PRM Global Ltd - Accounts to registrar (filleted) - small 18.2

PRM Global Ltd - Accounts to registrar (filleted) - small 18.2

PRM GLOBAL LTD - Company Information

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IRIS Accounts Production v21.1.6.35 PR MEDIACO LIMITED 08213137 Board of Directors 1.9.19 31.8.20 31.8.20 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure082131372019-08-31082131372020-08-31082131372019-09-012020-08-31082131372018-08-31082131372018-09-012019-08-31082131372019-08-310821313712019-09-012020-08-3108213137ns16:EnglandWales2019-09-012020-08-3108213137ns15:PoundSterling2019-09-012020-08-3108213137ns11:Director12019-09-012020-08-3108213137ns11:PrivateLimitedCompanyLtd2019-09-012020-08-3108213137ns11:SmallEntities2019-09-012020-08-3108213137ns11:AuditExempt-NoAccountantsReport2019-09-012020-08-3108213137ns11:SmallCompaniesRegimeForDirectorsReport2019-09-012020-08-3108213137ns11:SmallCompaniesRegimeForAccounts2019-09-012020-08-3108213137ns11:FullAccounts2019-09-012020-08-3108213137ns6:CurrentFinancialInstruments2020-08-3108213137ns6:CurrentFinancialInstruments2019-08-3108213137ns6:ShareCapital2020-08-3108213137ns6:ShareCapital2019-08-3108213137ns6:RetainedEarningsAccumulatedLosses2020-08-3108213137ns6:RetainedEarningsAccumulatedLosses2019-08-3108213137ns6:PlantMachinery2019-08-3108213137ns6:PlantMachinery2019-09-012020-08-3108213137ns6:PlantMachinery2020-08-3108213137ns6:PlantMachinery2019-08-3108213137ns6:CurrentFinancialInstrumentsns6:WithinOneYear2020-08-3108213137ns6:CurrentFinancialInstrumentsns6:WithinOneYear2019-08-3108213137ns6:DeferredTaxation2019-08-3108213137ns6:DeferredTaxation2019-09-012020-08-3108213137ns6:DeferredTaxation2020-08-31
REGISTERED NUMBER: 08213137 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

FOR

PRM GLOBAL LTD
PRM GLOBAL LTD (REGISTERED NUMBER: 08213137)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


PRM GLOBAL LTD (REGISTERED NUMBER: 08213137)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 44,439 49,604

CURRENT ASSETS
Debtors 5 899,677 272,832
Cash at bank and in hand 814,464 319,677
1,714,141 592,509
CREDITORS
Amounts falling due within one year 6 976,657 286,991
NET CURRENT ASSETS 737,484 305,518
TOTAL ASSETS LESS CURRENT
LIABILITIES
781,923
355,122

PROVISIONS FOR LIABILITIES 7 11,557 9,425
NET ASSETS 770,366 345,697

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 770,266 345,597
770,366 345,697

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2021 and were signed on its behalf by:





Mrs S Panagiotaki - Director


The notes form part of these financial statements

Page 1
PRM GLOBAL LTD (REGISTERED NUMBER: 08213137)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020

1. STATUTORY INFORMATION

PRM Global Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08213137

Registered office: 1 Kings Avenue
Winchmore Hill
London
N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may 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 where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

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

Revenue is recognised when services are rendered to the customers.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery - 25% on reducing balance.

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised as income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised as income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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PRM GLOBAL LTD (REGISTERED NUMBER: 08213137)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2020

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2019 - 9 ) .

Page 3 continued...
PRM GLOBAL LTD (REGISTERED NUMBER: 08213137)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2020

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
COST
At 1 September 2019 73,005
Additions 7,236
At 31 August 2020 80,241
DEPRECIATION
At 1 September 2019 23,401
Charge for year 12,401
At 31 August 2020 35,802
NET BOOK VALUE
At 31 August 2020 44,439
At 31 August 2019 49,604

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 582,454 143,389
Other debtors 317,223 129,443
899,677 272,832

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade creditors 638,059 160,196
Taxation and social security 181,851 73,502
Other creditors 156,747 53,293
976,657 286,991

7. PROVISIONS FOR LIABILITIES
2020 2019
£    £   
Deferred tax 11,557 9,425

Deferred
tax
£   
Balance at 1 September 2019 9,425
Provided during year 2,132
Balance at 31 August 2020 11,557

8. OTHER FINANCIAL COMMITMENTS

The company has annual commitments under non-cancellable operating leases of £26,768 (2019: £26,284) for the next year.

Page 4 continued...
PRM GLOBAL LTD (REGISTERED NUMBER: 08213137)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2020

9. RELATED PARTY DISCLOSURES

Included within other debtors is an amount of £250,180 (2019: £80,084) owed from companies under common directorship and control. This amount is provided interest free and is repayable on demand.

Included within other creditors is an amount of £100,000 (2019: £Nil) owed to companies under common control. This amount is provided interest free and is repayable on demand.

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