ACCOUNTS - Final Accounts preparation

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Registered number: 13027893

PODBACK LIMITED

(A Company Limited by Guarantee)

UNAUDITED

FINANCIAL STATEMENTS

FOR THE 14-MONTH PERIOD ENDED 31 DECEMBER 2021


PODBACK LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER:13027893

BALANCE SHEET

AS AT 31 DECEMBER 2021

		2021
Note		£

Fixed assets
Tangible assets	4		577
			577
Current assets
Stocks		116,684
Debtors: amounts falling due within one year	5	2,968
Cash at bank and in hand		2,818,456
		2,938,108
Creditors: amounts falling due within one year	6	(2,938,685)
Net current (liabilities)/assets			(577)

Net assets			-

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 14-month period 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 and delivered 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 Company has opted not to file the Statement of Income and Retained Earnings 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 by:

G Chesneau

Director

Date: 19 May 2022

The notes on pages 2 to 6 form part of these financial statements.

Page 1


PODBACK LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 14-MONTH PERIOD ENDED 31 DECEMBER 2021

1.	General information

Podback Limited is a private company, limited by guarantee, domiciled and incorporated in England and Wales (registered number: 13027893). The registered office address is 25 Moorgate, London, United Kingdom, EC2R 6AY.
The Company's functional and presentational currency is GBP.

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

Going concern

The financial statements have been prepared on a going concern basis.
The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast doubt on the Company's ability to continue as a going concern.

2.3

Turnover

Turnover 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. Turnover 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

Turnover 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.

Page 2


PODBACK LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 14-MONTH PERIOD ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.4

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer 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.

2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3


PODBACK LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 14-MONTH PERIOD ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.7

Financial instruments

Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management.
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.

Employees

The average monthly number of employees, including directors, during the 14-month period was 1.

Page 4


PODBACK LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 14-MONTH PERIOD ENDED 31 DECEMBER 2021

4.	Tangible fixed assets

		Computer equipment
		£
	Cost
	Additions	675
	At 31 December 2021	675
	Depreciation
	Charge for the period	98
	At 31 December 2021	98
	Net book value
	At 31 December 2021	577

Page 5


PODBACK LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 14-MONTH PERIOD ENDED 31 DECEMBER 2021

Debtors

					2021
					£


	Other debtors	6
	Prepayments and accrued income	2,962
		2,968

6.	Creditors: Amounts falling due within one year
		2021
		£

	Trade creditors	747,541
	Other taxation and social security	199,288
	Other creditors	31,854
	Accruals and deferred income	1,960,002
		2,938,685


7.	Company status

The Company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the Company in the event of liquidation.

8.	Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £13,608. Contributions totalling £13,608 were payable to the fund at the reporting date.

9.	Controlling party

The ultimate controlling parties of Podback Limited are Nestle UK Limited and Jacobs Douwe Egberts GB Limited, by virtue of their significant influence and control in the Company.

Page 6