| PDPUK Limited |
| Notes to the Accounts |
| for the year ended 31 December 2018 |
|
|
| 1 |
Accounting policies |
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Basis of preparation |
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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 (as applied to small entities by section 1A of the standard). These financial statements are presented in US Dollars (USD) to the neareast dollar, as that is the currency in which the majority of the company's transactions are denominated. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. 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. |
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Judgements in applying accounting policies |
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In preparing these financial statements, the director has made the following judgement: |
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Determine whether there are indicators of impairment of the company's intangible fixed asset. Factors taken into consideration in reaching such a decision include the expected future cash generation of the asset. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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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. |
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| 2 |
Exceptional items |
2018 |
|
2017 |
| $ |
$ |
|
|
|
|
|
|
|
|
As restated |
|
Impairment of Intellectual property |
- |
|
6,921,918 |
|
|
|
|
|
|
|
- |
|
6,921,918 |
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|
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The accounts to 31 December 2017 have been restated to incorporate the impact of the impairment of the intellectual property. Following the dissolution of a joint venture agreement on 21 August 2017, the intellectual property was found to have no future value. The amortisation of intellectual property has been reduced by £1,000,000 and the remaining value of intellectual property at this date of £6,921,918 has been impaired. The change has resulted in the loss after tax at 31 December 2017 increasing to £7,207,317. |
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| 3 |
Debtors |
2018 |
|
2017 |
| $ |
$ |
|
|
|
|
|
|
|
|
As restated |
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Trade debtors |
1,248,435 |
|
1,967,551 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
65 |
|
- |
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Other debtors |
859,896 |
|
668,640 |
|
|
|
|
|
|
2,108,396 |
|
2,636,191 |
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| 4 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| $ |
$ |
|
|
|
|
|
|
|
|
As restated |
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Trade creditors |
35,025 |
|
1,485,563 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
5,884,986 |
|
- |
|
Taxation and social security costs |
- |
|
12,912 |
|
Other creditors |
16,452 |
|
57,349 |
|
|
|
|
|
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5,936,463 |
|
1,555,824 |
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| 5 |
Share capital |
2018 |
|
2017 |
| $ |
$ |
|
Alloted, issued and fully paid: |
As restated |
|
|
100 Ordinary |
$1 |
|
100 |
|
100 |
|
|
|
|
|
|
|
100 |
|
100 |
|
|
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|
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|
|
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| 6 |
Related party transactions |
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The company has taken exemption under FRS 102 Section 33.1A from disclosing transactions with group companies on the grounds that each company party to the transaction is wholly owned within the group. |
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| 7 |
Prior period adjustment |
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The accounts to 31 December 2017 have been restated to incorporate the impact of the impairment of the intellectual property. Following the dissolution of a joint venture agreement on 21 August 2017, the intellectual property was found to have no future value. The amortisation of intellectual property has been reduced by £1,000,000 and the remaining value of intellectual property at this date of £6,921,918 has been impaired. The change has resulted in the loss after tax at 31 December 2017 increasing to £7,207,317. |
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| 8 |
Controlling party |
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The company's immediate parent company is Pewdie Productions UK Limited, a company registered in England.The Company's ultimate parent company is Pewdie Productions AB, a company registered in Sweden. The financial statements of Pewdie Productions AB can be obtained from its registered office; Karlavägen 76, SE-114 59, Stockholm, Sweden. The ultimate controlling party is Mr FAU Kjellberg. |
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| 9 |
Other information |
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PDPUK Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Century House |
|
15-19 Dyke Road |
|
Brighton |
|
East Sussex |
|
BN1 3FE |
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The company registration number is 09795904 |
