Performancebar Ltd Filleted accounts for Companies House (small and micro)

PERFORMANCEBAR LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08264187

Performancebar Ltd

Filleted Unaudited Financial Statements

For the year ended

31 October 2021

Performancebar Ltd

Financial Statements

Year ended 31 October 2021

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Performancebar Ltd

Officers and Professional Advisers

Director	Mr H Patel

Registered office	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Accountants	ADS Accountancy Limited
	Chartered Accountants
	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Bankers	National Westminster
	Commercial Business Centre
	PO Box 64
	Southwell Road West
	Mansfield
	Notts
	NG18 4GS

Performancebar Ltd

Statement of Financial Position

31 October 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	4		13,295	17,435

Current assets

Stocks	7,686	4,634
Cash at bank and in hand	193,586	107,539
	---------	---------
	201,272	112,173

Creditors: amounts falling due within one year	5	150,626		66,672
		---------		---------
Net current assets			50,646	45,501
			--------	--------
Total assets less current liabilities			63,941	62,936

Creditors: amounts falling due after more than one year	6	41,667	41,667
		--------	--------
Net assets		22,274	21,269
		--------	--------

Capital and reserves

Called up share capital	7	1	1
Profit and loss account		22,273	21,268
		--------	--------
Shareholders funds		22,274	21,269
		--------	--------

These 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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

Performancebar Ltd

Statement of Financial Position (continued)

31 October 2021

These financial statements were approved by the board of directors and authorised for issue on 25 July 2022 , and are signed on behalf of the board by:

Mr H Patel
Director

Company registration number: 08264187

Performancebar Ltd

Notes to the Financial Statements

Year ended 31 October 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 550 Valley Road, Basford, Nottingham, NG5 1JJ.

2. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced for work carried out during the year, exclusive of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures & fittings	-	25% reducing balance
Equipment	-	25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 24 (2020: 25 ).

4. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 November 2020	54,040	1,560	55,600
Additions	–	292	292
	--------	-------	--------
At 31 October 2021	54,040	1,852	55,892
	--------	-------	--------
Depreciation
At 1 November 2020	37,415	750	38,165
Charge for the year	4,157	275	4,432
	--------	-------	--------
At 31 October 2021	41,572	1,025	42,597
	--------	-------	--------
Carrying amount
At 31 October 2021	12,468	827	13,295
	--------	-------	--------
At 31 October 2020	16,625	810	17,435
	--------	-------	--------

5. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	8,333	8,333
Trade creditors	34,912	12,242
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	442
Corporation tax	922	152
Social security and other taxes	25,542	9,602
Other creditors	80,917	35,901
	---------	--------
	150,626	66,672
	---------	--------

6. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	41,667	41,667
	--------	--------

7. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 1 each	1	1	1	1
	----	----	----	----

8. Director's advances, credits and guarantees

At the statement of financial position date the balance owing to the director through the directors loan account was £47,244 (2020: £23,670). The directors loan in unsecured, interest free and repayable on demand.