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REGISTERED NUMBER: 01481734 (England and Wales)















LAVERY ROWE ADVERTISING LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






LAVERY ROWE ADVERTISING LIMITED (REGISTERED NUMBER: 01481734)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Directors' Responsibilities Statement 5

Report of the Independent Auditors 6

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


LAVERY ROWE ADVERTISING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: P F Foreman
W R Lewis
P J Payne
N B Rowe



SECRETARY: P J Payne



REGISTERED OFFICE: 69-71 Newington Causeway
London
SE1 6BD



REGISTERED NUMBER: 01481734 (England and Wales)



AUDITORS: Galloways Accounting
Statutory Auditor
Atlas Chambers
33 West Street
Brighton
East Sussex
BN1 2RE



BANKERS: National Westminster Bank Plc
216 Bishopsgate
London
EC2M 4QB

LAVERY ROWE ADVERTISING LIMITED (REGISTERED NUMBER: 01481734)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The results for the year and the financial position at the year end were considered satisfactory by the directors who
expect to maintain current levels of business.

Analysis of development and performance & of other key performance indicators
The company has performed well during the year under review.

Turnover has decreased by £2.54 million (10.75%) this year to £21.08 million, and represents a good level of turnover
for the company. Gross profit has decreased by £0.52 million (15.62%) to £2.83 million with margins decreasing by
0.78% to 13.44%.

Administrative expenses have decreased by £0.62 million (22.17%) to £2.16 million in the past year. The company
continue to constantly review costs undertaken in order to achieve possible future savings.

Net profit before tax of £0.7 million is higher than the £0.6 million achieved last year.

The financial position of the company has suffered in the past year with a £0.5 million drop in the balance sheet
value of the entity, mainly due to the dividend paid to Lavery Rowe Holdings. Net assets now stand at £2.3 million.
The directors therefore believe that the company is on a sure footing to continue its strong performance in the
current financial period.

The company has declared dividends of £1 million (2022: £1.5 million) to its parent, Lavery Rowe Holdings Limited,
during the year and the Directors anticipate continuing underlying growth and forecasted profits in line with recent
years.


LAVERY ROWE ADVERTISING LIMITED (REGISTERED NUMBER: 01481734)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
In common with all businesses, the company faces risks and uncertainties. The Directors adopt prudent policies to
minimise risks and are actively involved in reducing the efforts of any adverse circumstances which might arise.

Business and regulatory risk
The company operates in a regulated and diverse business environment. The Directors therefore perform regular
reviews of business and regulatory risks to ensure that these are addressed and minimised as far as possible.

Liquidity risk
Liquidity risk arises from the company's management of working capital. It is the risk that the company will
encounter difficulty in meeting its financial obligations as they fall due. At the end of the financial year, the Board of
Directors indicated that the company expected to have sufficient liquid resources to meet its obligations under all
reasonably expected circumstances.

The company's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main
purpose of these instruments is to provide funds for the company's operations and to finance these operations. The
liquidity of the business is regularly reviewed by the Directors to ensure that sufficient resources are maintained to
fund the company's transactions.

Bank balances are managed by maintaining a balance between the continuity of funding and flexibility through the
use of budgeting facilities. Trade debtors are managed in respect of credit and cash flow risks by policies
concerning the credit offered to clients and the regular monitoring of amounts outstanding for both time and credit
limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Credit risk
Credit risk is the risk of financial loss to the group if a customer or counterparty to a financial instrument fails to meet
its contractual obligations. The company is mainly exposed to credit risk from credit sales and it is the company's
policy to assess the credit risk of new customers and suppliers before entering contracts with them. Debtor
balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Operating risk
The Directors will regularly review the operation of the business and have put management committees in place to
ensure that operating systems and internal controls are adequate. Risks are identified, assessed and appropriate
remedial action decided upon by the Directors and each committee as appropriate. The company maintains
sufficient insurance to minimise the risk of loss or damage to its assets.

ON BEHALF OF THE BOARD:





P J Payne - Director


29 August 2024

LAVERY ROWE ADVERTISING LIMITED (REGISTERED NUMBER: 01481734)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company continued to be that of an advertising agency.

