Silverfin false 31/03/2023 01/04/2022 31/03/2023 N Goodmaker 01/03/2021 N Jaffe 22/12/1998 R Jaffe 22/12/1998 D Meiland 01/03/2021 G Middleton 01/03/2021 J Rickard 01/03/2021 24 November 2023 The principal activity of the Company during the financial year was that is marketing, promotions and public relations specialising in the sectors of media, television, entertainment, sport and news media. 03687321 2023-03-31 03687321 bus:Director1 2023-03-31 03687321 bus:Director2 2023-03-31 03687321 bus:Director3 2023-03-31 03687321 bus:Director4 2023-03-31 03687321 bus:Director5 2023-03-31 03687321 bus:Director6 2023-03-31 03687321 2022-03-31 03687321 core:CurrentFinancialInstruments 2023-03-31 03687321 core:CurrentFinancialInstruments 2022-03-31 03687321 core:ShareCapital 2023-03-31 03687321 core:ShareCapital 2022-03-31 03687321 core:CapitalRedemptionReserve 2023-03-31 03687321 core:CapitalRedemptionReserve 2022-03-31 03687321 core:RetainedEarningsAccumulatedLosses 2023-03-31 03687321 core:RetainedEarningsAccumulatedLosses 2022-03-31 03687321 core:LandBuildings 2022-03-31 03687321 core:Vehicles 2022-03-31 03687321 core:FurnitureFittings 2022-03-31 03687321 core:OfficeEquipment 2022-03-31 03687321 core:LandBuildings 2023-03-31 03687321 core:Vehicles 2023-03-31 03687321 core:FurnitureFittings 2023-03-31 03687321 core:OfficeEquipment 2023-03-31 03687321 core:CostValuation 2022-03-31 03687321 core:CostValuation 2023-03-31 03687321 core:ProvisionsForImpairmentInvestments 2022-03-31 03687321 core:ProvisionsForImpairmentInvestments 2023-03-31 03687321 core:ImmediateParent core:CurrentFinancialInstruments 2023-03-31 03687321 core:ImmediateParent core:CurrentFinancialInstruments 2022-03-31 03687321 bus:OrdinaryShareClass1 2023-03-31 03687321 2022-04-01 2023-03-31 03687321 bus:FullAccounts 2022-04-01 2023-03-31 03687321 bus:SmallEntities 2022-04-01 2023-03-31 03687321 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03687321 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03687321 bus:Director1 2022-04-01 2023-03-31 03687321 bus:Director2 2022-04-01 2023-03-31 03687321 bus:Director3 2022-04-01 2023-03-31 03687321 bus:Director4 2022-04-01 2023-03-31 03687321 bus:Director5 2022-04-01 2023-03-31 03687321 bus:Director6 2022-04-01 2023-03-31 03687321 core:LandBuildings core:TopRangeValue 2022-04-01 2023-03-31 03687321 core:Vehicles 2022-04-01 2023-03-31 03687321 core:FurnitureFittings 2022-04-01 2023-03-31 03687321 core:OfficeEquipment core:TopRangeValue 2022-04-01 2023-03-31 03687321 2021-04-01 2022-03-31 03687321 core:LandBuildings 2022-04-01 2023-03-31 03687321 core:OfficeEquipment 2022-04-01 2023-03-31 03687321 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 03687321 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03687321 (England and Wales)

THE PROMOTIONS FACTORY LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

THE PROMOTIONS FACTORY LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

THE PROMOTIONS FACTORY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
THE PROMOTIONS FACTORY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 5 53,716 63,851
Investments 6 1 1
53,717 63,852
Current assets
Debtors 7 3,983,894 1,833,540
Cash at bank and in hand 872,830 1,129,111
4,856,724 2,962,651
Creditors: amounts falling due within one year 8 ( 2,039,693) ( 1,854,871)
Net current assets 2,817,031 1,107,780
Total assets less current liabilities 2,870,748 1,171,632
Net assets 2,870,748 1,171,632
Capital and reserves
Called-up share capital 9 83 83
Capital redemption reserve 25 25
Profit and loss account 2,870,640 1,171,524
Total shareholder's funds 2,870,748 1,171,632

For the financial 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 financial statements of The Promotions Factory Limited (registered number: 03687321) were approved and authorised for issue by the Director. They were signed on its behalf by:

R Jaffe
Director

24 November 2023

THE PROMOTIONS FACTORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
THE PROMOTIONS FACTORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Promotions Factory Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 20 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 25 26

4. Dividends on equity shares

2023 2022
£ £
Amounts recognised as distributions to equity holders in the financial year:
Interim dividend for the financial year 0 5,750,000

5. Tangible assets

Land and buildings Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 April 2022 88,871 60,838 68,589 156,312 374,610
Additions 0 0 0 11,913 11,913
At 31 March 2023 88,871 60,838 68,589 168,225 386,523
Accumulated depreciation
At 01 April 2022 72,931 36,124 56,490 145,214 310,759
Charge for the financial year 4,443 6,179 2,420 9,006 22,048
At 31 March 2023 77,374 42,303 58,910 154,220 332,807
Net book value
At 31 March 2023 11,497 18,535 9,679 14,005 53,716
At 31 March 2022 15,940 24,714 12,099 11,098 63,851

6. Fixed asset investments

Other investments Total
£ £
Carrying value before impairment
At 01 April 2022 1 1
At 31 March 2023 1 1
Provisions for impairment
At 01 April 2022 0 0
At 31 March 2023 0 0
Carrying value at 31 March 2023 1 1
Carrying value at 31 March 2022 1 1

7. Debtors

2023 2022
£ £
Trade debtors 1,007,705 585,327
Amounts owed by Parent undertakings 2,903,264 1,155,906
Corporation tax 0 26,405
Other debtors 72,925 65,902
3,983,894 1,833,540

8. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,562,051 1,243,274
Taxation and social security 404,282 483,236
Other creditors 73,360 128,361
2,039,693 1,854,871

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
83,323 A Ordinary shares of £ 0.001 each 83 83

10. Related party transactions

Where possible, the company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with 100% parent company.

11. Share based payments

On 8 December 2021, Options were granted over 15,000 Ordinary shares. Further options were granted over 1250 ordinary shares on 5th December 2022. The options have an exercise price of £1 per share, and are only to be exercised in the event of a sale or listing of the company.

12. Ultimate controlling party

Parent Company:

TPF Group Holdings Limited