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Registered Number: 09691474
England and Wales

 

 

 

PROMOTIGO LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2022

End date: 31 March 2023
Directors NJ Deyong
S A Deyong
S A Irons
Registered Number 09691474
Registered Office Regina House
124 Finchley Road
London
NW3 5JS
Accountants Blue Peak Consulting Ltd.
Wyvols Court
Basingstoke Road
Swallowfield
Berkshire
RG7 1WY
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 31 March 2023.
Directors
The directors who served the company throughout the year were as follows:
NJ Deyong
S A Deyong
S A Irons

This report was approved by the board and signed on its behalf by:


----------------------------------
NJ Deyong
Director

Date approved: 08 November 2023
2
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 596,440    617,826 
Tangible fixed assets 4 10,882    2,908 
607,322    620,734 
Current assets      
Debtors 5 312,676    191,071 
Cash at bank and in hand 115,892    416,816 
428,568    607,887 
Creditors: amount falling due within one year 6 (1,669,998)   (687,935)
Net current liabilities (1,241,430)   (80,048)
 
Total assets less current liabilities (634,108)   540,686 
Creditors: amount falling due after more than one year 7 (234,157)   (710,565)
Net liabilities (868,265)   (169,879)
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account (868,365)   (169,979)
Shareholder's funds (868,265)   (169,879)
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 08 November 2023 and were signed on its behalf by:


-------------------------------
NJ Deyong
Director
3
General Information
Promotigo Limited is a private company limited by shares incorporated in England and Wales. The registered office is Regina House, 124 Finchley Road, London, NW3 5JS.
1.

Accounting policies

Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Going concern basis
The financial statements have been prepared on the going concern basis. Although the company made losses and there are negative net assets in the financial statements, the directors consider the company as going concern, due to the nature of the company's activities. The entity has the support of other companies within the group.
Revenue
Revenue 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 consideration is 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.
Government grants
Grants are accounted for under the accruals model as permitted by FRS 102.

Grants of a revenue nature are recognised in other income within profit or loss in the same period as the related expenditure. This includes the Government Coronavirus Job Retention Scheme (Furlough).

Pensions
Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.


The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognized as a reduction in the proceeds of the associated capital instrument.
Foreign currency translation
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances


Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.


At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined

Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.


The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 10 Years Straight Line
Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
2.

Average number of employees

Average number of employees during the year was 14 (2022 : 9).
3.

Intangible fixed assets

Cost Other   Total
  £   £
At 01 April 2022 767,771    767,771 
Additions 58,965    58,965 
Disposals  
At 31 March 2023 826,736    826,736 
Amortisation
At 01 April 2022 149,945    149,945 
Charge for year 80,351    80,351 
On disposals  
At 31 March 2023 230,296    230,296 
Net book values
At 31 March 2023 596,440    596,440 
At 31 March 2022 617,826    617,826 


4.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 April 2022 3,014    3,014 
Additions 9,004    9,004 
Disposals  
At 31 March 2023 12,018    12,018 
Depreciation
At 01 April 2022 106    106 
Charge for year 1,030    1,030 
On disposals  
At 31 March 2023 1,136    1,136 
Net book values
Closing balance as at 31 March 2023 10,882    10,882 
Opening balance as at 01 April 2022 2,908    2,908 


5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 248,175    89,696 
Amount Owed by Group Undertakings   100 
Prepayments & Accrued Income 23,547    80,194 
Other Debtors 40,954    21,081 
312,676    191,071 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 58,155    124,635 
Bank Loans & Overdrafts (Secured) 80,000    80,000 
Amounts Owed to Group Undertakings 1,312,032    309,542 
Corporation Tax 58,999   
PAYE & Social Security 10,508   
Accrued Expenses 1,495    5,800 
Advance Paid 143,824    167,957 
Other Creditors 4,985    1 
1,669,998    687,935 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts (secured) 200,000    280,000 
Other Creditors 34,157    430,565 
234,157    710,565 

4