Perfect Mailing Company Limited(The) - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01333784 (England and Wales)

Financial Statements

for the Year Ended 31 March 2021

for

PERFECT MAILING COMPANY LIMITED(THE)

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R Boxall

C Campbell

J Hamilton

A Oddie

K Penman

D Platt

SECRETARY:

R Jarman

REGISTERED OFFICE:

Ability House

121 Brooker Road

Waltham Abbey

EN9 1JH

REGISTERED NUMBER:

01333784 (England and Wales)

AUDITORS:

Pembroke Briggs Chartered Accountants

1a The Quadrant Courtyard

Quadrant Way

Weybridge

Surrey

KT13 8DR

FIXED ASSETS

Tangible assets

4

590,000

590,000

Investments

5

200

200

590,200

590,200

CURRENT ASSETS

Debtors

2,110,797

2,110,966

Cash in hand

2,200

2,200

2,112,997

2,113,166

CREDITORS

Amounts falling due within one year

3,416,774

3,383,996

NET CURRENT LIABILITIES

(1,303,777

)

(1,270,830

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(713,577

)

(680,630

)

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

6

406,913

406,913

Retained earnings

(1,120,590

)

(1,087,643

)

SHAREHOLDERS' FUNDS

(713,577

)

(680,630

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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 28 March 2022 and were signed on its behalf by:

K Penman - Director

1.	STATUTORY INFORMATION

Perfect Mailing Company Limited(The) is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2.5% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

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.

Going concern

At the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the forseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The Directors have considered the impact of the coronavirus pandemic (COVID 19) as set out in Note 11, Post Balance Sheet Events and based on management accounts and projections, the Directors anticipate that the Company will maintain sustainable profitability and positive cashflow over the 12 months from the date of approval of the 2021 financial statements. Furthermore, the Directors, Shareholders and Company Bankers have indicated a willingness to make available continuing financial support to the Company for the forseeable future.

Therefore, after making enquiries and considering the uncertainties described above, the Directors have concluded that there is a reasonable expectation that the Company will have adequate resources to continue in operational existence for the forseeable future, being at least the next 12 months from the date of approval of the 2021 financial statements. Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing these financial statements. The financial statements do not reflect adjustments that would be necessary if the going concern basis was not appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2020

and 31 March 2021

630,954

DEPRECIATION

At 1 April 2020

and 31 March 2021

40,954

NET BOOK VALUE

At 31 March 2021

590,000

At 31 March 2020

590,000

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 April 2020

and 31 March 2021

200

NET BOOK VALUE

At 31 March 2021

200

At 31 March 2020

200

6.

RESERVES

Revaluation

reserve

£

At 1 April 2020

and 31 March 2021

406,913

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

S Briggs (Senior Statutory Auditor)

for and on behalf of Pembroke Briggs Chartered Accountants

8.	CONTINGENT LIABILITIES

A Composite Guarantee dated 27 January 2003 was entered into by Forbidden Planet (Scotland) Limited, FPI Limited, FPWA Limited, Nostalgia & Comics Limited, Sci-Fi Warehouse Direct Limited and The Perfect Mailing Company Limited in favour of the company's bankers.

The company's bankers hold a floating debenture charge against Forbidden Planet (Scotland) Limited regarding a guarantee special charge for The Perfect Mailing Company Limited and Sci-Fi Warehouse Limited.

The company's bankers also hold a Cross Guarantee between Sci-Fi Warehouse Direct Limited and The Perfect Mailing Company Limited in the form of a Debenture which includes Fixed and Floating Charges over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant and machinery. In addition to this Sci-Fi Warehouse Direct Limited has provided a guarantee special charge for The Perfect Mailing Company Limited and Forbidden Planet (Scotland) Limited and The Perfect Mailing Company Limited has provided a guarantee special charge for Forbidden Planet (Scotland) Limited and Sci-Fi Warehouse Direct Limited.

9.	RELATED PARTY DISCLOSURES

As at 31 March 2021, the company was owed the following amounts by group companies:

Sci-Fi Warehouse Direct Limited - £2,102,269 (2020 - £2,102,269)

As at 31 March 2021, the company owed the following amounts to group companies:

Forbidden Planet (Scotland) Limited £2,984,398 (2020 - £2,949,895)

FPI Limited £20,701 (2020 - £20,701)

10.	POST BALANCE SHEET EVENTS

Overall risk to operations

Since March 2020, the spread of COVID-19 has severely impacted many local economies around the globe. In many countries, businesses are being forced to cease or limit operations for long or indefinite periods of time. Measures taken to contain the spread of the virus, including travel bans, quarantines, social distancing, and closures of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown.

Directly the Company has suffered significant decreases in demand since March 2021, resulting from social distancing efforts and related to the spread of COVID-19.

The Company has determined that these events are non-adjusting subsequent events. Accordingly, the financial position and results of operations as of and for the year ended 31 March 2021 have not been adjusted to reflect their impact. The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses, remains unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the Company for future periods.

11.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is FPI Limited by virtue of owning 100% of the issued ordinary share capital. There is no ultimate controlling party.