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COMPANY REGISTRATION NUMBER: 10223032
Playworks Digital Ltd
Filleted Unaudited Financial Statements
31 December 2023
Playworks Digital Ltd
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Playworks Digital Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
5,165
4,230
Investments
6
201,927
201,927
---------
---------
207,092
206,157
Current assets
Debtors
7
3,480,536
3,110,416
Cash at bank and in hand
134,047
96,113
------------
------------
3,614,583
3,206,529
Creditors: amounts falling due within one year
8
2,213,999
1,538,262
------------
------------
Net current assets
1,400,584
1,668,267
------------
------------
Total assets less current liabilities
1,607,676
1,874,424
Creditors: amounts falling due after more than one year
9
25,053
35,075
------------
------------
Net assets
1,582,623
1,839,349
------------
------------
Capital and reserves
Called up share capital
145
143
Share premium account
2,560,538
2,560,538
Profit and loss account
( 978,060)
( 721,332)
------------
------------
Shareholders funds
1,582,623
1,839,349
------------
------------
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 comprehensive income has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Playworks Digital Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
J D C Smith
Director
Company registration number: 10223032
Playworks Digital Ltd
Notes to the Financial Statements
Year ended 31 December 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 Aberdeen House, South Road, Haywards Heath, RH16 4NG, England.
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.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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.
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:
Fixtures and fittings
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Fixtures and fittings
£
Cost
At 1 January 2023
8,712
Additions
3,914
--------
At 31 December 2023
12,626
--------
Depreciation
At 1 January 2023
4,482
Charge for the year
2,979
--------
At 31 December 2023
7,461
--------
Carrying amount
At 31 December 2023
5,165
--------
At 31 December 2022
4,230
--------
6. Investments
Other investments other than loans
£
Cost
At 1 January 2023 and 31 December 2023
201,927
---------
Impairment
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 31 December 2023
201,927
---------
At 31 December 2022
201,927
---------
7. Debtors
2023
2022
£
£
Trade debtors
1,746,699
1,348,263
Amounts owed by group undertakings and undertakings in which the company has a participating interest
409,044
327,962
Other debtors
1,324,793
1,434,191
------------
------------
3,480,536
3,110,416
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,220,461
804,898
Social security and other taxes
995
6,077
Other creditors
992,543
727,287
------------
------------
2,213,999
1,538,262
------------
------------
Overdrafts and borrowings are secured by way of fixed and floating charges against the assets and undertakings of the company.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,053
35,075
--------
--------
Overdrafts and borrowings are secured by way of fixed and floating charges against the assets and undertakings of the company.
10. Directors' advances, credits and guarantees
At the year end the company owed £5,622 to the directors (2022: was owed £2,418 by the directors).
11. Controlling party
The ultimate controlling party is General Media Ventures Limited, by virtue of holding over 50% of the share capital. The registered address of the ultimate parent company is Aberdeen House, South Road, Haywards Heath, England, RH16 4NG.