Company registration number: 12807514
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FOR THE YEAR ENDED
31 DECEMBER 2023
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ADVERTISING ASSOCIATION ADGREEN LTD
(A Company Limited by Guarantee)
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ADVERTISING ASSOCIATION ADGREEN LTD
(A Company Limited by Guarantee)
REGISTERED NUMBER:12807514
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BALANCE SHEET
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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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ADVERTISING ASSOCIATION ADGREEN LTD
(A Company Limited by Guarantee)
REGISTERED NUMBER:12807514
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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:
The notes on pages 3 to 9 form part of these financial statements.
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ADVERTISING ASSOCIATION ADGREEN LTD
(A Company Limited by Guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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:
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.
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.
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.
Intangible assets are initially recognised at cost.
The estimated useful lives range as follows:
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ADVERTISING ASSOCIATION ADGREEN LTD
(A Company Limited by Guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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:
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.
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The average monthly number of employees, excluding directors, during the year was 4 (2022 -4).
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ADVERTISING ASSOCIATION ADGREEN LTD
(A Company Limited by Guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Charge for the year on owned assets
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ADVERTISING ASSOCIATION ADGREEN LTD
(A Company Limited by Guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Charge for the year on owned assets
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Prepayments and accrued income
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ADVERTISING ASSOCIATION ADGREEN LTD
(A Company Limited by Guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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ADVERTISING ASSOCIATION ADGREEN LTD
(A Company Limited by Guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ADVERTISING ASSOCIATION ADGREEN LTD
(A Company Limited by Guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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Ultimate Controlling party
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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.
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.
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