Registered number
05702576
Picture Playground Limited
Filleted Accounts
31 December 2023
Adams Watkins & Co
Regus House
Victory Way
Dartford, DA2 6QD
Picture Playground Limited
Registered number: 05702576
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 61,682 72,931
Tangible assets 4 13,387 18,548
75,069 91,479
Current assets
Stocks - 10,596
Debtors 5 10,206 15,328
Cash at bank and in hand 593 717
10,799 26,641
Creditors: amounts falling due within one year 6 (9,300) (4,923)
Net current assets 1,499 21,718
Total assets less current liabilities 76,568 113,197
Creditors: amounts falling due after more than one year 7 (416,676) (433,829)
Net liabilities (340,108) (320,632)
Capital and reserves
Called up share capital 100 100
Profit and loss account (340,208) (320,732)
Shareholders' funds (340,108) (320,632)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The 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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr. J Simons
Director
Approved by the board on 27 July 2024
Picture Playground Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Licences 20% straight line
Other intangible assets 10% straight line
Computer equipment 33% straight line
Fixtures, fittings, tools and equipment 20% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at 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 cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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 future taxable profits. Deferred tax is measured using the 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 99,327
At 31 December 2023 99,327
Amortisation
At 1 January 2023 26,396
Provided during the year 11,249
At 31 December 2023 37,645
Net book value
At 31 December 2023 61,682
At 31 December 2022 72,931
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 36,585
At 31 December 2023 36,585
Depreciation
At 1 January 2023 18,037
Charge for the year 5,161
At 31 December 2023 23,198
Net book value
At 31 December 2023 13,387
At 31 December 2022 18,548
5 Debtors 2023 2022
£ £
Trade debtors 5,356 14,285
Other debtors 4,850 1,043
10,206 15,328
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,000 4,000
Trade creditors 2,202 2,528
Taxation and social security costs 1,698 (3,219)
Other creditors 1,400 1,614
9,300 4,923
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 26,649 30,649
Other creditors 390,027 403,180
416,676 433,829
8 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 11,333 15,333
9 Other information
Picture Playground Limited is a private company limited by shares and incorporated in England. Its registered office is:
Kings Lodge
London Road
West Kingsdown
TN15 6AR
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