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REGISTERED NUMBER: 09986767 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Praxis Entertainment Ltd

Praxis Entertainment Ltd (Registered number: 09986767)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Praxis Entertainment Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTOR: Mr P Savvides





REGISTERED OFFICE: 130A Darkes Lane
Potters Bar
Hertfordshire
EN6 1AF





REGISTERED NUMBER: 09986767 (England and Wales)





ACCOUNTANTS: CAS MCGEE LTD
Chartered Certified Accountants
130A Darkes Lane
Potters Bar
Hertfordshire
EN6 1AF

Praxis Entertainment Ltd (Registered number: 09986767)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 23,904 21,233

CURRENT ASSETS
Debtors 5 1,150 -
Cash at bank 78,397 61,965
79,547 61,965
CREDITORS
Amounts falling due within one year 6 45,704 38,620
NET CURRENT ASSETS 33,843 23,345
TOTAL ASSETS LESS CURRENT
LIABILITIES

57,747

44,578

CREDITORS
Amounts falling due after more than one
year

7

(36,772

)

(39,000

)

PROVISIONS FOR LIABILITIES 9 (4,080 ) (3,573 )
NET ASSETS 16,895 2,005

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Retained earnings 11 15,895 1,005
SHAREHOLDERS' FUNDS 16,895 2,005

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Praxis Entertainment Ltd (Registered number: 09986767)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 March 2024 and were signed by:





Mr P Savvides - Director


Praxis Entertainment Ltd (Registered number: 09986767)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Praxis Entertainment Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Debtors
Short term debtors are measured at a transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised costs determined using the effective interest method, less any impairments losses for bad and doubtful debts.

Praxis Entertainment Ltd (Registered number: 09986767)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Provisions
Provisions (ie./ liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2022 13,938 20,615 34,553
Additions 7,980 - 7,980
At 31 March 2023 21,918 20,615 42,533
DEPRECIATION
At 1 April 2022 6,234 7,086 13,320
Charge for year 1,926 3,383 5,309
At 31 March 2023 8,160 10,469 18,629
NET BOOK VALUE
At 31 March 2023 13,758 10,146 23,904
At 31 March 2022 7,704 13,529 21,233

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 1,150 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Tax 21 -
Directors' current accounts 44,873 37,810
Accrued expenses 810 810
45,704 38,620

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans (see note 8) 36,772 39,000

Praxis Entertainment Ltd (Registered number: 09986767)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.3.23 31.3.22
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 36,772 39,000

8. LOANS

An analysis of the maturity of loans is given below:

31.3.23 31.3.22
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 36,772 39,000

9. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax
Accelerated capital allowances 4,080 3,573

Deferred
tax
£   
Balance at 1 April 2022 3,573
Provided during year 507
Balance at 31 March 2023 4,080

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
10,000 Ordinary £0.10 1,000 1,000

11. RESERVES
Retained
earnings
£   

At 1 April 2022 1,005
Profit for the year 14,890
At 31 March 2023 15,895

Praxis Entertainment Ltd (Registered number: 09986767)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23 31.3.22
£    £   
Mr P Savvides
Balance outstanding at start of year 37,810 32,121
Amounts advanced 7,063 5,689
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 44,873 37,810

As at the close of business at 31st March 2023 the company owed the director the amount of £44,873 (2022: £37,810).
This amount was lent to the company interest free and without any other repayment terms attached to it.

13. EVENTS AFTER THE REPORTING PERIOD

There were no essential either adjusting events or non-adjusting events in the period of time elapsing between the balance sheet date and the date on which these financial statements are prepared. The impact of COVID-19 is described in the Going Concern Consideration Note.

The ongoing Russia-Ukraine conflict has resulted in going concern becoming a significant risk. The United States and Europe have avoided direct military conflict with Russia amid its conflict with Ukraine. They have however used a set of financial sanctions to limit Russia's access to financial resources. The impact of the sanctions may result in difficulties for the company to operate. Neither Praxis Entertainment Limited nor the owners are currently on the sanctions list at the time of this report, however this may change as the situation changes.

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr P Savvides.

15. GOING CONCERN CONSIDERATION

The Company's management does not see a severe impact of COVID-19 outbreak to its activity. The Company tested the financial impact on the following areas of financial statements that can be affected:
- Breach of trade contracts
- Revenue
- Cost of sales
- Expenditure
- Inventories fair value measurements
- Debt repayment