Prism Administration Limited - Accounts to registrar (filleted) - small 18.2

PRISM ADMINISTRATION LIMITED

Financial Statements

for the period

1 January 2019 to 30 June 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

Gideon Jacob Lyons

Anna Jacqueline Josse

Registered office:

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Registered number:

04613212 (England and Wales)

Current assets

Debtors

5

-

62,000

Cash at bank

438,112

196,311

438,112

258,311

Creditors

Amounts falling due within one year

6

108,987

66,748

Net current assets

329,125

191,563

Total assets less current liabilities

329,125

191,563

Capital and reserves

Called up share capital

7

2

2

Retained earnings

8

329,123

191,561

Shareholders' funds

329,125

191,563

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2019 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 applicable to companies subject to the small companies regime.

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 3 March 2020 and were signed on its behalf by:

Anna Jacqueline Josse - Director

1.	Statutory information

Prism Administration 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.	Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	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).

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, estimates

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 of assets, the directors have considered both

external and internal sources of information such as market conditions, counterparty credit ratings and

experience of 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.

(i) 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 VAT.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the

timing difference.

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.

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 and external debt

liabilities.

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.

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.

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) 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.

4.	Employees and directors

The average number of employees during the period was 14 (2018 - 14 ) .

5.

Debtors: amounts falling due within one year

2019

2018

£

£

Other debtors

-

62,000

6.

Creditors: amounts falling due within one year

2019

2018

£

£

Bank loans and overdrafts

58

-

Taxation and social security

108,928

66,748

Other creditors

1

-

108,987

66,748

7.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2

Ordinary shares

£1

2

2

8.

Reserves

Retained

earnings

£

At 1 January 2019

191,561

Profit for the period

137,562

At 30 June 2019

329,123