| People Per Hour Limited |
| Notes to the Accounts |
| for the year ended 31 December 2019 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
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). |
|
|
Turnover |
|
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 rendering of services. 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. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
20% reducing balance |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Debtors |
|
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. |
|
|
Creditors |
|
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. |
|
|
Taxation |
|
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. |
|
|
Provisions |
|
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. |
|
|
Foreign currency translation |
|
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. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Restatement of previous years accounts |
|
|
The 2018 detailed profit and loss account has been restated as there was a misclassification of management fees charged to the subsidiary PPH Enterprise Solutions Limited. This has had no impact on the result for the year or the reserves.
There was also a misstatement of the investment in the subsidiary, People Per Hour Hellas ΙΚΕ. The investment was £25,364 and this was included in the amounts due from group undertakings. This has had no impact on the result for the year of the reserves. |
|
|
| 3 |
Employees |
2019 |
|
2018 |
| Number |
Number |
|
|
Average number of persons employed by the company |
14 |
|
10 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 January 2019 |
100,000 |
|
At 31 December 2019 |
100,000 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 January 2019 |
100,000 |
|
At 31 December 2019 |
100,000 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2019 |
- |
|
|
|
|
|
|
|
|
|
|
Goodwill was capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over it's useful economic life. |
|
|
| 5 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 January 2019 |
133,775 |
|
Additions |
14,027 |
|
At 31 December 2019 |
147,802 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2019 |
95,360 |
|
Charge for the year |
10,489 |
|
At 31 December 2019 |
105,849 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2019 |
41,953 |
|
At 31 December 2018 |
38,415 |
|
|
| 6 |
Investments |
| Investments in |
| subsidiary |
Other |
| undertakings |
investments |
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 January 2019 |
25,366 |
|
13,919 |
|
39,285 |
|
|
At 31 December 2019 |
25,366 |
|
13,919 |
|
39,285 |
|
|
| 7 |
Debtors |
2019 |
|
2018 |
| £ |
£ |
|
|
Trade debtors |
613 |
|
- |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
2,139,250 |
|
816,948 |
|
Other debtors |
111,454 |
|
200,423 |
|
|
|
|
|
|
2,251,317 |
|
1,017,371 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Creditors: amounts falling due within one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Bank loans and overdrafts |
250,000 |
|
50,000 |
|
Trade creditors |
2,609,526 |
|
2,428,909 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
134,552 |
|
- |
|
Taxation and social security costs |
256,135 |
|
208,854 |
|
Other creditors |
28,495 |
|
26,442 |
|
|
|
|
|
|
3,278,708 |
|
2,714,205 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Creditors: amounts falling due after one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Bank loans |
687,500 |
|
950,000 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Capital redemption reserve |
2019 |
|
2018 |
| £ |
£ |
|
|
At 1 January 2019 |
41 |
|
20 |
|
Shares redeemed |
- |
|
21 |
|
|
At 31 December 2019 |
41 |
|
41 |
|
|
|
|
|
|
|
|
|
|
| 11 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
X Thrasyvolou |
|
Directors loan |
168,071 |
|
20,775 |
|
(150,000) |
|
38,846 |
|
|
|
168,071 |
|
20,775 |
|
(150,000) |
|
38,846 |
|
|
|
|
|
|
|
|
|
|
| 12 |
Related party transactions |
|
|
The company was charged £1,332,917 (2018: £877,725) by People Per Hour Hellas ΙΚΕ, a wholly owned subsidiary, for contractors and office costs and paid £1,208,934 (2018: £850,756) to the subsidiary. At the end of the year, the company owed People Per Hour Hellas ΙΚΕ a total of £126,712 (2018: the company was owed £2,729). The company also received a dividend of £38,511 (2018: £0) from the subsidiary.
The company charged £832,349 (2018: £182,357) including VAT to PPH Enterprise Solutions Limited, a wholly owned subsidiary, for management charges. The company also paid £441,419 (2018: £255,003) during the year on behalf of PPH Enterprise Solutions Limited. At the end of the year, the company was owed £1,964,732 by PPH Enterprise Solutions Limited (2018: £690,964).
The company sent funds to PPH US LLC, a wholly owned subsidiary, during the year of £1,211,383 (2018: £299); PPH US LLC paid out £1,159,670 (2018: £13,819) on behalf of the company. At the end of the year, the company was owed £174,518 by PPH US LLC (2018: £122,805). |
|
|
| 13 |
Other information |
|
|
People Per Hour Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
5 Fleet Place |
|
London |
|
EC4M 7RD |
