Panda Creative Limited 28/02/2020 iXBRL

Panda Creative Limited 28/02/2020 iXBRL

PANDA CREATIVE LTD - Company Information

Print Friendly Version

1 28/02/2020 2020-02-28 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2019-03-01 Sage Accounts Production 20.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 08358366 2019-03-01 2020-02-28 08358366 2020-02-28 08358366 2019-02-28 08358366 2018-03-01 2019-02-28 08358366 2019-02-28 08358366 core:NetGoodwill 2019-03-01 2020-02-28 08358366 bus:Director1 2019-03-01 2020-02-28 08358366 core:NetGoodwill 2019-02-28 08358366 core:NetGoodwill 2020-02-28 08358366 core:FurnitureFittingsToolsEquipment 2019-02-28 08358366 core:FurnitureFittingsToolsEquipment 2020-02-28 08358366 core:WithinOneYear 2020-02-28 08358366 core:WithinOneYear 2019-02-28 08358366 core:ShareCapital 2020-02-28 08358366 core:ShareCapital 2019-02-28 08358366 core:RetainedEarningsAccumulatedLosses 2020-02-28 08358366 core:RetainedEarningsAccumulatedLosses 2019-02-28 08358366 core:FurnitureFittingsToolsEquipment 2019-03-01 2020-02-28 08358366 core:NetGoodwill 2019-02-28 08358366 core:FurnitureFittingsToolsEquipment 2019-02-28 08358366 bus:Director1 2019-02-28 08358366 bus:Director1 2020-02-28 08358366 bus:Director1 2018-02-28 08358366 bus:Director1 2019-02-28 08358366 bus:Director1 2018-03-01 2019-02-28 08358366 bus:SmallEntities 2019-03-01 2020-02-28 08358366 bus:AuditExempt-NoAccountantsReport 2019-03-01 2020-02-28 08358366 bus:FullAccounts 2019-03-01 2020-02-28 08358366 bus:SmallCompaniesRegimeForAccounts 2019-03-01 2020-02-28 08358366 bus:PrivateLimitedCompanyLtd 2019-03-01 2020-02-28
Company registration number: 08358366
Panda Creative Limited
Unaudited filleted financial statements
28 February 2020
Panda Creative Limited
Contents
Statement of financial position
Notes to the financial statements
Panda Creative Limited
Statement of financial position
28 February 2020
2020 2019
Note £ £ £ £
Fixed assets
Intangible assets 5 3,000 4,000
Tangible assets 6 3,816 5,004
_______ _______
6,816 9,004
Current assets
Debtors 7 5,139 2,859
Cash at bank and in hand 2,220 5,782
_______ _______
7,359 8,641
Creditors: amounts falling due
within one year 8 ( 9,220) ( 9,189)
_______ _______
Net current liabilities ( 1,861) ( 548)
_______ _______
Total assets less current liabilities 4,955 8,456
Provisions for liabilities ( 725) ( 951)
_______ _______
Net assets 4,230 7,505
_______ _______
Capital and reserves
Called up share capital 102 102
Profit and loss account 4,128 7,403
_______ _______
Shareholders funds 4,230 7,505
_______ _______
For the year ending 28 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of 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.
These financial statements were approved by the board of directors and authorised for issue on 22 October 2020 , and are signed on behalf of the board by:
Mr J R Mansell
Director
Company registration number: 08358366
Panda Creative Limited
Notes to the financial statements
Year ended 28 February 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Brooklands House, 58 Marlborough Road, Lancing, West Sussex, BN15 8AF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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:
Fittings fixtures and equipment - 20% and 25% Reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 March 2019 and 28 February 2020 10,000 10,000
_______ _______
Amortisation
At 1 March 2019 6,000 6,000
Charge for the year 1,000 1,000
_______ _______
At 28 February 2020 7,000 7,000
_______ _______
Carrying amount
At 28 February 2020 3,000 3,000
_______ _______
At 28 February 2019 4,000 4,000
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 March 2019 and 28 February 2020 15,517 15,517
_______ _______
Depreciation
At 1 March 2019 10,513 10,513
Charge for the year 1,188 1,188
_______ _______
At 28 February 2020 11,701 11,701
_______ _______
Carrying amount
At 28 February 2020 3,816 3,816
_______ _______
At 28 February 2019 5,004 5,004
_______ _______
7. Debtors
2020 2019
£ £
Trade debtors 4,903 1,398
Other debtors 236 1,461
_______ _______
5,139 2,859
_______ _______
8. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 1,776 504
Corporation tax 6,319 7,725
Social security and other taxes 207 -
Other creditors 918 960
_______ _______
9,220 9,189
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr J R Mansell ( 10) ( 8) ( 18)
_______ _______ _______
2019
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr J R Mansell ( 23) 13 ( 10)
_______ _______ _______
10. Controlling party
The company is under the control of Mr J R Mansell .