PP COMMS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024
Company Registration Number: 05850082
PP COMMS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 10
PP COMMS LTD
COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024
DIRECTORS
G F Beard
N J Davies
J Fayers
H Goral
appointed 3 July 2023
M I Jenkins
I L Thorn
resigned 17 June 2024
SECRETARY
Mitchell Du-Venage
REGISTERED OFFICE
Whitefriars Business Centre 2nd Floor
Whitefriars
Lewins Mead
Bristol
BS1 2NT
COMPANY REGISTRATION NUMBER
05850082 England and Wales
PP COMMS LTD
BALANCE SHEET
AS AT 30 JUNE 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 5 9,569 9,658
CURRENT ASSETS
Debtors 6 1,222,931 792,009
Cash at bank and in hand 60,566 209,247
1,283,497 1,001,256
CREDITORS: Amounts falling due within one year 7 512,360 449,230
NET CURRENT ASSETS 771,137 552,026
TOTAL ASSETS LESS CURRENT LIABILITIES 780,706 561,684
CREDITORS: Amounts falling due after more than one year 8 - 37,500
Provisions for liabilities and charges 2,392 -
NET ASSETS 778,314 524,184
CAPITAL AND RESERVES
Called up share capital 445 340
Share premium account 331,686 187,549
Distributable profit and loss account 445,283 335,465
Capital redemption reserve 900 830
SHAREHOLDERS' FUNDS 778,314 524,184
PP COMMS LTD
BALANCE SHEET
AS AT 30 JUNE 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
N J Davies
Director
Date approved by the board: 15 August 2024
PP COMMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
1 GENERAL INFORMATION
PP Comms Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Whitefriars Business Centre 2nd Floor
Whitefriars
Lewins Mead
Bristol
BS1 2NT
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of public relations and communications activity services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Office equipment Reducing balance basis and straightline basis at 20% - 25% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
PP COMMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
PP COMMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
Assets held under finance leases are recognised in accordance with the company's policy for tangible fixed assets. The corresponding obligations to lessors under finance leases are treated in the balance sheet as a liability. The assets and liabilities under finance leases are recognised at amounts equal to the fair value of the assets, or if lower, the present value of minimum lease payments, determined at the inception of the lease.
Minimum lease payments are apportioned between finance charges and the reduction in the outstanding liabilities using the effective interest method. The finance charge is allocated to each period during the lease so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in the profit and loss account.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
PP COMMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Borrowing costs
All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 44 37
PP COMMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
5 TANGIBLE ASSETS
Office equipment
£
Cost
At 1 July 2023 22,138
Additions 5,008
Disposals (3,013)
At 30 June 2024 24,133
Accumulated depreciation and impairments
At 1 July 2023 12,480
Charge for year 3,955
Disposals (1,871)
At 30 June 2024 14,564
Net book value
At 1 July 2023 9,658
At 30 June 2024 9,569
6 DEBTORS
2024 2023
£ £
Trade debtors 1,056,726 707,590
Prepayments and accrued income 36,668 27,745
Other debtors 129,537 56,674
1,222,931 792,009
PP COMMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
7 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 37,500 37,500
Trade creditors 93,715 55,487
Taxation and social security 323,654 271,976
Accruals and deferred income 8,396 6,600
Other creditors 49,095 77,667
512,360 449,230
8 CREDITORS: Amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts - 37,500
9 SECURED DEBTS
The hire purchase contracts and finance leases are secured on the assets concerned.
10 CONTINGENCIES AND COMMITMENTS
Other Commitments
Amounts falling due under operating leases: 2024 2023
£ £
In less than one year 100,455 29,569
In more than one but less than five years 24,763 11,860
125,218 41,429
PP COMMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
11 DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The following directors' advances, credits and guarantees took place during the year:
Balance at 1 July 2023 Amounts advanced Amounts repaid Amounts written off or waived Balance at 30 June 2024
£ £ £ £ £
G F Beard - 9,549 - - 9,549
J Fayers - 23,723 - - 23,723
H Goral - 26,566 - - 26,566
M I Jenkins - 44,528 - - 44,528
I L Thorn (resigned 17 June 2024) 45,051 - 45,051 - -
45,051 104,366 45,051 - 104,366
Interest has been charged on these advances at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. These advances are repayable on demand.
12 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
2024 2023
£ £
N J Davies - Director and shareholder
Advances to company 9,095 18,606
G F Beard - Director and shareholder
Advances to company - 14,198
J Fayers - Director and shareholder
Advances to company - 17,922
H Goral - Director and shareholder
Advances to company - 17,942
M I Jenkins - Director and shareholder
Advances to company - 2,453
The above directors have made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the directors the above amounts.
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