PB24 Limited - Period Ending 2019-08-29

Registration number: 03833864

PB24 Limited

Annual Report and Unaudited Abridged Financial Statements

for the Period from 31 August 2018 to 29 August 2019

Franklin, Chartered Accountants
320 Garratt Lane
London
SW18 4EJ

 

PB24 Limited

Contents

Company Information	1
Abridged Balance Sheet	2
Notes to the Unaudited Abridged Financial Statements	3 to 7

PB24 Limited

Company Information

Director

Mr Stephen Kelly

Company secretary

Mr Stephen Kelly

Registered office

82 St John Street London EC1M 4JN

Accountants

Franklin, Chartered Accountants 320 Garratt Lane London SW18 4EJ

Page 1

PB24 Limited

(Registration number: 03833864)
Abridged Balance Sheet as at 29 August 2019

	Note	2019 £	2018 £
Current assets
Debtors		52,859	54,541
Cash at bank and in hand		5	5
		52,864	54,546
Creditors: Amounts falling due within one year		(71,437)	(74,140)
Net liabilities		(18,573)	(19,594)
Capital and reserves
Called up share capital	3	3	3
Share premium reserve		59,997	59,997
Profit and loss account		(78,573)	(79,594)
Total equity		(18,573)	(19,594)

For the financial period ending 29 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 29 May 2020
 

.........................................

Mr Stephen Kelly
Company secretary and director

The notes on pages 3 to 7 form an integral part of these abridged financial statements.

Page 2

PB24 Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 31 August 2018 to 29 August 2019

1	General information

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

The address of its registered office is:
82 St John Street
London
EC1M 4JN
England

The principal place of business is:
82 St John Street
London
EC1M 4JN
England

These financial statements were authorised for issue by the director on 29 May 2020.

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 abridged 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 abridged 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.

Prior period errors

Revenue recognition

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

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.

Page 3

PB24 Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 31 August 2018 to 29 August 2019

Tax

The tax expense for the period comprises current 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 income 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Page 4

PB24 Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 31 August 2018 to 29 August 2019

Financial instruments

Classification
The Company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments.

 Recognition and measurement
Financial instruments are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

 Impairment
Financial instruments are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

 

3	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary Shares of £1 each	2	2	2	2
Preference Share of £1 each	1	1	1	1
	3	3	3	3

Page 5

PB24 Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 31 August 2018 to 29 August 2019

4	Related party transactions

Transactions with directors

2019	At 31 August 2018 £	Advances to directors £	Repayments by director £	At 29 August 2019 £
Mr Stephen Kelly
Director Account	44,587	20,853	(15,621)	49,819

2018	At 31 August 2017 £	Advances to directors £	Repayments by director £	At 30 August 2018 £
Mr Stephen Kelly
Director Account	42,053	36,675	(34,141)	44,587

Dividends paid to directors

	2019 £	2018 £
Mr Stephen Kelly
Dividends	-	-

Summary of transactions with other related parties

BM2020 Limited
 On the 5 August 2016 2020CA Limited merged with Beavis Morgan LLP and set up BM2020 Limited.
 

Loans to related parties

2019	Key management £	Other related parties £	Total £
At start of period	44,587	(9,050)	35,537
Advanced	19,688	(12,212)	7,476
Repaid	(15,621)	13,009	(2,612)
Interest transactions	1,165	-	1,165
At end of period	49,819	(8,253)	41,566

Page 6

PB24 Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 31 August 2018 to 29 August 2019

2018	Key management £	Other related parties £	Total £
At start of period	42,052	2,419	44,471
Advanced	35,607	(29,189)	6,418
Repaid	(34,141)	17,720	(16,421)
Interest transactions	1,069	-	1,069
At end of period	44,587	(9,050)	35,537

Terms of loans to related parties

Interest was charged at 2.50% over the period.
 

Page 7