PRCO (UK PUBLIC RELATIONS) LTD

Company Registration Number:
07613156 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2021

Period of accounts

Start date: 01 January 2021

End date: 31 December 2021

PRCO (UK PUBLIC RELATIONS) LTD

Contents of the Financial Statements

for the Period Ended 31 December 2021

Balance sheet
Notes

PRCO (UK PUBLIC RELATIONS) LTD

Balance sheet

As at 31 December 2021


Notes

2021

2020


£

£
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 9,931 10,221
Total fixed assets: 9,931 10,221
Current assets
Debtors: 4 241,831 449,216
Cash at bank and in hand: 9,723 7,341
Total current assets: 251,554 456,557
Creditors: amounts falling due within one year: 5 (7,868) (89,013)
Net current assets (liabilities): 243,686 367,544
Total assets less current liabilities: 253,617 377,765
Provision for liabilities: 0 (20,204)
Total net assets (liabilities): 253,617 357,561
Capital and reserves
Called up share capital: 1,000 1,000
Profit and loss account: 252,617 356,561
Shareholders funds: 253,617 357,561

The notes form part of these financial statements

PRCO (UK PUBLIC RELATIONS) LTD

Balance sheet statements

For the year ending 31 December 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 09 September 2022
and signed on behalf of the board by:

Name: Robert Lyle
Status: Director

The notes form part of these financial statements

PRCO (UK PUBLIC RELATIONS) LTD

Notes to the Financial Statements

for the Period Ended 31 December 2021

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Revenue from the sale of goods is recognised when all the following conditions are satisfied:- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;- the amount of revenue can be measured reliably;- it is probably that the economic benefits associated with the transaction will flow to the company; and- the costs incurred or to be incurred in respect of the transition can be measured reliably.

Tangible fixed assets and depreciation policy

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on a straight line basis as follows:- Leasehold improvements - 5 years- Computer Equipment - 3 years- Fixtures and fittings - 5 yearsAt each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Valuation and information policy

The financial statements are presented in Sterling, which is also the functional currency of the company. Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period.All differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Other accounting policies

Foreign currenciesTransactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the contracted rate or the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account. The assets and liabilities and profit and loss accounts of overseas subsidiary undertakings arc translated using the temporal method. Gains and losses arising on these translations are recorded within other comprehensive income. LeasesLease assets acquired under finance leases are capitalised and the outstanding future lease obligations are shown in creditors. Operating lease rentals are charged to the profit and loss account on a straight-line basis over the period of the lease. Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. Current tax is the expected lax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Post-retirement benefitsThe Group and company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The amount charged to the profit and loss account represents the contributions payable to the scheme in respect of the accounting period. DebtorsBasic financial and other debtors are recognised initially at transaction price less attributable transaction costs. CreditorsTrade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument. Interest-bearing borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses. InvestmentsInvestments in equity instruments are measured initially at fair value, which is normally the transaction price. Transaction costs are excluded if the investments are subsequently measured at fair value through profit and loss. Subsequent to initial recognition investments that can be measured reliably are measured at fair value with changes recognised in profit or loss. Other investments are measured at cost less impairment in profit or loss. Cash and cash equivalentsCash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group's cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.

PRCO (UK PUBLIC RELATIONS) LTD

Notes to the Financial Statements

for the Period Ended 31 December 2021

2. Employees

2021 2020
Average number of employees during the period 8 10

PRCO (UK PUBLIC RELATIONS) LTD

Notes to the Financial Statements

for the Period Ended 31 December 2021

3. Tangible Assets

Total
Cost £
At 01 January 2021 65,761
Additions 5,929
Disposals (22,497)
At 31 December 2021 49,193
Depreciation
At 01 January 2021 55,540
Charge for year 6,048
On disposals (22,326)
At 31 December 2021 39,262
Net book value
At 31 December 2021 9,931
At 31 December 2020 10,221

PRCO (UK PUBLIC RELATIONS) LTD

Notes to the Financial Statements

for the Period Ended 31 December 2021

4. Debtors

Amounts owed by group undertakings £236,495 Other debtors £5,337 TOTAL 2021: £241,831

PRCO (UK PUBLIC RELATIONS) LTD

Notes to the Financial Statements

for the Period Ended 31 December 2021

5. Creditors: amounts falling due within one year note

Trade creditors £2,074 Corporation tax £10,000 Taxation and social security £(6,476)Accruals and deferred income £100 Other creditors £2,170TOTAL 2021: £7,868

PRCO (UK PUBLIC RELATIONS) LTD

Notes to the Financial Statements

for the Period Ended 31 December 2021

6. Related party transactions

All significant related party balances are intercompany.