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COMPANY REGISTRATION NUMBER: 06871230
Peerless Digital Imaging Limited
Filleted Unaudited Accounts
28 February 2023
Peerless Digital Imaging Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
9,817
11,940
Current assets
Debtors
7
759,521
678,945
Cash at bank and in hand
25,494
1,671
---------
---------
785,015
680,616
Creditors: amounts falling due within one year
8
( 763,275)
( 903,480)
---------
---------
Net current assets/(liabilities)
21,740
( 222,864)
--------
---------
Total assets less current liabilities
31,557
( 210,924)
Creditors: amounts falling due after more than one year
9
( 24,527)
( 31,194)
--------
---------
Net assets/(liabilities)
7,030
( 242,118)
--------
---------
Capital and reserves
Called up share capital
10
1,000
1,000
Profit and loss account
11
6,030
( 243,118)
-------
---------
Shareholders funds/(deficit)
7,030
( 242,118)
-------
---------
These accounts 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 statement of income and retained earnings has not been delivered.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .
Peerless Digital Imaging Limited
Statement of Financial Position (continued)
28 February 2023
These accounts were approved by the board of directors and authorised for issue on 25 November 2023 , and are signed on behalf of the board by:
K Houston
Director
Company registration number: 06871230
Peerless Digital Imaging Limited
Notes to the Accounts
Year ended 28 February 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 32 Bedfordbury, London, WC2N 4DS.
2. Statement of compliance
These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The accounts are prepared in sterling, which is the functional currency of the entity.
Going concern
In the opinion of the director the company remains a going concern and the accounts are prepared on this basis. In forming this opinion the director has given due consideration to the impact on trading revenues from industrial strike action and of the volume of future income generating projects. Financial forecasts for 2023/24 reflect a dip in revenues in May and June due to the impact of an industry wide writer's strike but revenues are then forecast to pick up again in the last quarter of 2023 and into the first quarter of 2024 due to two new jobs commencing in those quarters. A positive cashflow position is expected at the end of the next financial reporting period and on the basis of these forecasts the director believes the company has the financial resources from which to continue to trade and to meet its day to day trading obligations.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 tax losses 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website, Domain & Licenses
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures, Fittings & Office Eqt
-
15% reducing balance
Computers & Camera Eqt
-
20% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 15 ).
5. Intangible assets
Website, Domain & Licences
£
Cost
At 1 March 2022 and 28 February 2023
28,267
--------
Amortisation
At 1 March 2022 and 28 February 2023
28,267
--------
Carrying amount
At 28 February 2023
--------
At 28 February 2022
--------
6. Tangible assets
Fixtures, Fittings & Eqt
Computers & Camera Eqt
Total
£
£
£
Cost
At 1 March 2022 and 28 February 2023
14,249
85,513
99,762
--------
--------
--------
Depreciation
At 1 March 2022
8,936
78,886
87,822
Charge for the year
797
1,326
2,123
--------
--------
--------
At 28 February 2023
9,733
80,212
89,945
--------
--------
--------
Carrying amount
At 28 February 2023
4,516
5,301
9,817
--------
--------
--------
At 28 February 2022
5,313
6,627
11,940
--------
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
8,420
74,500
Other debtors
751,101
604,445
---------
---------
759,521
678,945
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,500
12,500
Trade creditors
39,801
139,107
Corporation tax
38,049
2,780
Social security and other taxes
651,524
736,926
Other creditors
24,401
12,167
---------
---------
763,275
903,480
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
24,527
31,194
--------
--------
The company is indebted to HSBC in respect of a Bounce Back Loan of £50,000, received in June 2020. The loan is repayable by instalments over 5 years, commencing June 2021, with interest charged at 2.5%.
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
11. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
12. Director's advances, credits and guarantees
Throughout the year the company continued to provide the director with a short term interest free advance. The amount due to the company at the balance sheet date was £351,718 (2022: £312,568).
13. Related party transactions
The company was under the control of Mr K Houston , the company director and majority shareholder, throughout the current and previous year. Other than those already disclosed above, no transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.