Hack advertising regulations by forming a political party?

The UK has some tough advertising regulations. There are restrictions placed on gambling adverts, alcohol, tobacco, and all sorts of other products.

But there are no regulations on political advertising.

There are dozens of smaller parties contesting the UK's General Election. Some are single issue parties, some are independents, some parties contest multiple seats, some contest only one.

Some parties are funded by individuals - some by companies.

Here's a thought experiment. What would stop the Red Apple Cigarette Company forming the "Legalise Tobacco Party"?

Their (hypothetical) platform is to allow smoking in public, lower the age of tobacco consumption to 14, remove taxes on cigarettes, and the resumption of tobacco advertising.

Single issue parties, which have the sole aim of decriminalising various narcotics, are a long-standing feature of British politics. The LTP just focusses on tobacco.

The UK's Electoral Commission has some rules for the registration of political parties. They're mostly around making sure names and logos aren't too similar to existing parties. There's also various rules around funding and other bureaucratic stuff.

If our theoretical Legalise Tobacco Party wished to contest every seat in the UK, they could spend about £34 million on advertising. They could run adverts in the press, on billboards, social media, and even - possibly - party political broadcasts on TV. All with a simple message:

Smoking is cool!

Vote for us to reduce the price of delicious Red Apple Cigarettes.
Vote for the smoother tobacco - preferred by doctors - and suitable for children!
We're the only cigarette with pep! And your vote guarantees that you'll look extra sexy while puffing on our brand.
Vote for freedom! Vote for smoking!

Political adverts aren't regulated. The political party can make whatever claims they like, right?

As far as I can see - and I am neither a political scientist nor legal scholar - there's very little to stop a sufficiently determined company (or group of companies) from forming a political party. And there's not much that can be done about a political party making dodgy claims.

They might not get many votes, and it might cause enormous backlash to their brand, and I dare say the law would tighten after a stunt like this. But what would stop a group of mad billionaires from funding a political party in order to circumvent advertising restrictions?