PINBALL LONDON LIMITED - Filleted accounts
PINBALL LONDON LIMITED - Filleted accounts
| Registered number |
| 06875376 |
| PINBALL LONDON LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 29 MARCH 2021 |
| PAGES FOR FILING WITH REGISTRAR |
| PINBALL LONDON LIMITED | |||
| CONTENTS | |||
| Page | |||
| Balance sheet | 1 | ||
| Notes to the financial statements | 2 - 5 | ||
| Balance Sheet | |||||||
| as at |
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| Company Registration No. | 06875376 | ||||||
| Notes | 2021 | 2020 | |||||
| £ | £ | ||||||
| Fixed assets | |||||||
| Tangible assets | 3 | ||||||
| Current assets | |||||||
| Debtors | 4 | ||||||
| Cash at bank and in hand | |||||||
| Creditors: amounts falling due within one year | 5 | ( |
( |
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| Net current liabilities | ( |
( |
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| Net liabilities | ( |
( |
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| Capital and reserves | |||||||
| Called up share capital | |||||||
| Profit and loss account | ( |
( |
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| Shareholders' funds | ( |
( |
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| ………………………………….. | |||||||
| Paula Andrea Alvarez Vaccaro | |||||||
| Director | |||||||
| Approved by the board on |
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| NOTES TO THE FINANCIAL STATEMENTS | |||||||||
| FOR THE YEAR ENDED 29 MARCH 2021 | |||||||||
| 1 | Accounting policies | ||||||||
| Basis of preparation | |||||||||
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical convention. The principal accounting policies adopted are set out below. |
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| Going concern | |||||||||
| The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the company being able to trade profitably in the future, notwithstanding any effect on the company from the COVID-19 pandemic, and the continued support of the companys directors who are also shareholders. The financial statements do not include any adjustments that would result if the company continued to make losses and such support were withdrawn. If the company was unable to continue to trade, adjustments would have to be made to reduce the value of assets to their recoverable amounts, provide for further liabilities that may arise and to reclassify fixed assets and long term liabilities as current assets and liabilities. The shareholders and directors have expressed their willingness to continue supporting the company for the foreseeable future and hence it is appropriate for the financial statements to be prepared on a going concern basis. |
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| Turnover | |||||||||
| Tangible fixed assets | |||||||||
| Fixtures, fittings and equipment | 20% straight line | ||||||||
| Financial instruments | |||||||||
| The company only enters into basic financial statements 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 instruments are recognised in the company's balance sheet date when the company becomes party to the contractual provisions of the instruments. 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 of impairments found, an impairment loss is recognised in profit and loss accounts. 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. |
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| Basic financial assets | |||||||||
| Basic financial liabilities | |||||||||
| Cash and cash equivalents | |||||||||
| Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with financial institutions, and other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. | |||||||||
| Taxation | |||||||||
| The tax expense represents the sum of the tax currently payable and deferred tax. | |||||||||
| Current tax | |||||||||
| The current tax payable is based on taxable profit for the year. Taxable profit differs from net profit reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. | |||||||||
| Deferred tax | |||||||||
| Deferred tax liabilities are generally recognised for all timing differences and 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 profits. Such assets and liabilities are not recognised if the timing differences arises from goodwill or from the initial recognition of the assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities relate to taxes levied by the same tax authority. |
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| Foreign currency translation | |||||||||
| Government grants | |||||||||
| Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount. |
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| 2 | Employees | 2021 | 2020 | ||||||
| Number | Number | ||||||||
| Average number of persons employed by the company | |||||||||
| 3 | Tangible fixed assets | ||||||||
| Fixtures, fittings and equipment | |||||||||
| £ | |||||||||
| Cost | |||||||||
| At 30 March 2020 | |||||||||
| Additions | |||||||||
| At 29 March 2021 | |||||||||
| Depreciation | |||||||||
| At 30 March 2020 | |||||||||
| Charge for the year | |||||||||
| At 29 March 2021 | |||||||||
| Net book value | |||||||||
| At 29 March 2021 | |||||||||
| At 29 March 2020 | |||||||||
| 4 | Debtors | 2021 | 2020 | ||||||
| £ | £ | ||||||||
| Trade debtors | |||||||||
| Other taxes and social security costs | 1,689 | 811 | |||||||
| Other debtors | |||||||||
| 5 | Creditors: amounts falling due within one year | 2021 | 2020 | ||||||
| £ | £ | ||||||||
| Directors' current account | 430,758 | 467,837 | |||||||
| Other creditors | |||||||||
| 6 | Related party transactions | ||||||||
| 7 | Other information | ||||||||
| Pinball London Limited is a private company limited by shares and incorporated in England and Wales. The registered office is: 37 Warren Street, London, W1T 6AD. | |||||||||