Protect 20/20 Limited - Period Ending 2018-12-31

Registration number: 08869276

Protect 20/20 Limited

Annual Report and Unaudited Financial Statements - Companies House Filing

for the Year Ended 31 December 2018

Protect 20/20 Limited

(Registration number: 08869276)
Statement of Financial Position as at 31 December 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	7,928	-
Current assets
Cash at bank and in hand		810	488
Creditors: Amounts falling due within one year	5	(14,667)	(1,686)
Net current liabilities		(13,857)	(1,198)
Net liabilities		(5,929)	(1,198)
Capital and reserves
Called up share capital		1	1
Profit and loss account		(5,930)	(1,199)
Total equity		(5,929)	(1,198)

For the financial year ending 31 December 2018 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 provisions applicable to companies subject to the small companies' regime 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 Income Statement has been taken.

Approved and authorised by the Board on 26 September 2019 and signed on its behalf by:
 

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

Mr A G Crocker
Director

The notes on pages 2 to 4 form an integral part of these financial statements.

Page 1

Protect 20/20 Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

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:
Business Development Centre Main Avenue
Treforest Industrial Estate
Pontypridd
CR37 5UR

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

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 that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Tax

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.

Page 2

Protect 20/20 Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

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
Website development	25% reducing balance

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2017 - 0).

4	Tangible assets

	Website development £	Total £
Cost or valuation
Additions	10,571	10,571
At 31 December 2018	10,571	10,571
Depreciation
Charge for the year	2,643	2,643
At 31 December 2018	2,643	2,643
Carrying amount
At 31 December 2018	7,928	7,928

Page 3

Protect 20/20 Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

5

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Accruals and deferred income	1,419	686
Other creditors	13,248	1,000
	14,667	1,686

6	Going concern

The financial statements have been prepared on a going concern basis due to the continuing support of the directors.

Page 4