Registered number
07346350
Envisage Promotions Ltd
Filleted Accounts
31 December 2021
Envisage Promotions Ltd
Registered number: 07346350
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 4,941 4,801
Current assets
Debtors 4 68,960 53,294
Cash at bank and in hand 613,147 274,515
682,107 327,809
Creditors: amounts falling due within one year 5 (311,768) (103,541)
Net current assets 370,339 224,268
Total assets less current liabilities 375,280 229,069
Creditors: amounts falling due after more than one year 6 - (50,000)
Net assets 375,280 179,069
Capital and reserves
Called up share capital 2 2
Profit and loss account 375,278 179,067
Shareholders' funds 375,280 179,069
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Nichola Clydesdale
Director
Approved by the board on 15 August 2022
Envisage Promotions Ltd
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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.
Tangible fixed assets
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Computers & Office Equipment over 2 years
Fixtures & Fittings over 4 years
Debtors
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.
Creditors
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.
Taxation
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. 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. 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. 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. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 6 8
3 Tangible fixed assets
Computer & Office Equipment Fixture & Fittings Total
£ £ £
Cost
At 1 January 2021 16,819 15,186 32,005
Additions 3,594 138 3,732
At 31 December 2021 20,413 15,324 35,737
Depreciation
At 1 January 2021 15,649 11,555 27,204
Charge for the year 1,324 2,268 3,592
At 31 December 2021 16,973 13,823 30,796
Net book value
At 31 December 2021 3,440 1,501 4,941
At 31 December 2020 1,170 3,631 4,801
4 Debtors 2021 2020
£ £
Trade debtors (36,248) (37,635)
Other debtors 105,208 90,929
68,960 53,294
5 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts 179 119
Trade creditors 101,797 45,918
Taxation and social security costs 193,276 44,901
Other creditors 16,516 12,603
311,768 103,541
6 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans - 50,000
7 Other information
Envisage Promotions Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Suite 1b, The Hall
Rugby Road
Wolston
Coventry
CV8 3FZ
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