|
Registered number: 07570949
A.I. PR LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
|
|
CONTENTS
|
|
|
Statement of Financial Position
|
|
Notes to the Financial Statements
|
|
|
|
|
|
|
A.I. PR LTD
REGISTERED NUMBER:07570949
|
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
|
|
|
|
|
As restated (Note 11) 31 March
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 July 2026.
The notes on pages 2 to 8 form part of these financial statements.
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
A.I PR Limited is a private limited liability company incorporated in England and Wales. The Company's registered and business office address is at 6th Floor, 45 Gee Street, London, EC1V 3RS.
The Company's principal activity is that of providing PR and communication services.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
|
|
|
Foreign currency translation
|
Functional and presentation currency
The Company's functional and presentational currency is £ Sterling.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Revenue is recognised when the service is transferred to the customer. Judgement is applied for an
allowance to be created to recognise the potential loss arising from the possibility of incurring bad
debts.
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Retainer Revenues: Revenue is derived from rendering professional services of public relations for and on behalf of the clients; the services provided can include VIP or digital service. The remuneration is based on monthly fee and is recognised on a monthly basis.
Event or Production Revenues: Revenue is derived from events produced by the Company on behalf of the client. Services can include, but not limited to, scenography, general decor, backstage equipment, catering, project management etc. The Company acts as a principal and therefore the revenue is recorded on a gross basis and the related costs are recognised in cost of sales. Revenue is recognised when the event takes place.
Expenses Revenue: All costs and expenses to be incurred by the Company in rendering the services will be sustained directly by the client, therefore the company first pays for these expenses, then the expenses are directly re-invoiced to the client with a margin to cover administrative costs.
The expenses impacted are the following: travel costs, postage, couriers, telephone, taxi, and messengers.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
The Company has early adopted the amendments to FRS 102 Section 20 Leases issued in March 2024, ahead of the mandatory effective date of accounting periods beginning on or after 1 January 2026. The Company has applied the revised standard for contracts that relate to assets falling under section 20.11 and leases that have a duration above one year.
A lessee recognises a right-of-use asset representing its right of use of the underlying assets and a lease liability representing its obligation to make lease payments. There are recognition exemptions for short-term leases and leases of low-value items. The Company has applied FRS102 revised standard section 20 for contracts that relate to assets falling under section 20.11 and leases that have a duration above one year.
The Company recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost and is subsequently depreciated using the straight line method from the commencement date to the end of the lease term.
The cost of right-of-use asset comprises: -
- The amount of the initial measurement of the lease liability, and
- All lease payments made at or before the commencement date.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the Company's incremental borrowing rate ("IBR"). Such lease payments correspond to amounts as defined in rental contracts. Lease durations are assumed to be equal to the contractual duration. Leases are extended when contractual renewals occur, based on contract terms.
The Company has determined its IBR by assessing the level of interest rates it would receive from
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
|
|
|
Right-of-use asset (continued)
|
various external funding sources.
As this is the first period in which the amended Section 20 has been applied, the Company has recognised right-of-use assets and lease liabilities for contracts previously accounted for as operating leases. The comparative period has not been restated, as permitted under the transitional provisions of the amended standard. Details of the right-of-use asset recognised in the period are set out in note 6.
Lease incentives
Lease incentives, including rent-free periods and other similar arrangements, are recognised as part of the lease contract. The lease liability is initially measured as the present value of lease payments, including any rent-free periods or other incentives. The impact of the rent-free perod is reflected in the total lease expenses, with the amortisation of the lease liability and the right-of-use asset taking into account the rent-free period and the total lease payments over the lease term. The right-of-use asset is recognised at the amount of the lease liability adjustment for the lease incentives.
Interest income is recognised in profit or loss using the effective interest method.
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
|
|
|
Tangible fixed assets (continued)
|
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
|
|
|
|
|
|
|
Over the term of the lease
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at the transaction price, less any impairment
Short-term creditors are measured at the transaction price.
Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
|
|
|
|
|
The average monthly number of employees, including directors, during the period was 24 (31 March 2025 - 25).
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the period on owned assets
|
|
|
|
|
|
Charge for the period on financed assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Right-of-use assets
Right-of-use assets are included in the short-term leasehold property and motor vehicles where the corresponding underlying assets would be presented if they were owned as follows:
|
|
|
|
|
|
|
|
Short-term leasehold property
|
|
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
|
|
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
As restated (Note 11)
31 March
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
Finance lease liabilities (note 10)
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance lease liabilities (note 10)
|
|
|
|
|
|
|
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
During the period, the company identified an error in the recognition of retainer fee income. Certain retainer fees had been recognised as revenue before the related performance obligations were satisfied. To correct this, a retrospective restatement has been made in accordance with FRS 102 Section 10.
Revenue of £160,683 was incorrectly recognised in the year ended 31 March 2024. As the related performance obligations had not been met at that date, this amount has been reclassified to deferred income. The tax effect of this adjustment is a reduction in the corporation tax liability of £40,171.
The net effect on reserves at 1 April 2024 is a decrease of £120,512. Reported reserves at 1 April 2024 decrease from £893,723 to £773,212. Deferred income at 1 April 2024 increases from £45,493 to £206,176.
The deferred income of £160,683 brought forward from 31 March 2024 was released to revenue in the year ended 31 March 2025 as the related performance obligations were satisfied during that year. Separately, a further £179,484 of revenue recognised in the year ended 31 March 2025 was identified as having been recognised before the related performance obligations were met. This amount has been reclassified to deferred income. The tax effect of this adjustment is a reduction in the corporation tax liability of £44,871.
The net effect on reserves at 31 March 2025 is a decrease of £134,613. Reported reserves at 31 March 2025 decrease from £1,381,234 to £1,246,621. Deferred income at 31 March 2025 increases from £132,979 to £312,463.
The deferred income of £179,484 brought forward from 31 March 2025 has been released to revenue in the current period as the related performance obligations were satisfied.
|
|
Related party transactions
|
|
|
The Company has taken advantage of the exemption under FRS102 33.1A Related Party Disclosures not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.
|
The Company is a wholly-owned subsidiary of The Independents Creative Collective UK Limited a company registered in England and Wales. The director regards K10 Holding, a company registered in Luxembourg as the ultimate controlling party.
K10 Holding is the parent company of the largest and the smallest group for which group financial statements are drawn up. Copies of the consolidated financial statements are available from its registered office which is at 74, Grand-Rue, L-1660, Luxembourg, Luxembourg. The ultimate controlling parties are I M J V Chouvet and O Chouvet.
The auditors' report on the financial statements for the period ended 31 December 2025 was unqualified.
The audit report was signed on 22 July 2026 by Stephen Iseman FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.
|
|
|