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Company registration number: 12807514







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


ADVERTISING ASSOCIATION ADGREEN LTD
(A Company Limited by Guarantee)



































          img5b3d.png                        

 


ADVERTISING ASSOCIATION ADGREEN LTD
  
(A Company Limited by Guarantee)
REGISTERED NUMBER:12807514



BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
87,202
111,664

Tangible assets
 5 
1,122
1,665

  
88,324
113,329

Current assets
  

Debtors: amounts falling due within one year
 6 
188,632
117,762

Cash at bank and in hand
  
207,260
70,247

  
395,892
188,009

Creditors: amounts falling due within one year
 7 
(230,142)
(187,724)

Net current assets
  
 
 
165,750
 
 
285

Total assets less current liabilities
  
254,074
113,614

Creditors: amounts falling due after more than one year
  
(150,000)
(150,000)

  

Net assets/(liabilities)
  
104,074
(36,386)


Capital and reserves
  

Profit and loss account
  
104,074
(36,386)

  
104,074
(36,386)


Page 1

 


ADVERTISING ASSOCIATION ADGREEN LTD
  
(A Company Limited by Guarantee)
REGISTERED NUMBER:12807514


    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 comprehensive income 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 3 to 9 form part of these financial statements.

Page 2

 


ADVERTISING ASSOCIATION ADGREEN LTD
 
(A Company Limited by Guarantee)
 


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

1.


General information

Advertising Association AdGreen Limited is a private company limited by guarantee. The Memorandum of Association restricts the liability of members on winding up to £1 unless their liability becomes unlimited through contravention of the Memorandum.
Advertising Association AdGreen is incorporated in England and Wales. The registered office is 5th Floor, 95 Aldwych Strand, London, England, WC2B 4JF.
The company is a Public Benefit Entity defined by FRS102.

2.Accounting policies

 
2.1

Accounting Convention

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

This was the third period of operation for AdGreen. The levy revenue is increasing at a promising rate and has exceeded budget expectations. The company prepares budgets on a worst case scenario and will not spend funds that have not yet been received. 2022 and 2023 were strong years for the company making a surplus in each year taking the reserves balance to a positive. The financial statements are accordingly prepared on a Going Concern basis.

 
2.3

Turnover

Turnover represents levy and other voluntary income and sponsorship income. Voluntary income is recognised once the Company has entitlement to the income, it is probable that the income will be received, and the amount of income can be measured reliably. Income from sponsorship is recognised in the period in which the services are provided.

 
2.4

Cash at bank and in hand

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.

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. 



 The estimated useful lives range as follows:

Software
-
5
years straight line

Page 3

 


ADVERTISING ASSOCIATION ADGREEN LTD
 
(A Company Limited by Guarantee)
 


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

2.Accounting policies (continued)

 
2.6

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 year was 4 (2022 -4).

Page 4

 


ADVERTISING ASSOCIATION ADGREEN LTD
 
(A Company Limited by Guarantee)
 


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

4.


Intangible assets




Software

£



Cost


At 1 January 2023
170,306


Additions
12,000



At 31 December 2023

182,306



Amortisation


At 1 January 2023
58,642


Charge for the year on owned assets
36,462



At 31 December 2023

95,104



Net book value



At 31 December 2023
87,202



At 31 December 2022
111,664



Page 5

 


ADVERTISING ASSOCIATION ADGREEN LTD
 
(A Company Limited by Guarantee)
 


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

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2023
4,163


Additions
852



At 31 December 2023

5,015



Depreciation


At 1 January 2023
2,498


Charge for the year on owned assets
1,395



At 31 December 2023

3,893



Net book value



At 31 December 2023
1,122



At 31 December 2022
1,665


6.


Debtors

2023
2022
£
£


Trade debtors
66,410
51,266

Other debtors
4,720
-

Prepayments and accrued income
117,502
66,496

188,632
117,762


Page 6

 


ADVERTISING ASSOCIATION ADGREEN LTD
 
(A Company Limited by Guarantee)
 


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

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
4,188
24,954

Amounts owed to group undertakings
158,011
82,033

Other taxation and social security
-
25,326

Accruals and deferred income
67,943
55,411

230,142
187,724



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Loans
150,000
150,000

150,000
150,000


Page 7

 


ADVERTISING ASSOCIATION ADGREEN LTD
 
(A Company Limited by Guarantee)
 


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

Page 8

 


ADVERTISING ASSOCIATION ADGREEN LTD
 
(A Company Limited by Guarantee)
 


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

9.


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.


10.


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, 95 Aldwych Strand, London, England, WC2B 4JF.


11.


Auditors' information

The auditors' report on the financial statements for the year 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 9