Playcreate Media Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07301879 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

FOR

PLAYCREATE MEDIA LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

D J Henderson

REGISTERED OFFICE:

Marine House

Tide Mill Way

Woodbridge

Suffolk

IP12 1AP

REGISTERED NUMBER:

07301879 (England and Wales)

AUDITORS:

Walter Wright

Chartered Accountants

Statutory Auditor

89 High Street

Hadleigh

Ipswich

Suffolk

IP7 5EA

CURRENT ASSETS

Debtors

4

23,046

19,177

Cash at bank

8,150

9,246

31,196

28,423

CREDITORS

Amounts falling due within one year

5

2,294

2,294

NET CURRENT ASSETS

28,902

26,129

TOTAL ASSETS LESS CURRENT LIABILITIES

28,902

26,129

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

7

27,902

25,129

SHAREHOLDERS' FUNDS

28,902

26,129

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 director and authorised for issue on 24 March 2022 and were signed by:

D J Henderson - Director

1.	STATUTORY INFORMATION

Playcreate Media Ltd 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.

Turnover

Turnover represents the sales of goods and services, is recognised on dispatch of the goods or provision of the service and excludes value added tax.

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, and loans from / to related parties.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Going concern

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the going concern basis has continued to be used in preparing the accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Amounts owed by group undertakings

22,836

18,967

Other debtors

210

210

23,046

19,177

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

1,175

1,175

Amounts owed to group undertakings

1,119

1,119

2,294

2,294

6.	SECURED DEBTS

The bank borrowings are secured by a mortgage debenture dated 11 October 1999 incorporating a fixed and floating charge over all current and future assets and an inter-company guarantee dated 5 August 2013 on all the assets of company, and Imagine That Group Ltd (parent), Imagine That Publishing Ltd and Playcreate Media Ltd (wholly owned subsidiaries).

Bank borrowings are guaranteed by B J and Mrs E Henderson up to a limit of £1,400,000 supported by a first legal charge over personal property.

7.

RESERVES

Retained

earnings

£

At 1 July 2020

25,129

Profit for the year

2,773

At 30 June 2021

27,902

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr D Simcox (Senior Statutory Auditor)

for and on behalf of Walter Wright

9.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Imagine That Group Ltd, a company incorporated in the UK. The registered office of the parent company is 89 High Street, Hadleigh, Ipswich, Suffolk, IP7 5EA.