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COMPANY REGISTRATION NUMBER: 6127240
Pop Group (Europe) Limited
Filleted Unaudited Financial Statements
28 February 2023
Pop Group (Europe) Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
£
Fixed assets
Intangible assets
6
5,000
Tangible assets
7
72,633
81,292
--------
--------
72,633
86,292
Current assets
Stocks
187,139
202,660
Debtors
8
269,768
254,501
Cash at bank and in hand
22,989
37,006
---------
---------
479,896
494,167
Creditors: amounts falling due within one year
9
235,212
240,195
---------
---------
Net current assets
244,684
253,972
---------
---------
Total assets less current liabilities
317,317
340,264
Creditors: amounts falling due after more than one year
10
172,978
226,421
Provisions
Taxation including deferred tax
13,800
15,445
---------
---------
Net assets
130,539
98,398
---------
---------
Capital and reserves
Called up share capital
11
100
100
Profit and loss account
130,439
98,298
---------
--------
Shareholders funds
130,539
98,398
---------
--------
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 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 financial statements 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 financial statements .
Pop Group (Europe) Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 7 December 2023 , and are signed on behalf of the board by:
A Dearman - Director
Company registration number: 6127240
Pop Group (Europe) Limited
Notes to the Financial Statements
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 305 National Avenue, Hull, East Yorkshire, HU5 4JB.
2. Statement of compliance
These financial statements 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 financial statements 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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 have occurred at that date that will result in an obligation to pay more, or a right to pay less, or to receive more tax.
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:
Patents
-
10% 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:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
2,888
3,052
Deferred tax:
Origination and reversal of timing differences
( 1,645)
( 1,865)
-------
-------
Tax on profit
1,243
1,187
-------
-------
6. Intangible assets
Patents
£
Cost
At 1 March 2022 and 28 February 2023
50,000
--------
Amortisation
At 1 March 2022
45,000
Charge for the year
5,000
--------
At 28 February 2023
50,000
--------
Carrying amount
At 28 February 2023
--------
At 28 February 2022
5,000
--------
7. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 March 2022 and 28 February 2023
116,285
3,019
119,304
---------
-------
---------
Depreciation
At 1 March 2022
35,482
2,530
38,012
Charge for the year
8,537
122
8,659
---------
-------
---------
At 28 February 2023
44,019
2,652
46,671
---------
-------
---------
Carrying amount
At 28 February 2023
72,266
367
72,633
---------
-------
---------
At 28 February 2022
80,803
489
81,292
---------
-------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 28 February 2023
69,980
--------
At 28 February 2022
77,756
--------
8. Debtors
2023
2022
£
£
Trade debtors
158,461
146,980
Amounts owed by undertakings in which the company has a participating interest
6,500
29,500
Other debtors
104,807
78,021
---------
---------
269,768
254,501
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
36,761
31,996
Trade creditors
49,374
63,222
Amounts owed to undertakings in which the company has a participating interest
49,889
Accruals and deferred income
1,843
1,843
Corporation tax
6,103
13,175
Obligations under finance leases and hire purchase contracts
19,199
19,199
Other creditors
121,932
60,871
---------
---------
235,212
240,195
---------
---------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
152,179
186,422
Obligations under finance leases and hire purchase contracts
20,799
39,999
---------
---------
172,978
226,421
---------
---------
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
12. Director's advances, credits and guarantees
During the year there were no director's advances, credits and guarantees.