
( |
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At 31 December 2022 |
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Amortisation |
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At 1 January 2022 |
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Amortisation charge |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2022 |
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At 31 December 2022 |
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Depreciation |
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At 1 January 2022 |
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Charge for the year |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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Unique Advertising Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Stocks |
2022 |
(As restated) |
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Work in progress |
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Debtors |
Note |
2022 |
(As restated) |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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Current |
Note |
2022 |
(As restated) |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Current asset investments |
2022 |
2021 |
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Other investments |
- |
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Unique Advertising Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
(As restated) |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors due within one year include a Coronavirus Business Interuption loan of £36,000 (2021 - £40,000) which is secured. The loan is secured by fixed and floating charges over all the property or undertaking of the company.
Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Creditors due after more than one year include a Coronavirus Business Interuption loan of £108,000 (2021 - £140,000) which is secured. The loan is secured by fixed and floating charges over all the property or undertaking of the company.
Unique Advertising Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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3.12 |
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3.12 |
Ordinary shares are valued at £0.001 each.
Loans and borrowings |
2022 |
2021 |
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Non-current loans and borrowings |
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Other borrowings |
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2022 |
2021 |
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Current loans and borrowings |
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Bank overdrafts |
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- |
Other borrowings |
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Related party transactions |
Summary of transactions with other related parties
Loans to related parties
2022 |
Key management |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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Unique Advertising Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
2021 |
Key management |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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Terms of loans to related parties