Play Retail Limited (previously Play Design Limited) Filleted accounts for Companies House (small and micro)

PLAY RETAIL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05434741

Play Retail Limited (previously Play Design Limited)

Filleted Unaudited Financial Statements

For the year ended

31 March 2019

Play Retail Limited (previously Play Design Limited)

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£	£

Fixed assets

Tangible assets	5		91,859		90,133

Current assets

Stock		3,565	16,456
Debtors	6	546,899	207,824
Cash at bank and in hand		92,906	466,260
		---------	---------
		643,370	690,540

Creditors: amounts falling due within one year	7	301,291		479,563
		---------		---------
Net current assets			342,079		210,977
			---------		---------
Total assets less current liabilities			433,938		301,110

Creditors: amounts falling due after more than one year	8		351,423		252,428

Provisions	15,195	17,125
	---------	---------
Net assets	67,320	31,557
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	67,220	31,457
	--------	--------
Shareholders funds	67,320	31,557
	--------	--------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Play Retail Limited (previously Play Design Limited)

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 24 December 2019 , and are signed on behalf of the board by:

Mr S J Koch

Director

Company registration number: 05434741

Play Retail Limited (previously Play Design Limited)

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11b Boundary Street, London, England, E2 7JE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.

Research and development

Research expenditure is written off in the year in which it is incurred.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	20% straight line
Motor vehicles	-	11% straight line
Equipment	-	25% reducing balance

Stock

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2018: 10 ).

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 April 2018	–	93,930	5,883	99,813
Additions	13,776	–	–	13,776
	--------	--------	-------	---------
At 31 March 2019	13,776	93,930	5,883	113,589
	--------	--------	-------	---------
Depreciation
At 1 April 2018	–	5,181	4,499	9,680
Charge for the year	1,341	10,363	346	12,050
	--------	--------	-------	---------
At 31 March 2019	1,341	15,544	4,845	21,730
	--------	--------	-------	---------
Carrying amount
At 31 March 2019	12,435	78,386	1,038	91,859
	--------	--------	-------	---------
At 31 March 2018	–	88,749	1,384	90,133
	--------	--------	-------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 March 2019	78,386
	--------
At 31 March 2018	88,749
	--------

6. Debtors

	2019	2018
	£	£
Trade debtors	82,119	190,443
Other debtors	464,780	17,381
	---------	---------
	546,899	207,824
	---------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	71,136	80,617
Trade creditors	183,597	98,683
Social security and other taxes	10,106	7,667
Other creditors	36,452	292,596
	---------	---------
	301,291	479,563
	---------	---------

Bank loans and overdrafts are secured against the assets of the company.

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	351,423	252,428
	---------	---------

Bank loans and overdrafts are secured against the assets of the company.

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	22,093	–
Later than 1 year and not later than 5 years	56,662	–
	--------	----
	78,755	–
	--------	----

10. Directors' advances, credits and guarantees

During the year the directors operated a directors loan account. Interest on this balance was charged at the HMRC approved rate and there were no specific repayment terms. The balance as at year end was as follows:

	2019	2018
	£	£
Advances	96,416	–
Repayments	3,565	–
Balance due to / (from) the directors	(92,851)	–