The regulator received 13 complaints about a Bombardier sponsorship credit which was run around shows such as Mock the Week, Top Gear, Peep Show and Have I Got News for You on the channel.
It featured the 'Bombardier' character played by Rik Mayall, who also appeared as the character's apparent inspiration Lord Flashheart in comedy series Blackadder.
Run from June to September, the credit in question was called 'The Sweet Kiss of Summer!'. It featured the Bombardier looking into the camera and saying: "Ah, the sweet kiss of Summer," followed by a woman appearing from his lap under the blanket. At this stage, the character said: "Hello Summer."
The complaints felt that the implication of the advert was that the woman had been performing oral sex on the Bombardier.
UKTV - the joint venture of BBC Worldwide and Scripps Networks - said that it was mindful of strict advertising guidelines around alcohol brands, which state that credits must in no way insinuate that consumption of alcohol increases the chances of success in any field.
However, the broadcaster argued that Dave's predominantly male audience would consider the Bombardier credits to be "amusing, ridiculous, cartoonish moments".
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UKTV noted that the Bombardier remains fully clothed throughout the credit and there was "no movement under the blanket to demonstrate or suggest any sexual activity". It also noted that the sponsorship campaign was only shown after the 9pm watershed.
However, Ofcom said that its guidelines clearly state the credits must not relate consumption of alcohol to sexual activity in any way.
"Whilst we accepted that the focus of the credit was the Bombardier character, Ofcom considered that this character, the Bombardier brand and Bombardier beer are clearly linked," Ofcom said.
"The character and the product share the same name, and as the Licensee (UKTV) itself acknowledged, the character is presented as symbolising and embodying the brand.
"Ofcom concluded therefore that in this sponsorship credit the Bombardier character was intrinsically linked with an alcoholic drink, irrespective of the fact that the characters in the credit were not shown to be consuming alcohol.
"Ofcom also considered that the appearance of the woman from under the blanket in the Bombardier's lap, and the script of this credit, clearly implied that the woman had been performing oral sex on the Bombardier."