| Paul Fishman Limited |
| Notes to the Accounts |
| for the period from 1 April 2020 to 30 June 2021 |
|
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and related services and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
25% reducing balance method |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Current tax assets and liabilities are not discounted. |
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| 2 |
Employees |
2021 |
|
2020 |
| Number |
Number |
|
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Average number of persons employed by the company |
1 |
|
1 |
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| 3 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
|
Cost |
|
At 1 April 2020 |
213,428 |
|
At 30 June 2021 |
213,428 |
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|
|
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|
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|
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Depreciation |
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At 1 April 2020 |
213,051 |
|
Charge for the period |
94 |
|
At 30 June 2021 |
213,145 |
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|
|
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Net book value |
|
At 30 June 2021 |
283 |
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At 31 March 2020 |
377 |
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| 4 |
Debtors |
2021 |
|
2020 |
| £ |
£ |
|
|
Amounts owed by related parties |
|
30,974 |
|
30,974 |
|
Other debtors |
1,000 |
|
2,000 |
|
|
|
|
|
|
31,974 |
|
32,974 |
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| 5 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
| £ |
£ |
|
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Amounts owed to related parties |
|
1,710 |
|
1,710 |
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Taxation and social security costs |
6,340 |
|
5,226 |
|
Other creditors |
88,529 |
|
60,054 |
|
|
|
|
|
|
96,579 |
|
66,990 |
|
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Included in creditors is £86,909 (2020: £40,434) owing to the director. The loan is interest-free and there is no fixed date of repayment. The director has confirmed that the loan will only be repaid as and when cash flow permits. |
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| 6 |
Events after the reporting date |
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The Director has considered the impact of COVID 19 on the company and its sustainability. The impact of the pandemic has not had a significant effect on the company's trading. The Director has not taken advantage of Government support packages, and has concluded that there is unlikely to be any long term damage to the viability of the company and has, therefore, not considered it necessary to make any adjustments to the accounts. |
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| 7 |
Related party transactions |
2021 |
|
2020 |
| £ |
£ |
|
J.H.P. Limited |
|
P. Fishman, Esq, the director and shareholder of Paul Fishman Limited is the sole director and shareholder of J.H.P. Limited. |
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Amount due (to) from the related party |
(1,710) |
|
(1,710) |
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Inpaul Investments Limited |
|
P. Fishman, Esq, the director and shareholder of Paul Fishman Limited is a director and shareholder of Inpaul Investments Limited. |
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Amount due (to) from the related party |
30,974 |
|
30,974 |
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Management fees of £38,750 (2020: £31,000) were receivable from Inpaul Investments Limited. |
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| 8 |
Controlling party |
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The company is controlled by the director who owns the entire share capital of the company. |
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| 9 |
Other information |
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Paul Fishman Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
13 Oakeshott Avenue |
|
Highgate |
|
London |
|
N6 6NT |
