PUBLIC AFFAIRS GROUP LIMITED
Registered number: 13395434
Statement of Financial Position
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 14,363 755
Current assets
Debtors 4 36,677 23,752
Cash at bank and in hand 58,950 71,326
95,627 95,078
Creditors: amounts falling due within one year 5 (44,470) (29,399)
Net current assets 51,157 65,679
Total assets less current liabilities 65,520 66,434
Creditors: amounts falling due after more than one year 6 - -
Net assets 65,520 66,434
Capital and reserves
Called up share capital 100 100
Profit and loss account 65,421 66,334
Shareholders' funds 65,521 66,434
The director is 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 director acknowledges his 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 in accordance with the special provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A. The Statement of Income has not been delivered to the Registrar of Companies.
C Seaton
Director
Approved by the board on 27 February 2025
PUBLIC AFFAIRS GROUP LIMITED
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Statutory information
PUBLIC AFFAIRS GROUP LIMITED is a private company limited by shares incorporated in England & Wales, registration number 13395434. The registered office is C/O Intouch Accounting Everdene House, Deansleigh Road, Bournemouth, BH7 7DU. The principal place of business is C/O Intouch Accounting Everdene House Deansleigh Road, Bournemouth Dorset, United Kingdom, BH7 7DU.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented unless otherwise stated.
Accounting policies
These financial statements for the year ended 31 May 2024 comply with FRS 102 Section 1A small entities.
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.
The presentational currency is in sterling which has been rounded to the nearest £1.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added tax. 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.
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:
Fixtures & fittings 15% reducing balance
Office Equipment 33% straight line
Motor vehicles 25% reducing balance
Plant and machinery 15% reducing balance
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 5,220
Additions 10,866
Disposals -
At 31 May 2024 16,086
Depreciation
At 1 June 2023 -
Charge for the year 1,723
On disposals -
At 31 May 2024 1,723
Net book value
At 31 May 2024 14,363
At 31 May 2023 5,220
4 Debtors 2024 2023
£ £
Other debtors - 210
5 Creditors: amounts falling due within one year 2024 2023
£ £
Corporation tax 36,033 18,674
Other taxes and social security costs 8,437 8,734
44,470 29,399
6 Creditors: amounts falling due after one year 2024 2023
£ £
Trade creditors - -
Other creditors - -
- -
7 Post balance sheet events
During the period the company permanently ceased all trading activities & will make an aplication to Companies House to strike the company off the register.
8 Transition to FRS102
The transition to FRS102 Section 1A for Small Entities has not resulted in any changes to accounting policies to those used previously.
9 Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS s102 S 1A.
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