The P R Office Limited - Accounts to registrar (filleted) - small 18.2

THE P R OFFICE LIMITED

Unaudited Financial Statements

for the Year Ended 31 December 2018

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Directors:

Ms Jessica Blair

S Cohen

Secretary:

Warwick Consultancy Services Limited

Registered office:

2nd Floor

Titchfield House

69-85 Tabernacle Street

London

EC2A 4BD

Registered number:

04986746 (England and Wales)

Accountants:

Haines Watts (City) LLP

2nd Floor

Titchfield House

69-85 Tabernacle Street

London

EC2A 4BD

Current assets

Debtors

5

420,611

469,197

Cash at bank

87,907

49,495

508,518

518,692

Creditors

Amounts falling due within one year

6

413,780

451,921

Net current assets

94,738

66,771

Total assets less current liabilities

94,738

66,771

Provisions for liabilities

541

659

Net assets

94,197

66,112

Capital and reserves

Called up share capital

7

100

100

Retained earnings

8

94,097

66,012

Shareholders' funds

94,197

66,112

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30 August 2019 and were signed on its behalf by:

S Cohen - Director

1.	Statutory information

The P R Office Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Set out below is a summary of the principal accounting policies, all of which have been applied consistently (except as

otherwise stated).

Compliance with accounting standards

These financial statements have been prepared in accordance with the provisions of Section 1A ''Small Entities'' of

Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland''

(''FRS 102'') and the Companies Act 2006.

Significant judgements and estimates

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions

in determining the carrying amounts of assets and liabilities. The director's judgements, estimated and assumptions are

based on the best and most reliable evidence available at the time when the decisions are made, and are based on

historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in

making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are

recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the

revision and future periods, if the revision affects both current and future periods.

Critical judgements in applying the Company's accounting policies

The critical judgement that the director has made in the process of applying the Company's accounting policies that have

the most significant effect on the amounts recognised in the statutory financial statements are discussed below:

(i) Assessing indicators and impairment

In assessing whether there have been any indicators or impairment assets, the directors have considered both external and

internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability.

There have been no indicators or impairments identified during the current financial year.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty that have a significant risk of

causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed

below.

(ii) Recoverability of receivables

The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing

recoverability the directors consider factors such as the aging of the receivables, past experience and recoverability, and

the credit profile of individual or groups of customers.

Turnover

Turnover represents amounts receivable for services net of Value Added Tax and trade discounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Taxation

Tax expense for the period comprise current and deferred tax. Tax currently payable, relating to UK corporation tax, is

calculated on the basis of the tax rates and laws that have been enacted or substantively enacted as at the reporting date.

Deferred tax is recognised on all timing differences that have originated but not reversed at the reporting date.

Transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future

gives rise to a deferred tax liability or asset. Timing differences are differences between taxable profits and total

comprehensive income as stated in the financial statements that arise from the inclusion of income and expenses in tax

assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted as at the reporting

date that are expenses to apply to the reversal of the timing difference. The tax expense is recognised in the same

component of comprehensive income or equity as the transaction or other event that resulted in the tax expense.

Deferred income tax assets are recognised only to the extent that, on the basis of all available evidence, it is deemed

probably that there will be suitable taxable profits from which the future reversal of the underlying timing differences can

be deducted.

Current and deferred tax assets and liabilities are offset only when there is a legally enforceable right to set off the

amounts and there is the intention either to settle on a net basis or to realise the asset and settle the liability

simultaneously.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme

are charged to profit or loss in the period to which they relate.

Going concern

These financial statements have been prepared on a going concern basis.

The current economic conditions present increased risks for all businesses. In response to such conditions, the directors

have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of

at least 12 months from the date of signing the financial statements, and the extent to which they might affect the

preparation of the financial statements on a going concern basis.

Based on assessment, the directors consider that the company maintains an appropriate level of liquidity, sufficient to

meet the demands of the business including any capital and servicing obligations.

In addition, the company's assets are assessed for recoverability on a regular basis, and the directors consider that the

company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence

for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the company's

ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting

in preparing these financial statements.

Provisions

Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, it is

probably that the obligation will be required to be settled, and a reliable estimate can be made of the amount of the

obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present

obligation at the end of the reporting taking into account the risks and uncertainties surrounding the obligation.

Provisions are discounted when the time value of money is material.

Equity

Equity instruments are classified in accordance with the substance of contractual agreement. An equity instrument is any

contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Equity instruments issued by the Company are recorded at the fair value of the cash or other resources received or

receivable, net of direct costs of issuing the equity instruments.

Financial Instruments

Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the

financial instrument. The Company holds financial instruments which comprise cash and cash equivalents, trade and

other receivables, equity investments, trade and other payables, loans and borrowings. The company has chosen to apply

the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments in full.

Financial assets / liabilities - classified as basic financial instruments

(i) Cash and cash equivalents

This includes cash in hand, deposits held with banks, and other short-term highly liquid investments with original

maturities of three months or less.

(ii) Trade and other receivables

Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and

subsequently measured at amortised cost including the effective interest method, less any provision for impairment.

Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be

received, net of any impairment.

At the end of each reporting period, the Company assesses whether there is objective evidence that an receivable amount

may be impaired. A provision for impairment 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. The amount of the provision is the

difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the

effective interest rate. The amount of the provision is recognised immediately in profit or loss.

(iii) Equity investments

Equity investments comprise ordinary shares capital. Any other equity investments held are initially recognised at fair

value, which is the transaction price excluding transaction costs and are subsequently measured at fair value through

profit or loss.

(iv) Trade and other payables and loans and borrowings

Trade and other payables and loans and borrowings are initially measured at the transaction price, including any

transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective

interest method.

3.	Employees and directors

The average number of employees during the year was 18 (2017 - 15 ) .

4.	Tangible fixed assets

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

Cost

At 1 January 2018

and 31 December 2018

54,162

8,128

10,806

73,096

Depreciation

At 1 January 2018

and 31 December 2018

54,162

8,128

10,806

73,096

Net book value

At 31 December 2018

-

-

-

-

At 31 December 2017

-

-

-

-

5.

Debtors: amounts falling due within one year

2018

2017

£

£

Trade debtors

264,046

288,647

Other debtors

156,565

180,550

420,611

469,197

6.

Creditors: amounts falling due within one year

2018

2017

£

£

Trade creditors

120,625

96,818

Tax

29,429

64,276

Social security and other taxes

41,597

43,634

VAT

52,427

58,124

Other creditors

169,702

189,069

413,780

451,921

7.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100

8.

Reserves

Retained

earnings

£

At 1 January 2018

66,012

Profit for the year

120,794

Dividends

(92,709

)

At 31 December 2018

94,097