Periodic Videos Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07825438 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 October 2020

for

Periodic Videos Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr B J Haran

Ms K A Pentelow

REGISTERED OFFICE:

Cliffe Hill House

22 - 26 Nottingham Road

Stapleford

Nottingham

Nottinghamshire

NG9 8AA

REGISTERED NUMBER:

07825438 (England and Wales)

ACCOUNTANTS:

Haines Watts

Cliffe Hill House

22-26 Nottingham Road

Stapleford

Nottingham

NG9 8AA

FIXED ASSETS

Intangible assets

4

10,000

20,000

Tangible assets

5

25,983

31,893

35,983

51,893

CURRENT ASSETS

Debtors

6

448,804

92,667

Cash at bank

1,073,706

1,158,110

1,522,510

1,250,777

CREDITORS

Amounts falling due within one year

7

129,300

132,121

NET CURRENT ASSETS

1,393,210

1,118,656

TOTAL ASSETS LESS CURRENT LIABILITIES

1,429,193

1,170,549

PROVISIONS FOR LIABILITIES

4,937

6,060

NET ASSETS

1,424,256

1,164,489

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,424,156

1,164,389

SHAREHOLDERS' FUNDS

1,424,256

1,164,489

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2021 and were signed on its behalf by:

Mr B J Haran - Director

1.	STATUTORY INFORMATION

Periodic Videos Ltd 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Where the company has partially performed its contractual obligations, it recognises revenue to the extent that it has obtained the right to consideration through its performance.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 year 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2019

and 31 October 2020

100,000

AMORTISATION

At 1 November 2019

80,000

Charge for year

10,000

At 31 October 2020

90,000

NET BOOK VALUE

At 31 October 2020

10,000

At 31 October 2019

20,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2019

98,633

Additions

2,752

At 31 October 2020

101,385

DEPRECIATION

At 1 November 2019

66,740

Charge for year

8,662

At 31 October 2020

75,402

NET BOOK VALUE

At 31 October 2020

25,983

At 31 October 2019

31,893

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade debtors

42,156

40,706

Other debtors

406,648

51,961

448,804

92,667

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade creditors

521

510

Taxation and social security

115,259

128,443

Other creditors

13,520

3,168

129,300

132,121

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2020 and 31 October 2019:

31.10.20

31.10.19

£

£

Mr B J Haran and Ms K A Pentelow

Balance outstanding at start of year

(68

)

(1,056

)

Amounts advanced

599,800

139,799

Amounts repaid

(235,021

)

(138,811

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

364,711

(68

)

The director withdrew money from the company to protect the money against the risk of the banks going out of business due to the Covid pandemic. These amounts will be repaid within 9 months of the year end.