| P4 Group Limited |
| Notes to the unaudited financial statements |
| for the period from 14 December 2015 to 31 March 2017 |
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| 1 |
General Information |
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P4 Group Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is : Cannon Place, 78 Cannon Street, London, United Kingdom, EC4N 6AF. |
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| 2 |
Accounting policies |
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Basis of preparation |
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These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 102 Section 1A "Small Entities". "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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First year adoption |
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These financial statements for the period ended 31 March 2017 are the first financial statements of the Company following the adoption of FRS 102. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Land and buildings |
Not depreciated |
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Computer equipment |
25% straight line |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. |
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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. |
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Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. |
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Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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| 3 |
Average number of employees during the year |
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The average number of employees, including directors, during the period was as follows: |
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2017 |
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| £ |
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Number of employees |
1 |
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| 4 |
Tangible fixed assets |
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Land and buildings |
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Computer equipment |
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Total |
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| £ |
£ |
£ |
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Cost |
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At 14 December 2015 |
- |
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- |
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- |
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Additions |
2,456,252 |
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2,703 |
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2,458,955 |
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Surplus on revaluation |
- |
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- |
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- |
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Disposals |
- |
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- |
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- |
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At 31 March 2017 |
2,456,252 |
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2,703 |
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2,458,955 |
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Depreciation |
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At 14 December 2015 |
- |
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- |
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- |
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Charge for the period |
- |
|
726 |
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726 |
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Surplus on revaluation |
- |
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- |
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- |
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On disposals |
- |
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- |
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- |
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At 31 March 2017 |
- |
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726 |
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726 |
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Net book value |
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At 31 March 2017 |
2,456,252 |
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1,977 |
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2,458,229 |
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| 5 |
Creditors: amounts falling due within one year |
2017 |
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| £ |
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Amounts owed to related party |
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9,860 |
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Corporation tax |
6,277 |
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Directors' loan account |
2,498,109 |
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Other creditors |
12,538 |
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2,526,784 |
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| 6 |
Related party transactions |
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Mr A J Pike |
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Director and shareholder |
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During the period, the director's current account of Mr A J Pike was credited with capital introduced of £1,241,354 and dividends of £5,000 and charged with drawings of £550. The balance owed to Mr A J Pike at 31 March 2017 was £1,240,804. |
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These amounts are interest free and there is no fixed repayment date. |
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Mrs C T Pike |
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Director and shareholder |
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During the period, the director's current account of Mrs C T Pike was credited with capital introduced of £1,257,854 and dividends of £21,500 and charged with drawings of £550. The balance owed to Mrs C T Pike at 31 March 2017 was £1,257,304 |
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These amounts are interest free and there is no fixed repayment date. |
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P4 Consulting Limited |
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Related Party |
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Mr A J Pike and Mrs C T Pike are directors and shareholders of P4 Consulting Limited. |
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During the period, P4 Consulting Limited paid expenses on behalf of the company amounting to £9,860. At the period end the balance owing was £9,860. |
