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Registration number: 03176742

Political and Religious Intelligence Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Political and Religious Intelligence Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 7

 

Political and Religious Intelligence Limited

Company Information

Directors

S A Stubbs

K Young

Company secretary

D Robinson

Registered office

14 Great College Street
Westminster
London
SW1P 3RX

Accountants

Harmer Slater Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Political and Religious Intelligence Limited

(Registration number: 03176742)
Statement of Financial Position as at 30 June 2023

Note

2023
£

2022
£

Non-current assets

 

Property, plant and equipment

4

-

26

Current assets

 

Receivables

5

8,251

7,979

Cash at bank

 

7,963

20,312

 

16,214

28,291

Payables: Amounts falling due within one year

6

(93,720)

(160,833)

Net current liabilities

 

(77,506)

(132,542)

Total assets less current liabilities

 

(77,506)

(132,516)

Payables: Amounts falling due after more than one year

6

(24,000)

(32,000)

Net liabilities

 

(101,506)

(164,516)

Equity

 

Called up share capital

7

658,260

658,260

Retained earnings

7

(759,766)

(822,776)

Shareholders' deficit

 

(101,506)

(164,516)

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Theses financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.

The financial statements of Political and Religious Intelligence Limited were approved and authorised for issue by the Board on 20 February 2024 and signed on its behalf by:

.........................................

K Young
Director

 

Political and Religious Intelligence Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023

1

General information

Political and Religious Intelligence Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

These financial statements have been prepared on a going concern basis as the company has received assurance from the director and shareholder, Mr K Young, that he will consider making additional funds available.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Judgements and key sources of estimation uncertainty

There are no critical judgements, estimations or assumptions made by the director in the process of applying the company’s accounting policies which have a significant effect on the amounts recognised
in the financial statements.

Revenue recognition

Revenue represents the value of consideration receivable for the services provided to customers, net of value added tax. Revenue is recognised as services are rendered.

Taxation

The tax expense for the period comprises current tax. Tax is recognised in the income statement, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the year end.

 

Political and Religious Intelligence Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Property, plant and equipment

Property, plant and equipment are recorded at historical cost less accumulated depreciation and any provision for impairment. Cost comprises the purchase price together with all expenses directly incurred in bringing the asset to its location and condition ready for use.

Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Asset class

Depreciation method and rate

Office equipment

33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and are subject to an insignificant risk of change in value.

Receivables

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Political and Religious Intelligence Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company during the year was 2 (2022 - 2).

4

Property, plant and equipment

Office equipment
 £

Cost

At 1 July 2022

1,636

Disposals

(372)

At 30 June 2023

1,264

Depreciation

At 1 July 2022

1,610

Charge for the year

26

Eliminated on disposal

(372)

At 30 June 2023

1,264

Carrying amount

At 30 June 2023

-

At 30 June 2022

26

5

Receivables

2023
£

2022
£

Trade receivables

6,335

6,141

Called up share capital not paid

100

100

Prepayments

1,816

1,738

8,251

7,979

 

Political and Religious Intelligence Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023 (continued)

6

Payables

2023
£

2022
£

Due within one year

Trade payables

6,341

14,724

Social security and other taxes

902

2,911

Director's loan account

42,000

10,000

Other payables

25,000

25,000

Accrued expenses and deferred income

19,477

108,198

93,720

160,833

Due after one year

Loans and borrowings

24,000

32,000

BBLS loan payable over 6 years at 2.5% interest after first year.

7

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

658,260

658,260

658,260

658,260

         

Reserves

The retained earnings reserves represents cumulative profits or losses net of dividends paid and other adjustment.

 

Political and Religious Intelligence Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023 (continued)

8

Related party transactions

Details of the related party transactions, all of which took place in the normal course of business and on an arm's length basis are as follows:

During the year the company incurred e-mail hosting charges amounting to £205 (2022: £Nil) from Blue Sky Hosting Ltd. The company also provided management services amounting to £Nil (2022: £1,125) to Global News Net Limited, £3,513 (2022: £2,000) to Stacey Publishing Ltd and £513 (2022: £513) to Local TV Ads Limited. Keith Young has a controlling interest in Blue Sky Hosting Ltd, Global News Net Limited, Stacey Publishing Limited and Local TV Ads Limited.

At 30 June 2023 there were no amounts owed to Blue Sky Hosting Ltd (2022: £nil), Global News Net
Limited (2022: £nil) and Stacey Publishing Limited (2022: £nil), £25,000 was owed to Local TV Ads (shown as other payables in note 7) Limited (2022:£25,000).
 

9

Control

The ultimate controlling party of the company is K Young the director.

10

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.