DIVIDENDS
The directors do not recommend the payment of a final dividend.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

P F Foreman
W R Lewis
P J Payne
N B Rowe

FINANCIAL INSTRUMENTS
Treasury operations and financial instruments
Details of the financial risk management objectives and policies of the company, as well as the company's exposure
to price, credit, liquidity and cash flow risks are provided in the strategic report to these financial statements.

Future developments
The company continues to focus on its growth areas by investing in new producers and new client relationships to
grow revenues. The company continues to monitor and manage costs whilst supporting the infrastructure of the
ongoing activities of the business.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Galloways Accounting, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P J Payne - Director


29 August 2024

LAVERY ROWE ADVERTISING LIMITED (REGISTERED NUMBER: 01481734)

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LAVERY ROWE ADVERTISING LIMITED


Opinion
We have audited the financial statements of Lavery Rowe Advertising Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Directors' Responsibilities Statement, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LAVERY ROWE ADVERTISING LIMITED


Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we considered the risk of non-compliance with laws
and regulations, and we considered the extent to which non-compliance might have a material effect on the financial
statements. We also considered those laws and regulations that have a direct impact on the financial statements such
as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of
the financial statements (including the risk of override of controls).

Audit procedures performed included:

- Enquiring of management whether there were instances of non-compliance with laws and regulation or fraud;
- Review of legal expenses for evidence of fees relating to non-compliance;
- Challenging assumptions and judgements made by management in determining significant accounting estimates
- Reviewing journal entries, non-sales bank receipts and non-purchase bank payments for unusual accounting
entries;
- To the extent that information was available to us: Substantive procedures to test that services contracted by
clients were recognised as revenue in the financial statements in the correct period; and
- Substantive procedures to test that accrued expenses were valid and complete.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances
of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the
financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not
detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional
misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Christian Heeger BSc FCA (Senior Statutory Auditor)
for and on behalf of Galloways Accounting
Statutory Auditor
Atlas Chambers
33 West Street
Brighton
East Sussex
BN1 2RE

5 September 2024

LAVERY ROWE ADVERTISING LIMITED (REGISTERED NUMBER: 01481734)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 4 21,081,582 23,622,115

Cost of sales 18,246,824 20,262,412
GROSS PROFIT 2,834,758 3,359,703

Administrative expenses 2,163,344 2,779,468
671,414 580,235

Other operating income 14,583 21,700
OPERATING PROFIT 7 685,997 601,935

Interest receivable and similar income 8 23,914 3,934
PROFIT BEFORE TAXATION 709,911 605,869

Tax on profit 9 170,011 124,608
PROFIT FOR THE FINANCIAL YEAR 539,900 481,261

LAVERY ROWE ADVERTISING LIMITED (REGISTERED NUMBER: 01481734)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 47,479 271,817
Investment property 13 - 382,957
47,479 654,774

CURRENT ASSETS
Debtors 14 2,690,739 3,144,382
Cash at bank 2,335,132 2,156,500
5,025,871 5,300,882
CREDITORS
Amounts falling due within one year 15 2,801,080 3,223,286
NET CURRENT ASSETS 2,224,791 2,077,596
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,272,270

2,732,370

CAPITAL AND RESERVES
Called up share capital 18 277,439 277,439
Revaluation reserve 19 - 54,261
Retained earnings 19 1,994,831 2,400,670
SHAREHOLDERS' FUNDS 2,272,270 2,732,370

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2024 and were signed on its behalf by:




P J Payne - Director



W R Lewis - Director


LAVERY ROWE ADVERTISING LIMITED (REGISTERED NUMBER: 01481734)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 277,439 3,419,409 54,261 3,751,109

Changes in equity
Total comprehensive income - 481,261 - 481,261
Dividends - (1,500,000 ) - (1,500,000 )
Balance at 31 December 2022 277,439 2,400,670 54,261 2,732,370

Changes in equity
Total comprehensive income - 539,900 - 539,900
Dividends - (1,000,000 ) - (1,000,000 )
Release of revaluation reserve - 54,261 (54,261 ) -
Balance at 31 December 2023 277,439 1,994,831 - 2,272,270

LAVERY ROWE ADVERTISING LIMITED (REGISTERED NUMBER: 01481734)

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


1. STATUTORY INFORMATION

Lavery Rowe Advertising Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The principal activity of the company continued to be that of an advertising agency.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared under the historical cost convention, modified to include the
revaluation of freehold properties and to include investment properties. The principal accounting policies
adopted are set out below.

