REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2022 |
for |
PROMOTE ONLINE DIGITAL LTD |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2022 |
for |
PROMOTE ONLINE DIGITAL LTD |
PROMOTE ONLINE DIGITAL LTD (REGISTERED NUMBER: 11580126) |
Contents of the Financial Statements |
for the year ended 30 April 2022 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
PROMOTE ONLINE DIGITAL LTD |
Company Information |
for the year ended 30 April 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
11 Laura Place |
Bath |
BA2 4BL |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Promote Online Digital Ltd |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Promote Online Digital Ltd for the year ended 30 April 2022 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Promote Online Digital Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Promote Online Digital Ltd and state those matters that we have agreed to state to the Board of Directors of Promote Online Digital Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Promote Online Digital Ltd and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Promote Online Digital Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Promote Online Digital Ltd. You consider that Promote Online Digital Ltd is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Promote Online Digital Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
11 Laura Place |
Bath |
BA2 4BL |
PROMOTE ONLINE DIGITAL LTD (REGISTERED NUMBER: 11580126) |
Balance Sheet |
30 April 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
PROMOTE ONLINE DIGITAL LTD (REGISTERED NUMBER: 11580126) |
Balance Sheet - continued |
30 April 2022 |
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 |
PROMOTE ONLINE DIGITAL LTD (REGISTERED NUMBER: 11580126) |
Notes to the Financial Statements |
for the year ended 30 April 2022 |
1. | STATUTORY INFORMATION |
Promote Online Digital Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company has taken steps in order to support the business and its employees through the crisis. The directors are certain that the considerable uncertainty will not impact the company as a going concern. Therefore the accounts have been prepared on the going concern basis. |
Critical accounting judgements and key sources of estimation uncertainty |
No significant judgements or key assumptions have had to be made by the directors in preparing these financial statements. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
When cash inflows are deferred and represent a financing arrangement, the fair value of the considerationis the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated |
reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. |
Tangible fixed assets |
Fixtures and fittings | - |
Government grants |
Government grants are accounted for under the accruals method, with those in relation to expenditure credited when the expenditure is charged to the profit and loss. |
PROMOTE ONLINE DIGITAL LTD (REGISTERED NUMBER: 11580126) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
PROMOTE ONLINE DIGITAL LTD (REGISTERED NUMBER: 11580126) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2022 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 May 2021 |
Additions |
At 30 April 2022 |
DEPRECIATION |
At 1 May 2021 |
Charge for year |
At 30 April 2022 |
NET BOOK VALUE |
At 30 April 2022 |
At 30 April 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 17,130 | - |
PROMOTE ONLINE DIGITAL LTD (REGISTERED NUMBER: 11580126) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2022 |
8. | SECURED DEBTS |
Included in creditors more then one year is £39,353 (2021: £45,000) loan that is secured by the government. |
9. | CALLED UP SHARE CAPITAL |
Number: |
Class: |
Nominal value: |
2022£ |
2021£ |
650 | A Ordinary | £0.10 | 65 | 75 |
250 | B Ordinary | £0.10 | 25 | 25 |
100 | C Ordinary | £0.10 | 10 | - |
100 | 100 |
On the 30th March 2022 100 ordinary £0.10 shares were transferred from 100 A Ordinary shares to C Ordinary shares. |
Each class of share is ranked pari passu. |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the balance sheet date a director owed the company £NIL (2021: £18,142). |
11. | PENSION CONTRIBUTIONS |
At the period end £1,222 (2021: £673) pension contributions were outstanding. |