Prianto Limited - Period Ending 2021-12-31

Prianto Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 6

Prianto Limited

(Registration number: 07558983)
Balance Sheet as at 31 December 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	1,487	2,078
Current assets
Debtors	5	437,502	379,364
Cash at bank and in hand		213,830	127,122
		651,332	506,486
Creditors: Amounts falling due within one year	6	(786,856)	(681,930)
Net current liabilities		(135,524)	(175,444)
Total assets less current liabilities		(134,037)	(173,366)
Creditors: Amounts falling due after more than one year	6	(36,667)	(46,667)
Net liabilities		(170,704)	(220,033)
Capital and reserves
Called up share capital		90,100	90,100
Retained earnings		(260,804)	(310,133)
Shareholders' deficit		(170,704)	(220,033)

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.

Approved and authorised by the Board on 27 July 2022 and signed on its behalf by:
 

......................................... Y M Pasea Director

Prianto Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

1	General information

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

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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.

The financial statements are prepared in sterling, which is the functional currency of the company, with the monetary amounts rounded to the nearest £.

Going concern

The company made a profit in the year under review although the balance sheet at the end of the year shows net current liabilities and net liabilities of £134,037 and £170,704 respectively.

However, turnover has continued to increase since the year end and management accounts prepared for the period to 31 May 2022 indicate that the company has avoided further losses. In addition, the parent company, Prianto GmbH has provided written confirmation of its willingness to continue to provide financial support for a period of at least 12 months from the date of approval of these financial statements.

Consequently, the directors are satisfied that it is appropriate that these financial statements be prepared on a going concern basis.

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 28 July 2022 was Dean Blunden BFP FCA, who signed for and on behalf of UHY Ross Brooke.

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

Prianto Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer equipment	25% on cost

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.

Debtors

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

Prianto Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and third parties and investments in non-puttable ordinary shares. They are classified according to the substance of the contractual arrangements entered into.


 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs) unless the arrangement constitutes a financing arrangement. If an arrangement constitutes a financing arrangement, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets are only offset in the Balance Sheet when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derognised when (a) the contractual rights to the cash flows of the asset expire or are settled; or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party; or (c) despite having retained some significant risks and rewards of ownership, control over the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities are derognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 Impairment
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been effected. If as 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. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2020 - 8).

Prianto Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

4	Tangible assets

	Office equipment £	Total £
Cost or valuation
At 1 January 2021	12,550	12,550
At 31 December 2021	12,550	12,550
Depreciation
At 1 January 2021	10,472	10,472
Charge for the year	591	591
At 31 December 2021	11,063	11,063
Carrying amount
At 31 December 2021	1,487	1,487
At 31 December 2020	2,078	2,078

5

Debtors

Current	2021 £	2020 £
Trade debtors	437,502	379,364

6

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Due within one year
Loans and borrowings	10,000	3,333
Trade creditors	547,751	389,129
Amounts owed to group undertakings	95,618	87,613
Taxation and social security	122,148	185,268
Other creditors	11,339	16,587
	786,856	681,930

Prianto Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	7	36,667	46,667

7	Loans and borrowings

	2021 £	2020 £
Current loans and borrowings
Bank borrowings	10,000	3,333

	2021 £	2020 £
Non-current loans and borrowings
Bank borrowings	36,667	46,667

8	Related party transactions

Summary of transactions with parent

As at 31 December 2021, the company owed the parent company a total amount of £90,137 (2020: £87,613) of which £85,000 was a loan with £5,137 relating to a trade balance. The loan is interest free and is repayable on demand.

Summary of transactions with other related parties

At the balance sheet date the company owed £5,480 (2020: nil) to a fellow subsidiary.
 

9	Parent and ultimate parent undertaking

The company's immediate parent is Prianto GmbH, incorporated in Germany.