Financial Reporting Standard 102 - reduced disclosure exemptions
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group.The company has therefore taken advantage of exemptions from the following disclosure requirements:

· Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and
disclosures;
· Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Lavery Rowe
Holdings Limited. These consolidated financial statements are available from its registered office, First Floor,
Ridgeland House, 15 Carfax, Horsham, West Sussex, RH12 1DY.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the
company has adequate resources to continue in operational existence for the foreseeable future. Thus the
directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover represents amounts receivable for goods and services net of VAT. Turnover is recognised at the
time that the advertisement appears.

Revenue from the placement of adverts is recognised when the significant risks and rewards of ownership of
the advert have passed to the buyer (usually on the publication of the advert), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the
entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue rebates are obtained and recognised based upon whether revenue thresholds are exceeded. These thresholds are based upon the level of insertions placed during the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - No depreciation
Short leasehold - 12.5% straight line
Fixtures and fittings - 25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale
proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

LAVERY ROWE ADVERTISING LIMITED (REGISTERED NUMBER: 01481734)

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


2. ACCOUNTING POLICIES - continued

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using
the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12
‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to
the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when
there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a
net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at
transaction price including transaction costs and are subsequently carried at amortised cost using the
effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or
joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are
subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that
investments in equity instruments that are not publicly traded and whose fair values cannot be measured
reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of
impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that
occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was
recognised, the impairment is reversed. The reversal is such that the current carrying amount does not
exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or
are settled, or when the company transfers the financial asset and substantially all the risks and rewards of
ownership to another entity, or if some significant risks and rewards of ownership are retained but control of
the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the
assets of the company after deducting all of its liabilities.

LAVERY ROWE ADVERTISING LIMITED (REGISTERED NUMBER: 01481734)

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


2. ACCOUNTING POLICIES - continued

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially
recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt
instrument is measured at the present value of the future payments discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year
or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at
transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or
cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The directors have concluded that no provision is required for unused holiday entitlement either at 1 January
2023 or 31 December 2023 because If holiday is not taken by an employee it is lost. The holiday year end is
co-terminus with the financial year end.

Termination benefits are recognised immediately as an expense when the company is demonstrably
committed to terminate the employment of an employee or to provide termination benefits.

LAVERY ROWE ADVERTISING LIMITED (REGISTERED NUMBER: 01481734)

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


3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent
from other sources. The estimates and associated assumptions are based on historical experience and other
factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only that
period, or in the period of the revision and future periods where the revision affects both current and future
periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying
amount of assets and liabilities are as follows.

Value of freehold property
The key accounting estimate in preparing these financial statements relates to the carrying value of the
freehold property which are stated at fair value. The company uses lease terms, market conditions and sales
prices based upon known market transactions for similar properties as a basis for determining the directors'
estimation of the fair value of the freehold property. However, the valuation of the company's freehold property is inherently subjective, as it is made on the basis of valuation assumptions which may in future not prove to be accurate.

Value of investment property
The key accounting estimate in preparing these financial statements relates to the carrying value of the
investment property which are stated at fair value. The company uses lease terms, market conditions and
sales prices based upon known market transactions for similar properties as a basis for determining the
directors' estimation of the fair value of the investment property. However, the valuation of the company's
investment property is inherently subjective, as it is made on the basis of valuation assumptions which may in
future not prove to be accurate.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.23 31.12.22
£    £   
Media billings 20,987,325 23,434,441
Production billings 94,257 187,674
21,081,582 23,622,115

An analysis of turnover by geographical market is given below:

31.12.23 31.12.22
£    £   
United Kingdom 19,938,778 22,677,814
Europe 1,075,873 794,650
United States of America 66,931 149,651
21,081,582 23,622,115

LAVERY ROWE ADVERTISING LIMITED (REGISTERED NUMBER: 01481734)

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


5. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 1,367,491 1,786,448
Social security costs 160,363 216,165
Other pension costs 21,653 24,057
1,549,507 2,026,670

The average number of employees during the year was as follows:
31.12.23 31.12.22

Sales and administration 25 29
Artwork production 3 3
28 32

6. DIRECTORS' EMOLUMENTS
31.12.23 31.12.22
£    £   
Directors' remuneration 244,404 523,863
Directors' pension contributions to money purchase schemes 808 1,321

