Company registration number 05515791 (England and Wales)
DIRECT POSTERS OUTDOOR LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
DIRECT POSTERS OUTDOOR LIMITED
COMPANY INFORMATION
Directors
P Allard
J Chandler
D Cox
P Gallant
(Appointed 15 April 2021)
J Smith
(Appointed 8 July 2021)
Secretary
Intertrust (UK) Limited
Company number
05515791
Registered office
1 Bartholomew Lane
London
EC2N 2AX
Auditor
UHY Hacker Young
Quadrant House
4 Thomas More Square
London
E1W 1YW
DIRECT POSTERS OUTDOOR LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
DIRECT POSTERS OUTDOOR LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
4
609,408
558,500
Current assets
Debtors
5
201,419
38,012
Cash at bank and in hand
166,691
44,064
368,110
82,076
Creditors: amounts falling due within one year
6
(404,169)
(104,291)
Net current liabilities
(36,059)
(22,215)
Total assets less current liabilities
573,349
536,285
Provisions for liabilities
(113,467)
(100,415)
Net assets
459,882
435,870
Capital and reserves
Called up share capital
7
6
6
Revaluation reserve
467,241
428,085
Profit and loss reserves
(7,365)
7,779
Total equity
459,882
435,870
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 4 May 2023 and are signed on its behalf by:
J Smith
Director
Company Registration No. 05515791
DIRECT POSTERS OUTDOOR LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2019
6
60,204
60,210
Period ended 31 December 2020:
Profit and total comprehensive income for the period
-
-
395,660
395,660
Dividends
-
-
(20,000)
(20,000)
Transfers
-
428,085
(428,085)
-
Balance at 31 December 2020
6
428,085
7,779
435,870
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
24,012
24,012
Transfers
-
39,156
(39,156)
-
Balance at 31 December 2021
6
467,241
(7,365)
459,882
DIRECT POSTERS OUTDOOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Direct Posters Outdoor Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Bartholomew Lane, London, EC2N 2AX.
1.1
Reporting period
The company's financial statements are presented for one year, comprising of 52 weeks to 31 December 2021. The comparative period represents a period longer than one year, comprising of 56 weeks to 31 December 2020. Therefore the comparative amounts presented in the financial statements are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention and modified to include the revaluation of investment properties at fair value.The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover represents rents receivable, excluding VAT.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
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.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
DIRECT POSTERS OUTDOOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
DIRECT POSTERS OUTDOOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
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.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
DIRECT POSTERS OUTDOOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
2
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.
Investment Property
Investment properties are valued at each balance sheet date at fair value. Fair value is ascertained through review of a number of factors and information flows, including market knowledge, recent market movements, historical experience and rent levels. There is an inevitable degree of judgement involved and value can only be reliably tested ultimately in the market itself.
Investment properties were revalued by Colliers International Valuation UK LLP at 31 December 2021.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
3
4
Investment property
2021
£
Fair value
At 1 January 2021
558,500
Disposals
(1,300)
Revaluations
52,208
At 31 December 2021
609,408
DIRECT POSTERS OUTDOOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
4
Investment property
(Continued)
- 7 -
Investment properties comprising of advertising billboards either on small areas of land or gable ends of buildings were revalued at 31 December 2021 by Colliers International Valuation UK LLP who are not connected with the company. The investment properties were valued at £609,408. The valuation was made on an open market basis and was based on recent market rents on arm's length terms for similar properties.
The directors do not consider the market value of the investment properties as at 31 December 2021 to be materially different from the carrying value at the balance sheet date.
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
7,194
2,847
Amounts owed by group undertakings
150,800
Other debtors
9,919
Prepayments and accrued income
43,425
25,246
201,419
38,012
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
50,000
Trade creditors
5,375
14,603
Amounts owed to group undertakings
367,858
6,110
Corporation tax
447
447
Other taxation and social security
7,679
13,100
Other creditors
1,000
Accruals and deferred income
21,810
20,031
404,169
104,291
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
6
6
6
6
DIRECT POSTERS OUTDOOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was qualified and the auditor reported as follows:
Basis for qualified opinion
The evidence available to us was limited in relation to the comparative profit and loss in the current year’s financial statements which are derived from the financial statements for the period ended 31 December 2020. In our report on those financial statements, we stated that, because the company was acquired on 20 November 2020 and the previous directors were unable to provide the current directors with the relevant accounting records up to the date of acquisition. As such, we were unable to perform our normal audit procedures as planned, except for audit procedures carried out on the closing position as at 31 December 2020 which was under the control of the current management.
Any adjustment to the profit and loss figure would have a consequential effect on the profit for the period ended 31 December 2020 and, consequently, our audit report on the financial statements for the period ended 31 December 2020 included a disclaimer of opinion because of this. Accordingly, the amounts shown as cost of sales and profit for the period ended 31 December 2020 may not be comparable with the figures for the current period. In the current year we were able to perform the normal range of audit procedures on both the profit and loss and balance sheet.
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 Auditor's 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.
Senior Statutory Auditor:
Marc Waterman
Statutory Auditor:
UHY Hacker Young
9
Financial commitments, guarantees and contingent liabilities
In 2020, the company entered into a VAT group and the representative member is Wildstone Capital Limited. The companies in the VAT group have provided a guarantee undertaking in respect of their VAT obligations.
The company has provided a security to US Bank Trustees Limited on behalf of its fellow group company, Wildstone Issuer Plc for its liabilities of £56,334,000 (2020 - £nil) by way of fixed and floating charges over the assets of the company.
DIRECT POSTERS OUTDOOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
10
Parent company
The immediate parent company is Wildstone Finance Limited, a company registered in England and Wales and the ultimate parent company is Whistler UK Bidco Limited, a company registered in England and Wales and controlled by the directors.
Whistler Acquisitions Limited prepares group financial statements and copies can be obtained from the company secretary at 44 Esplanade, St Helier, Jersey, JE4 9WG.
2021-12-312021-01-01false04 May 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedP AllardJ ChandlerD CoxP GallantJ SmithIntertrust (UK) Limited055157912021-01-012021-12-3105515791bus:Director12021-01-012021-12-3105515791bus:Director22021-01-012021-12-3105515791bus:Director32021-01-012021-12-3105515791bus:Director42021-01-012021-12-3105515791bus:Director52021-01-012021-12-3105515791bus:CompanySecretary12021-01-012021-12-3105515791bus:RegisteredOffice2021-01-012021-12-31055157912021-12-31055157912020-12-3105515791core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3105515791core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-3105515791core:CurrentFinancialInstruments2021-12-3105515791core:CurrentFinancialInstruments2020-12-3105515791core:ShareCapital2021-12-3105515791core:ShareCapital2020-12-3105515791core:RevaluationReserve2021-12-3105515791core:RevaluationReserve2020-12-3105515791core:RetainedEarningsAccumulatedLosses2021-12-3105515791core:RetainedEarningsAccumulatedLosses2020-12-3105515791core:ShareCapital2019-11-3005515791core:RevaluationReserve2019-11-3005515791core:RetainedEarningsAccumulatedLosses2019-11-3005515791core:RetainedEarningsAccumulatedLosses2019-12-012020-12-31055157912019-12-012020-12-3105515791core:RetainedEarningsAccumulatedLosses2021-01-012021-12-3105515791core:RevaluationReserve2019-12-012020-12-3105515791core:RevaluationReserve2021-01-012021-12-31055157912020-12-3105515791bus:PrivateLimitedCompanyLtd2021-01-012021-12-3105515791bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-3105515791bus:FRS1022021-01-012021-12-3105515791bus:Audited2021-01-012021-12-3105515791bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP