ACCOUNTS - Final Accounts

PLEAT PROMOTIONS LIMITED - Company Information

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Registered number: 01933793

PLEAT PROMOTIONS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2020

PLEAT PROMOTIONS LIMITED

CONTENTS

	Page
Accountants' report	1
Balance sheet	2 - 3
Notes to the financial statements	4 - 8

PLEAT PROMOTIONS LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PLEAT PROMOTIONS LIMITED
FOR THE YEAR ENDED 31 JULY 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pleat Promotions Limited for the year ended 31 July 2020 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the director of Pleat Promotions Limited in accordance with the terms of our engagement letter dated 6 February 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Pleat Promotions Limited and state those matters that we have agreed to state to the director of Pleat Promotions Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pleat Promotions Limited and its director for our work or for this report.

It is your duty to ensure that Pleat Promotions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pleat Promotions Limited. You consider that Pleat Promotions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Pleat Promotions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

BAGINSKY COHEN

CHARTERED ACCOUNTANTS

930 HIGH ROAD

LONDON

N12 9RT

4 March 2021

Page 1

PLEAT PROMOTIONS LIMITED

REGISTERED NUMBER: 01933793

BALANCE SHEET

AS AT 31 JULY 2020

	2020	2020	2019	2019
Note	£	£	£	£

FIXED ASSETS
Tangible assets	4		104		139
Investments	5		330,000		330,000
			330,104		330,139
CURRENT ASSETS
Debtors: amounts falling due within one year	6	11,246		20,839
Cash at bank and in hand	7	506,899		450,770
		518,145		471,609
Creditors: amounts falling due within one year	8	(48,875)		(35,892)
NET CURRENT ASSETS			469,270		435,717

NET ASSETS			799,374		765,856

CAPITAL AND RESERVES
Called up share capital	9	100	100
Profit and loss account	10	799,274	765,756
		799,374	765,856

The director considers 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 4 March 2021.

D.J. PLEAT

Director

Page 2

PLEAT PROMOTIONS LIMITED

REGISTERED NUMBER: 01933793

BALANCE SHEET (CONTINUED)

AS AT 31 JULY 2020

The notes on pages 4 to 8 form part of these financial statements.

Page 3

PLEAT PROMOTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

1.ACCOUNTING POLICIES

1.1

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 2).

The following principal accounting policies have been applied:

1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

1.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

1.4

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 balance sheet date in the countries where the Company operates and generates income.

1.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

PLEAT PROMOTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

1.ACCOUNTING POLICIES (CONTINUED)

1.5

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment

25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

1.6

Investment

Investments held as fixed assets are shown at cost less provision for impairment.

1.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

1.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

PLEAT PROMOTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

2.	JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company's accounting policies, which are described in note 1, management is required to make judgments, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are consdidered to be relevant. Actual results my differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

EMPLOYEES

The average monthly number of employees, including the director, during the year was as follows:

			2020	2019
			No.	No.

			3	3

4.	TANGIBLE FIXED ASSETS

		Office equipment
		£
	COST OR VALUATION
	At 1 August 2019	8,175
	At 31 July 2020	8,175
	DEPRECIATION
	At 1 August 2019	8,036
	Charge for the year on owned assets	35
	At 31 July 2020	8,071
	NET BOOK VALUE
	At 31 July 2020	104
	At 31 July 2019	139

Page 6

PLEAT PROMOTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

5.	FIXED ASSET INVESTMENTS

		Unlisted investments
		£
	COST OR VALUATION
	At 1 August 2019	330,000
	At 31 July 2020	330,000

Market value as at 31 July 2020: £449,461 (2019: £469,379)

DEBTORS

					2020	2019
					£	£


Trade debtors	8,815	16,543
Other debtors	2,431	4,296
	11,246	20,839

7.	CASH AND CASH EQUIVALENTS
		2020	2019
		£	£

	Cash at bank and in hand	506,899	450,771

8.	CREDITORS: Amounts falling due within one year
		2020	2019
		£	£

Corporation tax	19,597	11,144
Other taxation and social security	4,401	3,430
Other creditors	19,062	15,763
Accruals and deferred income	5,815	5,555
	48,875	35,892

9.	SHARE CAPITAL
		2020	2019
		£	£

		Allotted, called up and fully paid

Page 7

PLEAT PROMOTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

9.SHARE CAPITAL (CONTINUED)

100 (2019 - 100) Ordinary shares of £1.00 each

100

10.

RESERVES

Profit & loss account

This includes all current and prior period retained profits and losses.

Page 8