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Registration number: 09974686

Pretzel & Peggy Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2024

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Pretzel & Peggy Ltd

Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,749

7,701

Current assets

 

Debtors

5

1,347,978

1,234,983

Cash at bank and in hand

 

3,894

4,308

 

1,351,872

1,239,291

Creditors: Amounts falling due within one year

6

(799,806)

(894,984)

Net current assets

 

552,066

344,307

Total assets less current liabilities

 

559,815

352,008

Creditors: Amounts falling due after more than one year

6

(17,500)

(27,500)

Net assets

 

542,315

324,508

Capital and reserves

 

Called up share capital

100

100

Retained earnings

542,215

324,408

Shareholders' funds

 

542,315

324,508

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Pretzel & Peggy Ltd

Statement of Financial Position as at 31 March 2024

Approved and authorised by the Board on 27 March 2025 and signed on its behalf by:
 

.........................................

Mr PJ Bickford

Director

.........................................

Mr J Davis

Director

Company registration number: 09974686

 

Pretzel & Peggy Ltd

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

1

General information

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

The address of its registered office is:
2 Bermondsey Exchange
179 - 181 Bermondsey Street
London
SE1 3UW

The principal activity of the company is that of the production of television programmes.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

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.

Going concern

The company made a profit for the year ended 31 March 2024 and had net assets at that date amounting to £542,315.

The company's cash flow forecasts indicate that the company has sufficient working capital for a period of at least 12 months from the date of approval of the financial statements.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

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

The company recognises revenue based upon the stage of contractual completion.

 

Pretzel & Peggy Ltd

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Furniture, fittings and equipment

20% straight line

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Pretzel & Peggy Ltd

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

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.

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 was 2 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

19,081

19,081

Additions

4,140

4,140

At 31 March 2024

23,221

23,221

Depreciation

At 1 April 2023

11,380

11,380

Charge for the year

4,092

4,092

At 31 March 2024

15,472

15,472

Carrying amount

At 31 March 2024

7,749

7,749

At 31 March 2023

7,701

7,701

5

Debtors

2024
£

2023
£

Trade debtors

357,590

481,542

Other debtors

990,388

753,441

1,347,978

1,234,983

 

Pretzel & Peggy Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

7

52,004

137,364

Trade creditors

 

105,642

240,222

Taxation and social security

 

50,199

31,939

Other creditors

 

591,961

485,459

 

799,806

894,984

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

7

17,500

27,500

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank loans

10,000

10,000

Bank overdrafts

42,004

127,364

52,004

137,364

Non-current loans and borrowings

2024
£

2023
£

Bank loans

17,500

27,500

Bank loans and overdrafts are secured by a fixed and floating charge over the assets and undertakings of the company.

8

Transactions with directors

During the year there were advances of £153,449 to the directors. At 31 March 2024 an amount of £782,447 (2023: £613,469) was due from the directors. Interest of £15,529 (2023: £10,335) is payable to the company at 2.25% p.a and there are no set terms in place.