REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 30 JUNE 2022 |
|
FOR |
|
ADSLOT UK LIMITED |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 30 JUNE 2022 |
|
FOR |
|
ADSLOT UK LIMITED |
ADSLOT UK LIMITED (REGISTERED NUMBER: 07572406) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2022 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 |
|
ADSLOT UK LIMITED |
|
COMPANY INFORMATION |
for the Year Ended 30 June 2022 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
AUDITORS: |
|
Statutory Auditors |
Herschel House |
58 Herschel Street |
Slough |
Berkshire |
SL1 1PG |
ADSLOT UK LIMITED (REGISTERED NUMBER: 07572406) |
|
BALANCE SHEET |
30 June 2022 |
|
30.6.22 | 30.6.21 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 6 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
) |
( |
) |
|
CAPITAL AND RESERVES |
Called up share capital | 7 |
|
|
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
|
|
|
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
|
|
|
|
|
|
|
|
ADSLOT UK LIMITED (REGISTERED NUMBER: 07572406) |
|
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2022 |
|
1. | STATUTORY INFORMATION |
|
Adslot UK Limited is a
|
|
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. |
|
Going concern |
The ultimate parent company, Adslot Ltd has confirmed that they will continue to support Adslot UK Limited for a period of at least 12 months and 1 day from the date of the audit report attached to the financial statements. As such the directors have used the going concern basis in preparing the financial statements. |
|
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. |
|
Turnover |
Turnover represents net invoiced services sold to the parent company, excluding value added tax. Turnover is recognised when re-chargeable expenses are incurred. |
|
Tangible fixed assets |
Tangible fixed assets are initially measured at cost. |
|
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery etc. - Between 5 and 20 years |
|
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. |
ADSLOT UK LIMITED (REGISTERED NUMBER: 07572406) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2022 |
|
2. | ACCOUNTING POLICIES - continued |
|
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
|
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. |
|
Financial instruments |
Basic Financial Instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company does not have any Other Financial Instruments as covered by Section 12 of FRS102. |
|
Share-based payments |
Employees of the Company receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments in the parent undertaking, Adslot Limited. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using the Black-Scholes valuation model. |
|
That cost is recognised in employee benefits expense, together with a corresponding increase in current liabilities (amounts owed to group undertakings), over a period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). This treatment is recognised similarly to cash settled options. This increase is recognised in current liabilities due to there being an agreement in place between Adslot UK Limited and Adslot Limited to reimburse the cost of the options upon exercise.The share based payment expense is recognised on a reasonable allocation of the group expense. |
|
The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company's best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss and other comprehensive income for a period represents the movement in cumulative expense recognised as at the beginning and end of that period. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 July 2021 |
and 30 June 2022 |
|
DEPRECIATION |
At 1 July 2021 |
and 30 June 2022 |
|
NET BOOK VALUE |
At 30 June 2022 |
|
ADSLOT UK LIMITED (REGISTERED NUMBER: 07572406) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2022 |
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.22 | 30.6.21 |
£ | £ |
Other debtors |
|
|
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.22 | 30.6.21 |
£ | £ |
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Other creditors & accruals |
|
|
|
|
|
7. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.22 | 30.6.21 |
value: | £ | £ |
|
Ordinary | £1 | 100 | 100 |
|
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
|
The Report of the Auditors was unqualified. |
|
|
for and on behalf of
|
|
We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:- |
|
" 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." |
|
9. | CONTINGENT LIABILITIES |
|
If the share options are exercised in the future they may incur employers national insurance. However, it is difficult to estimate the financial effect of this as there are uncertainties with regards to how many of the share options would be exercised, when the share options would be exercised, and the market rate at the date of exercise. |
|
10. | ULTIMATE CONTROLLING PARTY |
|
There is no ultimate controlling party. |
ADSLOT UK LIMITED (REGISTERED NUMBER: 07572406) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2022 |
|
11. | SHARE-BASED PAYMENT TRANSACTIONS |
|
The company has issued equity settled share options with its employees. The equity offered is that of the ultimate parent company Adslot Limited. |
|
The cost of equity-settled transactions is measured at fair value on grant date. Fair value is independently determined using the Black-Scholes valuation model. This model takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Group receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions. |
|
The options currently in existence are as follows: |
On 1 August 2019, Adslot UK Limited offered one employee 500,000 shares which expire 4 years from this date or upon termination of the optionee's employment or other relationship with the company. |
|
On 13 July 2020, Adslot UK Limited offered two employees 250,000 shares each which expire 4 years from this date or upon termination of the optionee's employment or other relationship with the company. |
|
On 16 June 2022, Adslot UK Limited offered two employees 1,100,000 shares in total, which expire 4 years from this date or upon termination of the optionee's employment or other relationship with the company. |
|
The options vest evenly over 36 months, with 33.33% of the original number of shares becoming exercisable on the first anniversary of the vesting date. |
|
As at 30 June 2022, no shares had been exercised or forfeited as the vesting conditions have not yet been met. During the year, a share options expense of £2,359 (2021: £2,270) was recognised within wages. The total liability in respect of share options to date is £38,431 (2021: £36,072 and this amount is shown within amounts owed to group undertakings. |
|
The share based payment expense is recognised on a reasonable allocation of the group expense. |
|
12. | ULTIMATE PARENT COMPANY |
|
The ultimate parent company is Adslot Limited, a company incorporated in Australia, with its registered office at 419 Collins Street, Melbourne, Victoria 3000, Australia. Adslot Limited is the largest and only group company to prepare consolidated financial statements. |
|
13. | EXCEPTIONAL ITEMS |
|
Exceptional items for the prior year consists entirely of a loan forgiven by the parent company. |