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Company registration number: 14478919







FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 DECEMBER 2023


AD NET ZERO LIMITED
(A Company Limited by Guarantee)






































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AD NET ZERO LIMITED
  
(A Company Limited by Guarantee)
REGISTERED NUMBER:14478919



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
Note
£

Fixed assets
  

Tangible assets
 4 
3,663

  
3,663

Current assets
  

Debtors: amounts falling due within one year
 5 
372,206

Cash at bank and in hand
  
111,802

  
484,008

Creditors: amounts falling due within one year
 6 
(753,339)

Net current (liabilities)/assets
  
 
 
(269,331)

Total assets less current liabilities
  
(265,668)

  

Net (liabilities)/assets
  
(265,668)


Capital and reserves
  

Profit and loss account
  
(265,668)

  
(265,668)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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




S W J Woodford
Director

Date: 7 August 2024

The notes on pages 2 to 5 form part of these financial statements.
Page 1

 


AD NET ZERO LIMITED
 
(A Company Limited by Guarantee)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Ad Net Zero  Limited is a private company limited by guarantee incorporated in England and Wales. The
registered office and principle place of business is given in the company information page of these financial
statements.
The financial statements are presented in sterling which is the functional currency of the company and rounded to
the nearest £. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

2023 was the first year of trading as Ad Net Zero Limited.  The company was budgeted to be loss making due to this being in start-up phase and recruiting new supporters in the US. The company has grown and will continue to grow the programme in the UK as well as the US. The company has budgeted to make a surplus of £155k in 2024 and to grow further in 2025 with a revenue target of £2,371k and surplus of £207k, taking  anticipated reserves to £100k at the end of 2025.  The directors therefore believe that the company is a going concern and the accounts are accordingly prepared on the going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 2

 


AD NET ZERO LIMITED
 
(A Company Limited by Guarantee)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Turnover represents funding for the period receivable from members. Funding is invoiced on renewal and credited to the income and expenditure account in the financial year to which it relates and adjusted for accrued and deferred income.
 
2.5

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, using the straight-line method.

The estimated useful lives range as follows:

Office equipment
-
3
years

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.


3.


Employees

The average monthly number of employees, excluding directors, during the period was 6.

Page 3

 


AD NET ZERO LIMITED
 
(A Company Limited by Guarantee)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


Additions
5,494



At 31 December 2023

5,494



Depreciation


Charge for the period on owned assets
1,831



At 31 December 2023

1,831



Net book value



At 31 December 2023
3,663
Page 4

 


AD NET ZERO LIMITED
 
(A Company Limited by Guarantee)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Debtors

2023
£


Trade debtors
113,915

Other debtors
15,357

Prepayments and accrued income
242,934

372,206



6.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
123,202

Amounts owed to group undertakings
490,647

Accruals and deferred income
139,490

753,339




7.


Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.


8.


Ultimate Controlling party

The company's immediate and ultimate parent undertaking and controlling party is The Advertising Association, a company registered in the United Kingdom. The address of their registered office and principal place of business is 5th Floor, Aldwych Strand, London, England, WC2B 4JF. 

9.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2023 was unqualified.

The audit report was signed on 13 August 2024 by Janice Matthews FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 5