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Registration number: 07290518

Products Online Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

image-name
 

Products Online Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Products Online Limited

Company Information

Director

Mr L Stewart

Registered office

22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Products Online Limited

(Registration number: 07290518)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

75,611

63,230

Current assets

 

Stocks

5

10,000

10,000

Debtors

6

454,740

413,679

Cash at bank and in hand

 

80,016

109,093

 

544,756

532,772

Creditors: Amounts falling due within one year

7

(131,964)

(118,585)

Net current assets

 

412,792

414,187

Total assets less current liabilities

 

488,403

477,417

Provisions for liabilities

(18,903)

(15,807)

Net assets

 

469,500

461,610

Capital and reserves

 

Called up share capital

1,000

1,000

Share premium reserve

137,100

137,100

Retained earnings

331,400

323,510

Shareholders' funds

 

469,500

461,610

 

Products Online Limited

(Registration number: 07290518)
Balance Sheet as at 31 July 2024

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 February 2025
 

.........................................
Mr L Stewart
Director

 

Products Online Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, 07290518.

The address of its registered office is:
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ
England

These financial statements were authorised for issue by the director on 13 February 2025.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Products Online Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% on cost

Fixtures and fittings

25% on cost

Plant and machinery

25% on cost

Improvements to property

25% on cost

Motor vehicles

25% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Products Online Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, including the director, was 11 (2023 - 11).

 

Products Online Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Improvements to property
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 August 2023

19,385

21,993

77,749

46,516

Additions

-

-

1,080

7,493

At 31 July 2024

19,385

21,993

78,829

54,009

Depreciation

At 1 August 2023

19,385

18,617

54,425

36,267

Charge for the year

-

1,192

8,171

5,110

At 31 July 2024

19,385

19,809

62,596

41,377

Carrying amount

At 31 July 2024

-

2,184

16,233

12,632

At 31 July 2023

-

3,376

23,324

10,249

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

50,500

216,143

Additions

32,250

40,823

At 31 July 2024

82,750

256,966

Depreciation

At 1 August 2023

24,219

152,913

Charge for the year

13,969

28,442

At 31 July 2024

38,188

181,355

Carrying amount

At 31 July 2024

44,562

75,611

At 31 July 2023

26,281

63,230

5

Stocks

2024
£

2023
£

Inventory

10,000

10,000

 

Products Online Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

303,592

227,776

Amounts owed by related parties

8

125,030

157,494

Prepayments

 

15,818

4,809

Other debtors

 

3,600

3,600

Directors loan account

 

6,700

20,000

   

454,740

413,679

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

61,245

64,203

Accruals

8,897

9,567

PAYE and NIC creditor

9,062

9,662

VAT Control account

3,095

7,205

Corporation tax control

49,665

27,948

131,964

118,585

8

Related party transactions

Transactions with the director

2024

At 1 August 2023
£

Advances to director
£

Repayments by director
£

At 31 July 2024
£

Mr L Stewart

20,000

10,000

(23,300)

6,700

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Mr L Stewart

29,000

20,000

(29,000)

20,000

 

Products Online Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Summary of transactions with other related parties

Peak Property Services Ltd is a company controlled by the director's father.
 
During the year, Peak Property Services Limited invoiced Products Online Limited £10,312 (2023: £11,726) for the provision of management services. The balance owed to Peak Property Services Limited at the balance sheet date is £833 (2023: £991).