Protect 20/20 Limited - Period Ending 2020-12-31

Protect 20/20 Limited

(Registration number: 08869276)
Statement of Financial Position as at 31 December 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	5,499	5,946
Current assets
Cash at bank and in hand		12,755	384
Creditors: Amounts falling due within one year	5	(26,110)	(22,891)
Net current liabilities		(13,355)	(22,507)
Total assets less current liabilities		(7,856)	(16,561)
Creditors: Amounts falling due after more than one year	5	(17,667)	-
Net liabilities		(25,523)	(16,561)
Capital and reserves
Called up share capital		1	1
Profit and loss account		(25,524)	(16,562)
Shareholders' deficit		(25,523)	(16,561)

For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 21 September 2021 and signed on its behalf by:
 

Protect 20/20 Limited

(Registration number: 08869276)
Statement of Financial Position as at 31 December 2020

.........................................

A G Crocker
Director

Protect 20/20 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY, United Kingdom.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure. This includes the Government's Bounce Back Loan Scheme where the interest on the loan for the first year is paid for by the government. The Company has not directly benefited from any other forms of government assistance.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Protect 20/20 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Website development	25% reducing balance
Fixtures and fittings	25% reducing balance

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like other creditors, loans from banks and loans from related parties.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2019 - 0).

Protect 20/20 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

4	Tangible assets

	Fixtures and fittings £	Website development £	Total £
Cost or valuation
At 1 January 2020	-	10,571	10,571
Additions	1,388	-	1,388
At 31 December 2020	1,388	10,571	11,959
Depreciation
At 1 January 2020	-	4,625	4,625
Charge for the year	348	1,487	1,835
At 31 December 2020	348	6,112	6,460
Carrying amount
At 31 December 2020	1,040	4,459	5,499
At 31 December 2019	-	5,946	5,946

5

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Bank loans and overdrafts	6	2,333	-
Accruals and deferred income		1,529	1,655
Other creditors		22,248	21,236
		26,110	22,891

Creditors include bank loans of £2,333 (2019 - £nil).

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Loans and borrowings	6	17,667	-

Creditors include bank loans repayable by instalments of £1,667 (2019 - £nil) due after more than five years.

Creditors include bank loans of £16,667 (2019 - £nil).

Protect 20/20 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

6	Loans and borrowings

	2020 £	2019 £
Non-current loans and borrowings
Bank borrowings	17,667	-

	2020 £	2019 £
Current loans and borrowings
Bank borrowings	2,333	-

7	Going concern

The financial statements have been prepared on a going concern basis due to the continuing support of the directors.