P2P Publishing Limited - Period Ending 2019-12-31

P2P PUBLISHING LIMITED - Company Information

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Registration number: 06014651

P2P Publishing Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2019

P2P Publishing Limited

Contents

Company Information	1
Directors' Report	2
Profit and Loss Account	3
Balance Sheet	4
Statement of Changes in Equity	5
Notes to the Unaudited Financial Statements	6 to 10

P2P Publishing Limited

Company Information

Directors

Mrs Janet Treacy Pierce

Mr Riccardo Silva

Mr Marco Auletta

Company secretary

Mrs Janet Treacy Pierce

Registered office

Park House
116 Park Street
London
W1K 6AF

Accountants

Charter Tax Consulting Limited
Chartered Accountants
11 St. James's Place
London
SW1A 1NP

P2P Publishing Limited

Directors' Report for the Year Ended 31 December 2019

The directors present their report and the unaudited financial statements for the year ended 31 December 2019.

This report has been prepared in accordance with the special provisions of section 381 of the Companies Act 2006 relating to small companies. The directors has taken exemption under this regime not to disclose the strategic report.

Directors' of the company

The directors, who held office during the year, were as follows:

Mrs Janet Treacy Pierce

Mr Riccardo Silva

Mr Marco Auletta

Going concern

After consideration of events that have happened after the year end, the directors have not deemed it appropriate to prepare the financial statements on a going concern basis.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 11 November 2020 and signed on its behalf by:

.........................................
Mrs Janet Treacy Pierce
Company secretary and director

P2P Publishing Limited

Profit and Loss Account for the Year Ended 31 December 2019

	Note	2019 £	2018 £
Turnover	3	34,894	41,485
Administrative expenses		(3,041)	(1,836)
Operating profit		31,853	39,649
Profit before tax		31,853	39,649
Profit for the year		31,853	39,649

The above results were derived from continuing operations.

P2P Publishing Limited

(Registration number: 06014651)
Balance Sheet as at 31 December 2019

	Note	31 December 2019 £	31 December 2018 £
Current assets
Debtors	5	107,304	62,416
Cash at bank and in hand	6	865	4,153
		108,169	66,569
Creditors: Amounts falling due within one year	8	(17,293)	(7,546)
Net assets		90,876	59,023
Capital and reserves
Called up share capital	7	1	1
Profit and loss account		90,875	59,022
Shareholders' funds		90,876	59,023

For the financial year ending 31 December 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 accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 11 November 2020 and signed on its behalf by:

.........................................
Mrs Janet Treacy Pierce
Company secretary and director

P2P Publishing Limited

Statement of Changes in Equity for the Year Ended 31 December 2019

	Share capital £	Retained earnings £	Total £
At 1 January 2019	1	59,022	59,023
Profit for the year	-	31,853	31,853
Total comprehensive income	-	31,853	31,853
At 31 December 2019	1	90,875	90,876

	Share capital £	Retained earnings £	Total £
At 1 December 2017	1	19,373	19,374
Profit for the year	-	39,649	39,649
Total comprehensive income	-	39,649	39,649
At 31 December 2018	1	59,022	59,023

P2P Publishing Limited

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

1	General information

The company is a private company limited by share capital, incorporated and domiciled in England and Wales.

The address of its registered office is:
Park House
116 Park Street
London
W1K 6AF
England

These financial statements were authorised for issue by the Board on 11 November 2020.

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.

Basis of preparation

These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework.

These financial statements are prepared in UK Pound Sterling (£).

Summary of disclosure exemptions

In these financial statements, the company has applied the exemptions available under FRS 101 in respect of the following disclosures:

A cash flow statement and related notes;
The effects of new but not yet effective IFRS's;
An additional balance sheet for the beginning of the earliest comparative period following the retrospective change in accounting policy;
Disclosures in respect of the compensation of 'Key Management Personnel';
Disclosures in respect of 'Capital Management';
Disclosure of transactions within the management entity that provides Key Management Personnel to the company.

P2P Publishing Limited

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

Going concern

The financial statements have not been prepared on a going concern basis due to the company ceasing to trade on 22 May 2020.

Changes in accounting policy

None of the standards, interpretations and amendments effective for the first time from 1 January 2019 have had a material effect on the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

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 activities.

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 changes in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as fixed assets.

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 debtors.

Trade creditors

Trade creditors are obligations to pay for services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

P2P Publishing Limited

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

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

	2019 £	2018 £
Royalties received	34,757	37,751
Other revenue	137	3,734
	34,894	41,485

4	Staff costs

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

	2019 No.	2018 No.
Other departments	3	3
	3	3

5	Trade and other debtors

	31 December 2019 £	31 December 2018 £
Trade debtors	-	13,265
Loans due from related parties	104,522	46,286
Accrued income	2,782	2,865
	107,304	62,416

6	Cash at bank and in hand

	31 December 2019 £	31 December 2018 £
Cash at bank	865	4,153

7	Share capital

Allotted, called up and fully paid shares

P2P Publishing Limited

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

	31 December 2019		31 December 2018
	No.	£	No.	£
Ordinary Shares of £1 each	1	1	1	1

P2P Publishing Limited

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

8	Trade and other creditors

	31 December 2019 £	31 December 2018 £
Trade creditors	3,069	-
Accrued expenses	2,000	1,750
Amounts due to related parties	8,317	-
Other creditors	3,907	5,796
	17,293	7,546

9	Related party transactions

Summary of transactions with other related parties

The company has taken advantage of the exemption in FRS 101 that transactions do not need to be disclosed with companies whose voting rights are wholly controlled within the group.

10	Parent and ultimate parent undertaking

The company's immediate parent is Electric Word Limited.

The ultimate parent is Silva International Investments (UK) Ltd.

The most senior parent entity producing publicly available financial statements is Silva International Investments (UK) Ltd. These financial statements are available upon request from Park House, 116 Park Street, London, W1K 6AF.

Relationship between entity and parents

The parent of the largest group in which these financial statements are consolidated is Sport Business Acquisitions Limited, incorporated in England and Wales.

The address of Sport Business Acquisitions Limited is:
Park House, 116 Park Street, London, W1K 6AF.