ACCOUNTS - Final Accounts

PASSIONPOINT LIMITED - Company Information

Registered number: 08383488

PASSIONPOINT LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020


PASSIONPOINT LIMITED

CONTENTS

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2 - 4


PASSIONPOINT LIMITED REGISTERED NUMBER:08383488

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2020

		2020		2019
Note		£		£

Fixed assets
Investments	4		50		50
Current assets
Debtors: amounts falling due within one year	5	503		6,366
Cash at bank and in hand		431,826		346,077
		432,329		352,443
Current liabilities
Creditors: amounts falling due within one year	6	(15,864)		(13,276)
Net current assets			416,465		339,167

Net assets			416,515		339,217

Capital and reserves
Called up share capital	7	100	100
Profit and loss account		416,415	339,117
		416,515	339,217

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 January 2021.

D Day

Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1


PASSIONPOINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

1.	General information

Passionpoint Limited is a limited liability company registered in England and Wales. Its registered office address is at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire WD6 1JD.
The principal activity of the company during the year was that of brand consultancy.
The financial statements are presented in £ sterling, which is the functional currency of the company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

2.3

Turnover

Turnover comprises revenue recognised by the company in respect of services supplied during the
year, exclusive of Value Added Tax and trade discounts.

2.4

Basic financial instruments

The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 2


PASSIONPOINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

2.Accounting policies (continued)

2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Employees

The average monthly number of employees, including directors, during the year was 2 (2019 - 2).

4.	Fixed asset investments

		Investments in associates
		£
	Cost or valuation
	At 1 April 2019	50
	At 31 March 2020	50

	Net book value
	At 31 March 2020	50
	At 31 March 2019	50

Debtors

					2020	2019
					£	£


Other debtors	503	474
Prepayments and accrued income	-	5,892
	503	6,366

Page 3


PASSIONPOINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

6.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	-	6,879
Other taxation and social security	12,690	3,669
Other creditors	779	778
Accruals and deferred income	2,395	1,950
	15,864	13,276

7.	Share capital
		2020	2019
		£	£

Allotted, called up and fully paid

100 (2019 - 100) Ordinary shares of £1 each	100	100

Page 4