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REGISTERED NUMBER: SC256775 (Scotland)




















Multiply (UK) Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023






Multiply (UK) Limited (Registered number: SC256775)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Multiply (UK) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr D Bradley-Bird
Mrs K E Fenton
Mr M G Fowlestone



SECRETARY: Mr D Bradley-Bird



REGISTERED OFFICE: 9 Ainslie Place
Edinburgh
EH3 6AT



REGISTERED NUMBER: SC256775 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: The Royal Bank of Scotland plc
36 St Andrew Square
Edinburgh
EH2 2AD

Multiply (UK) Limited (Registered number: SC256775)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 23,100 34,651
Tangible assets 5 40,354 43,221
Investments 6 25 25
63,479 77,897

CURRENT ASSETS
Debtors 7 357,069 333,480
Cash at bank 293,525 443,428
650,594 776,908
CREDITORS
Amounts falling due within one year 8 459,483 627,178
NET CURRENT ASSETS 191,111 149,730
TOTAL ASSETS LESS CURRENT LIABILITIES 254,590 227,627

CREDITORS
Amounts falling due after more than one
year

9

(190,806

)

(240,928

)

PROVISIONS FOR LIABILITIES (6,104 ) (3,769 )
NET ASSETS/(LIABILITIES) 57,680 (17,070 )

Multiply (UK) Limited (Registered number: SC256775)

Balance Sheet - continued
31 December 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 80,000 80,000
Share premium 145,022 145,022
Capital redemption reserve 5,106 5,106
Retained earnings (172,448 ) (247,198 )
SHAREHOLDERS' FUNDS 57,680 (17,070 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2024 and were signed on its behalf by:





Mr D Bradley-Bird - Director


Multiply (UK) Limited (Registered number: SC256775)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Multiply (UK) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition
Turnover represents net invoiced sales of advertising services, excluding value added tax.

Revenue from advertising is recognised when the service has been provided and all obligations to the customers under the sales agreement have been fulfilled. For larger advertising contracts containing several milestones, revenue is recognised as each milestone is achieved.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, was previously amortised evenly over its estimated useful life of 20 years. The Directors have reviewed the London operation and now believe that the estimated useful life as at the year end was 10 years. From 1 January 2016 the balance outstanding is therefore being amortised evenly over its revised remaining estimated useful life of 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost and 25% on cost

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.


Multiply (UK) Limited (Registered number: SC256775)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Fixed assets investments
Fixed asset investments comprise unlisted equities whose value cannot be measured reliably. Accordingly, these investments are recognised at cost.

Multiply (UK) Limited (Registered number: SC256775)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2022 - 27 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 144,378
AMORTISATION
At 1 January 2023 109,727
Charge for year 11,551
At 31 December 2023 121,278
NET BOOK VALUE
At 31 December 2023 23,100
At 31 December 2022 34,651

Multiply (UK) Limited (Registered number: SC256775)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 106,253
Additions 24,249
At 31 December 2023 130,502
DEPRECIATION
At 1 January 2023 63,032
Charge for year 27,116
At 31 December 2023 90,148
NET BOOK VALUE
At 31 December 2023 40,354
At 31 December 2022 43,221

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 10,152
DEPRECIATION
At 1 January 2023
and 31 December 2023 10,152
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Multiply (UK) Limited (Registered number: SC256775)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 25
NET BOOK VALUE
At 31 December 2023 25
At 31 December 2022 25

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 334,339 314,125
Other debtors 22,730 19,355
357,069 333,480

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,881 9,639
Trade creditors 159,489 175,134
Taxation and social security 119,968 144,083
Other creditors 170,145 298,322
459,483 627,178

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 15,911 26,033
Other creditors 174,895 214,895
190,806 240,928

Multiply (UK) Limited (Registered number: SC256775)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 19,510 21,372
Between one and five years 3,117 10,140
In more than five years - 3,117
22,627 34,629

11. RELATED PARTY DISCLOSURES

During the year, the company repaid £136,000 (2022: £231,000) to the directors. The balance of other creditors includes a balance of £117,714 (2022: £253,714) due to the directors.

The directors' current accounts are unsecured, interest free and have no fixed repayment period.