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UK Affiliate Management Ltd

Annual Report and Financial Statements
Year Ended 31 December 2023

Registration number: 05945086

 

UK Affiliate Management Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

UK Affiliate Management Ltd

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

32,836

44,041

Current assets

 

Stocks

6

964,819

689,120

Debtors

7

4,055,394

3,042,523

Cash at bank and in hand

 

1,110,472

1,040,377

 

6,130,685

4,772,020

Creditors: Amounts falling due within one year

8

(1,247,484)

(1,105,181)

Net current assets

 

4,883,201

3,666,839

Total assets less current liabilities

 

4,916,037

3,710,880

Provisions for liabilities

-

(5,227)

Net assets

 

4,916,037

3,705,653

Capital and reserves

 

Called up share capital

9

181

181

Share premium reserve

30,000

30,000

Capital redemption reserve

19

19

Profit and loss account

4,885,837

3,675,453

Shareholders' funds

 

4,916,037

3,705,653

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................
Mr M D Russell
Director

   
     

Company Registration Number: 05945086

 

UK Affiliate Management Ltd

Notes to the Financial Statements

Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
c/o Francis Clark LLP
Melville Building East
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW
United Kingdom

The principal place of business is:
Unit 4
Derriford Business Park
Brest Road
Plymouth
Devon
PL6 5QZ
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

UK Affiliate Management Ltd

Notes to the Financial Statements

Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% straight line

Fixtures and fittings

15% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

25% straight line

 

UK Affiliate Management Ltd

Notes to the Financial Statements

Year Ended 31 December 2023

Stocks

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2022 - 20).

 

UK Affiliate Management Ltd

Notes to the Financial Statements

Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Cost or valuation

At 1 January 2023

35,000

At 31 December 2023

35,000

Amortisation

At 1 January 2023

35,000

At 31 December 2023

35,000

Carrying amount

At 31 December 2023

-

5

Tangible assets

Furniture, fittings and equipment
 £

Cost or valuation

At 1 January 2023

148,984

Additions

11,838

Disposals

(1,172)

At 31 December 2023

159,650

Depreciation

At 1 January 2023

104,943

Charge for the year

21,903

Eliminated on disposal

(32)

At 31 December 2023

126,814

Carrying amount

At 31 December 2023

32,836

At 31 December 2022

44,041

 

UK Affiliate Management Ltd

Notes to the Financial Statements

Year Ended 31 December 2023

6

Stocks

2023
£

2022
£

Work in progress

964,819

689,120

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

822,266

956,820

Amounts owed by related parties

3,219,020

2,067,291

Prepayments

 

14,108

18,412

   

4,055,394

3,042,523

8

Creditors

2023
£

2022
£

Due within one year

Trade creditors

300,891

353,070

Corporation tax

185,731

133,910

Taxation and social security

123,228

159,185

Other creditors

10,587

13,938

Accruals and deferred income

627,047

445,078

1,247,484

1,105,181

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

181

181

181

181

         
 

UK Affiliate Management Ltd

Notes to the Financial Statements

Year Ended 31 December 2023

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £283,634 (2022 - £324,931).

11

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Duncan Leslie, who signed for and on behalf of PKF Francis Clark on 25 September 2024.

12

Parent and ultimate parent undertaking

The company's immediate parent is Gen3 Marketing UK Limited, incorporated in England and Wales.

 The ultimate parent is Gen3 Marketing LLC, incorporated in the United States of America.

Relationship between entity and parents

The parent of the smallest group in which these financial statements are consolidated is Gen3 Marketing LLC, incorporated in United States of America.

The address of Gen3 Marketing LLC is:
960b Harvest Drive
Suite 210
Blue Bell
Pennsylvania 19422
United States