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Company registration number: 03524513
PMG Marketing Limited
Unaudited filleted financial statements
31 March 2023
THE BARKER PARTNERSHIP
Chartered Accountants and Statutory Auditors
Thirsk
PMG Marketing Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
PMG Marketing Limited
Directors and other information
Directors P Greatrex
R Greatrex (Appointed 23 June 2022)
N Greatrex (Appointed 23 June 2022)
Secretary M Greatrex
Company number 03524513
Registered office 17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
Accountants The Barker Partnership
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
PMG Marketing Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of PMG Marketing Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PMG Marketing Limited for the year ended 31 March 2023 which comprise the Balance Sheet and 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 at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of PMG Marketing Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of PMG Marketing Limited and state those matters that we have agreed to state to the board of directors of PMG Marketing Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PMG Marketing Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that PMG Marketing Limited 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 PMG Marketing Limited. You consider that PMG Marketing Limited 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 PMG Marketing Limited. 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.
The Barker Partnership
Chartered Accountants
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
28 September 2023
PMG Marketing Limited
Balance sheet
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 279 404
_______ _______
279 404
Current assets
Debtors 6 55,228 29,363
Cash at bank and in hand 97,860 48,425
_______ _______
153,088 77,788
Creditors: amounts falling due
within one year 7 ( 57,119) ( 16,642)
_______ _______
Net current assets 95,969 61,146
_______ _______
Total assets less current liabilities 96,248 61,550
_______ _______
Net assets 96,248 61,550
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 96,246 61,548
_______ _______
Shareholders funds 96,248 61,550
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 September 2023 , and are signed on behalf of the board by:
P Greatrex
Director
Company registration number: 03524513
PMG Marketing Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 17 Central Buildings, Market Place, Thirsk, North Yorkshire, YO7 1HD. The principal activity of the company is to act as an import and export agent for furniture.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved taxlosses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 2 ).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 April 2022 and 31 March 2023 3,198 3,198
_______ _______
Depreciation
At 1 April 2022 2,795 2,795
Charge for the year 124 124
_______ _______
At 31 March 2023 2,919 2,919
_______ _______
Carrying amount
At 31 March 2023 279 279
_______ _______
At 31 March 2022 404 404
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 21,653 26,392
Other debtors 33,575 2,971
_______ _______
55,228 29,363
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 8,301 12,323
Social security and other taxes 164 -
Other creditors 48,654 4,319
_______ _______
57,119 16,642
_______ _______
8. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year - 2,873
_______ _______
9. Related party transactions
At the year end an amount of £29,679 (2022 - £1,969 creditor) was owed to the company by the directors. This amount was repaid in full post year end.