Proud Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11058759 (England and Wales)

Financial Statements for the Year Ended 31 December 2020

for

Proud Group Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

A E W Proud

REGISTERED OFFICE:

5 Technology Park

Colindeep Lane

Colindale

London

NW9 6BX

REGISTERED NUMBER:

11058759 (England and Wales)

ACCOUNTANTS:

Grunberg & Co Limited

Chartered Accountants

5 Technology Park

Colindeep Lane

Colindale

London

NW9 6BX

FIXED ASSETS

Tangible assets

4

2,518

3,357

CREDITORS

Amounts falling due within one year

5

28,487

25,118

NET CURRENT LIABILITIES

(28,487

)

(25,118

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(25,969

)

(21,761

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(25,970

)

(21,762

)

SHAREHOLDERS' FUNDS

(25,969

)

(21,761

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 March 2022 and were signed by:

A E W Proud - Director

1.	STATUTORY INFORMATION

Proud Group Limited 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.

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.

Going concern

The accounts have been prepared on a going concern basis, since in the opinion of the directors, it is appropriate to assume that the company will receive continued support for a period in excess of twelve months from the date of approval of the financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Tangible fixed assets

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

Financial instruments

The Company only enters into basic financial instruments 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 non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term, highly liquid funds with original maturities of three months or less and invoice discounting advances.

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 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.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2020

and 31 December 2020

5,968

DEPRECIATION

At 1 January 2020

2,611

Charge for year

839

At 31 December 2020

3,450

NET BOOK VALUE

At 31 December 2020

2,518

At 31 December 2019

3,357

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

3

-

Amounts owed to group undertakings

4,266

-

Other creditors

21,518

21,518

Accrued expenses

2,700

3,600

28,487

25,118

6.	SECURED DEBTS

There is a fixed and floating charge over the assets of the company.

7.	ULTIMATE CONTROLLING PARTY

The controlling party is Proud Cabaret and Supper Club Limited.

The ultimate controlling party is A E W Proud.