Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Nicholas Goodmaker 01/03/2021 Nicole Jaffe 22/12/1998 Raymond Jaffe 22/12/1998 Daniel Meiland 01/03/2021 Gail Amanda Middleton 01/03/2021 James Rickard 23/04/2023 R Jaffe 06 August 2024 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.
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Company No: 03687321 (England and Wales)

THE PROMOTIONS FACTORY LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

THE PROMOTIONS FACTORY LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

THE PROMOTIONS FACTORY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
THE PROMOTIONS FACTORY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 25,168 53,716
Investments 5 1 1
25,169 53,717
Current assets
Debtors 6 4,999,017 3,983,894
Cash at bank and in hand 665,592 872,830
5,664,609 4,856,724
Creditors: amounts falling due within one year 7 ( 1,466,537) ( 2,039,693)
Net current assets 4,198,072 2,817,031
Total assets less current liabilities 4,223,241 2,870,748
Net assets 4,223,241 2,870,748
Capital and reserves
Called-up share capital 8 83 83
Capital redemption reserve 25 25
Profit and loss account 4,223,133 2,870,640
Total shareholder's funds 4,223,241 2,870,748

For the financial year ending 31 March 2024 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 Board of Directors. They were signed on its behalf by:

R Jaffe
Director

06 August 2024

THE PROMOTIONS FACTORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
THE PROMOTIONS FACTORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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

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.

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

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 27 25

4. Tangible assets

Land and buildings Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 April 2023 88,871 60,838 68,589 168,225 386,523
Additions 0 0 0 3,955 3,955
Disposals 0 ( 60,838) 0 0 ( 60,838)
At 31 March 2024 88,871 0 68,589 172,180 329,640
Accumulated depreciation
At 01 April 2023 77,374 42,303 58,910 154,220 332,807
Charge for the financial year 4,444 6,846 1,936 7,587 20,813
Disposals 0 ( 49,149) 0 0 ( 49,149)
At 31 March 2024 81,818 0 60,846 161,808 304,472
Net book value
At 31 March 2024 7,053 0 7,743 10,372 25,168
At 31 March 2023 11,497 18,535 9,679 14,005 53,716

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 1 1
At 31 March 2024 1 1
Carrying value at 31 March 2024 1 1
Carrying value at 31 March 2023 1 1

6. Debtors

2024 2023
£ £
Trade debtors 711,576 1,007,705
Amounts owed by parent undertakings 4,234,368 2,903,264
Other debtors 53,073 72,925
4,999,017 3,983,894

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 995,369 1,562,051
Taxation and social security 403,635 404,282
Other creditors 67,533 73,360
1,466,537 2,039,693

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
83,323 A Ordinary shares of £ 0.001 each 83 83

9. 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.

10. 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.

11. Ultimate controlling party

Parent Company:

TPF Group Holdings Limited