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 1

Information regarding the highest paid director is as follows:
31.12.23 31.12.22
£    £   
Emoluments etc 114,500 205,179
Pension contributions to money purchase schemes 440 1,321

7. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Hire of plant and machinery 1,750 4,782
Other operating leases 87,690 83,875
Depreciation - owned assets 16,123 15,855
Profit on disposal of fixed assets (71,031 ) -
Auditors' remuneration 12,000 12,000
Foreign exchange differences 5,964 2,155

8. INTEREST RECEIVABLE AND SIMILAR INCOME
31.12.23 31.12.22
£    £   
Deposit account interest 23,914 3,934

LAVERY ROWE ADVERTISING LIMITED (REGISTERED NUMBER: 01481734)

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


9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 170,012 123,515
Prior periods tax (1 ) 1,093

Tax on profit 170,011 124,608

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit before tax 709,911 605,869
Profit multiplied by the standard rate of corporation tax in the UK of
23.521% (2022 - 19%)

166,978

115,115

Effects of:
Expenses not deductible for tax purposes 1,583 14,277
Adjustments to tax charge in respect of previous periods (1 ) 1,093
Group relief - (3,600 )
Deferred tax not recognised 1,451 (2,277 )
Total tax charge 170,011 124,608

10. DIVIDENDS
31.12.23 31.12.22
£    £   
Ordinary share capital shares of £1 each
Interim 1,000,000 1,500,000

11. RETIREMENT BENEFIT SCHEMES

Defined contribution schemes

2023 2022
£    £   
Charge to profit or loss in respect of defined contribution schemes 21,653 24,057

The company operates a defined contribution scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

LAVERY ROWE ADVERTISING LIMITED (REGISTERED NUMBER: 01481734)

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


12. TANGIBLE FIXED ASSETS
Fixtures
Freehold Short and
property leasehold fittings Totals
£    £    £    £   
COST
At 1 January 2023 217,043 7,125 203,988 428,156
Additions - - 8,828 8,828
Disposals (217,043 ) - - (217,043 )
At 31 December 2023 - 7,125 212,816 219,941
DEPRECIATION
At 1 January 2023 - 4,455 151,884 156,339
Charge for year - 890 15,233 16,123
At 31 December 2023 - 5,345 167,117 172,462
NET BOOK VALUE
At 31 December 2023 - 1,780 45,699 47,479
At 31 December 2022 217,043 2,670 52,104 271,817

13. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 382,957
Disposals (382,957 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 382,957

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,810,813 2,146,265
Amounts owed by group undertakings 184,636 178,480
Other debtors 11,602 11,102
Directors' current accounts 33,305 25,480
Prepayments 650,383 783,055
2,690,739 3,144,382

LAVERY ROWE ADVERTISING LIMITED (REGISTERED NUMBER: 01481734)

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


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 16) 529,682 24,933
Trade creditors 1,420,977 2,344,685
Amounts owed to group undertakings 27,192 27,066
Tax 173,672 127,174
Social security and other taxes 76,337 60,738
VAT 32,775 23,514
Other creditors 448,825 499,078
Pension creditor 4,897 4,922
Accruals and deferred income 86,723 111,176
2,801,080 3,223,286

16. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 529,682 24,933

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 106,681 85,002
Between one and five years 148,591 144,375
255,272 229,377

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
277,439 Ordinary share capital £1 277,439 277,439

19. RESERVES

Retained earnings represent cumulative profit and loss net of distributions to owners.
As at the balance sheet date the company had distributable reserves of £1,994,831 (2022: £2,304,931).

20. DIRECTORS' TRANSACTIONS

Interest free loans have been granted by the company to its directors as follows:


Description

% Rate
Opening
Balance
Amounts
advanced
Closing
balance
£   £   £   
Directors loan account-25,4807,82633,306


LAVERY ROWE ADVERTISING LIMITED (REGISTERED NUMBER: 01481734)

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


21. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

22. ULTIMATE CONTROLLING PARTY

The parent and immediate controlling party of the entity is Lavery Rowe Holdings Limited, a company
incorporated in England and Wales. As at the balance sheet date there was no ultimate controlling party of
Lavery Rowe Holdings Limited. Lavery Rowe Holdings Limited will prepare consolidated group accounts.