People Made (UK) Limited
Financial Statements
For the year ended 31 December 2022
Pages for Filing with Registrar
Company Registration No. 11643199 (England and Wales)
People Made (UK) Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 8
People Made (UK) Limited
Balance Sheet
As at 31 December 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
-
0
111,384
Tangible assets
5
-
0
1,891
-
0
113,275
Current assets
Debtors
6
752,146
1,225,589
Cash at bank and in hand
2,341,134
814,527
3,093,280
2,040,116
Creditors: amounts falling due within one year
7
(1,420,911)
(1,347,366)
Net current assets
1,672,369
692,750
Net assets
1,672,369
806,025
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
1,672,269
805,925
Total equity
1,672,369
806,025

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 26 September 2023 and are signed on its behalf by:
D Christopherson
Director
Company Registration No. 11643199
People Made (UK) Limited
Notes to the Financial Statements
For the year ended 31 December 2022
Page 2
1
Accounting policies
Company information

People Made (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fulham Palace, Bishops Avenue, London, United Kingdom, SW6 6EA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost. The principal accounting policies adopted are set out below.

1.2
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.

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.
1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
25% straight line
People Made (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 3

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial

instruments classified as other or basic instruments at fair value.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

People Made (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 4
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

People Made (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 5
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Amortisation and Impairment of Goodwill

The annual amortisation charge for intangible assets is sensitive to changes in the estimated lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. Goodwill impairment reviews are also performed annually. These reviews require an estimation of the value in use of the cash generating units to which goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise for the cash generating unit and a suitable discount rate to calculate present value.

Revenue recognition

Revenue from contracts is assessed on an individual basis with the revenue earned being based on the stage of completion of the contract which is estimated using the time spent to date compared to the total time expected to be required to undertake the contract. Estimates of the total time required to undertake the contracts are made on a regular basis and subject to management review.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
15
10
People Made (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 6
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2022 and 31 December 2022
278,454
Amortisation and impairment
At 1 January 2022
167,070
Amortisation charged for the year
55,690
Impairment losses
55,694
At 31 December 2022
278,454
Carrying amount
At 31 December 2022
-
0
At 31 December 2021
111,384
5
Tangible fixed assets
Computers
£
Cost
At 1 January 2022 and 31 December 2022
7,603
Depreciation and impairment
At 1 January 2022
5,712
Depreciation charged in the year
1,891
At 31 December 2022
7,603
Carrying amount
At 31 December 2022
-
0
At 31 December 2021
1,891
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
585,392
977,686
Amounts owed by group undertakings
97,920
-
0
Other debtors
7,980
7,560
Prepayments and accrued income
60,854
240,343
752,146
1,225,589
People Made (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 7
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
53,216
18,657
Corporation tax
267,119
184,597
Other taxation and social security
300,226
128,219
Other creditors
41,562
6,816
Accruals and deferred income
758,788
1,009,077
1,420,911
1,347,366
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £0.01 each
10,000
10,000
100
100
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Ian Graham
Statutory Auditor:
10
Related party transactions

At the year end, in aggregate the Company owed the directors £13,824 (2021: £624). During the year, the director provided loan advances to the Company amounting to £13,200.

The Company has taken advantage of the exemption available in FRS 102 Paragraph 33.1A whereby it has not disclosed transactions with fellow group companies due to group accounts being prepared.

People Made (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 8
11
Parent company

As at 31 December 2022, the immediate parent undertaking and controlling party was People Made Group Limited, a company incorporated in the United Kingdom. Black Sun Limited is the parent company of People Made Group Limited and is the largest and smallest group into which the entity has been consolidated for the year ended 31 December 2022. The ultimate controlling party is D Christopherson by virtue of his majority shareholding in Black Sun Limited. Consolidated financial statements have been drawn up for Black Sun Limited and are available from the following address:

Fulham Palace

Bishop's Avenue

London

SW6 6EA

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