I Play for Change Limited - Period Ending 2019-03-31

Registration number: 09188543

I Play for Change Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2019

Charter Tax Consulting Ltd
11 St. James's Place
London
SW1A 1NP

 

I Play for Change Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 6

I Play for Change Limited

Company Information

Directors

Ms Valeria Ignarra Mrs Janet Treacy Pierce

Registered office

Suite LG 11 St James's Place London SW1A 1NP

Accountants

Charter Tax Consulting Ltd 11 St. James's Place London SW1A 1NP

Page 1

I Play for Change Limited

(Registration number: 09188543)
Balance Sheet as at 31 March 2019

	Note	2019 £	2018 £
Current assets
Debtors	4	54,920	2,240
Cash at bank and in hand		64,797	152,681
		119,717	154,921
Creditors: Amounts falling due within one year	5	(135,808)	(154,918)
Net (liabilities)/assets		(16,091)	3
Capital and reserves
Called up share capital		1	1
Profit and loss account		(16,092)	2
Total equity		(16,091)	3

For the financial year ending 31 March 2019 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.

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 Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 December 2019 and signed on its behalf by:
 

......................................... Ms Valeria Ignarra Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

I Play for Change Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019

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:
Suite LG
11 St James's Place
London
SW1A 1NP

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.

Going concern

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the forseeable future. The Company currently has net liabilities and expects to meet its financial obligations woith the support of its Parent and the Trustees of the charitable trust. The directors expect the Company to continue to operate as a going concern and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

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I Play for Change Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Page 4

I Play for Change Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2018 - 2).

4

Debtors

	2019 £	2018 £
Trade debtors	-	1,322
Amounts owed by parent undertakings	644	-
Prepayments	71	900
Other debtors	54,205	18
	54,920	2,240

5

Creditors

Creditors: amounts falling due within one year

	2019 £	2018 £
Due within one year
Trade creditors	667	1,263
Taxation and social security	1,598	1,749
Accruals and deferred income	-	16,183
Other creditors	133,543	135,723
	135,808	154,918

6	Related party transactions

Summary of transactions with parent

I Play for Change Limited is a wholly owned trading subsidiary of Play for Change, a registered charity.
 The company has taken advantage of the exemption provided in section 33.1A of Financial Reporting Standard 102 from the requirement to disclose transactions with wholly owned group members.
 

Page 5

I Play for Change Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019

Summary of transactions with other related parties

Mr A Radrizzani (Trustee of Play For Change)
 During the year, Mr A Radrizzani loaned the company £nil (2018: £nil). The company repaid Mr A Radrizzani £nil (2018: £17,145). At the balance sheet date the amount due to Mr A Radrizzani was £133,293 (2018: £135,227). There were no transactions during the year. The difference is due to the translation of the loan at year end.
 

Loans to related parties

2019	Parent £	Total £
Advanced	49,596	49,596
Repaid	(48,855)	(48,855)
At end of period	741	741

2018	Parent £	Total £
At start of period	92,674	92,674
Advanced	102,668	102,668
Repaid	(195,342)	(195,342)
At end of period	-	-

Page 6