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Registration number: 10418475

Unique Advertising Limited

Filleted Financial Statements

for the Year Ended 31 December 2022

 

Unique Advertising Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 16

 

Unique Advertising Limited

Company Information

Directors

Mr RS Ingleby

Miss CD Wilkinson

Registered office

8 Avroe Crescent
Blackpool
Lancashire
FY4 2DP

Auditors

Crossley & Davis Chartered Accountants
Statutory Auditor
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

Unique Advertising Limited

(Registration number: 10418475)
Balance Sheet as at 31 December 2022

Note

2022
£

(As restated)

2021
£

Fixed assets

 

Intangible assets

5

50,535

1,618

Tangible assets

6

6,371

6,963

Investments

4,200

4,200

 

61,106

12,781

Current assets

 

Stocks

7

167,448

255,249

Debtors

8

960,339

876,023

Investments

9

-

45,875

Cash at bank and in hand

 

23,959

157,180

 

1,151,746

1,334,327

Creditors: Amounts falling due within one year

10

(1,892,614)

(1,799,892)

Net current liabilities

 

(740,868)

(465,565)

Total assets less current liabilities

 

(679,762)

(452,784)

Creditors: Amounts falling due after more than one year

10

(108,000)

(140,000)

Net liabilities

 

(787,762)

(592,784)

Capital and reserves

 

Called up share capital

11

3

3

Share premium reserve

397,750

397,750

Retained earnings

(1,185,515)

(990,537)

Shareholders' deficit

 

(787,762)

(592,784)

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 Board on 9 August 2024 and signed on its behalf by:
 

 

Unique Advertising Limited

(Registration number: 10418475)
Balance Sheet as at 31 December 2022

.........................................
Mr RS Ingleby
Director

 

Unique Advertising Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8 Avroe Crescent
Blackpool
Lancashire
FY4 2DP
England

These financial statements were authorised for issue by the Board on 9 August 2024.

2

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

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 9 August 2024 was Mr P Swarbrick, who signed for and on behalf of Crossley & Davis Chartered Accountants.

.........................................

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2021 - 7).

4

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

5

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2022

19,648

12,701

32,349

Additions acquired separately

53,474

37,000

90,474

Disposals

-

(22,750)

(22,750)

At 31 December 2022

73,122

26,951

100,073

Amortisation

At 1 January 2022

18,666

12,065

30,731

Amortisation charge

13,522

5,285

18,807

At 31 December 2022

32,188

17,350

49,538

Carrying amount

At 31 December 2022

40,934

9,601

50,535

At 31 December 2021

982

636

1,618

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2022

58,907

58,907

At 31 December 2022

58,907

58,907

Depreciation

At 1 January 2022

51,944

51,944

Charge for the year

592

592

At 31 December 2022

52,536

52,536

Carrying amount

At 31 December 2022

6,371

6,371

At 31 December 2021

6,963

6,963

 

Unique Advertising Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

7

Stocks

2022
£

(As restated)

2021
£

Work in progress

167,448

255,249

8

Debtors

Note

2022
£

(As restated)

2021
£

Trade debtors

 

203,428

297,365

Amounts owed by group undertakings and undertakings in which the company has a participating interest

13

12,956

67,301

Prepayments

 

49,813

40,074

Other debtors

 

694,142

471,283

 

960,339

876,023

Current

Note

2022
£

(As restated)

2021
£

Trade debtors

 

203,428

297,365

Amounts owed by related parties

13

12,956

67,301

Prepayments

 

49,813

40,074

Other debtors

 

694,142

471,283

   

960,339

876,023

9

Current asset investments

2022
£

2021
£

Other investments

-

45,875

 

Unique Advertising Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

10

Creditors

Creditors: amounts falling due within one year

Note

2022
£

(As restated)

2021
£

Due within one year

 

Loans and borrowings

12

36,003

40,000

Trade creditors

 

52,321

13,067

Amounts owed to group undertakings and undertakings in which the company has a participating interest

13

100

100

Taxation and social security

 

181,201

148,076

Accruals and deferred income

 

641,465

980,910

Other creditors

 

981,524

617,739

 

1,892,614

1,799,892

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
£

Due after one year

 

Loans and borrowings

12

108,000

140,000

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

11

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £0.00 each

3,115

3.12

3,115

3.12

         

Ordinary shares are valued at £0.001 each.

12

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Other borrowings

108,000

140,000

2022
£

2021
£

Current loans and borrowings

Bank overdrafts

3

-

Other borrowings

36,000

40,000

36,003

40,000

13

Related party transactions

Summary of transactions with other related parties

Loans to related parties

2022

Key management
£

Total
£

At start of period

125,123

125,123

Advanced

162,357

162,357

Repaid

(125,123)

(125,123)

At end of period

162,357

162,357

 

Unique Advertising Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

2021

Key management
£

Total
£

At start of period

1,209

1,209

Advanced

125,123

125,123

Repaid

(1,209)

(1,209)

At end of period

125,123

125,123

Terms of loans to related parties

Loans to directors are unsecured, repayable on demand, and interest is charged at the official rate on any balance that exceeds £10,000 throughout the year.