General Information
Playground Imagineering Limited is a private company, limited by shares, registered in England and Wales, registration number 06800512, registration address Unit 10 Willow Court, West Quay Road, Warrington, Cheshire, WA2 8UF.
The presentation currency is £ sterling.
1. |
Accounting policies
Significant accounting policies
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)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Goodwill arising in connection with the acquisition of businesses is capitalised and amortised over its estimated economic life to a maximum of 20 years. Goodwill is reviewed annually for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery |
25% Reducing Balance
|
Motor Vehicles |
25% Reducing Balance
|
Fixtures and Fittings |
25% Reducing Balance
|
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
|
2. |
Average number of employees
Average number of employees during the year was 2 (2020 : 2).
|
3. |
Intangible fixed assets
Cost |
Goodwill |
|
Total |
|
£ |
|
£ |
At 01 June 2020 |
30,000 |
|
30,000 |
Additions |
- |
|
- |
Disposals |
- |
|
- |
At 31 May 2021 |
30,000 |
|
30,000 |
Amortisation |
At 01 June 2020 |
30,000 |
|
30,000 |
Charge for year |
- |
|
- |
On disposals |
- |
|
- |
At 31 May 2021 |
30,000 |
|
30,000 |
Net book values |
At 31 May 2021 |
- |
|
- |
At 31 May 2020 |
- |
|
- |
|
4. |
Tangible fixed assets
Cost or valuation |
Plant and Machinery |
|
Motor Vehicles |
|
Fixtures and Fittings |
|
Total |
|
£ |
|
£ |
|
£ |
|
£ |
At 01 June 2020 |
1,000 |
|
6,975 |
|
5,038 |
|
13,013 |
Additions |
- |
|
- |
|
- |
|
- |
Disposals |
- |
|
- |
|
- |
|
- |
At 31 May 2021 |
1,000 |
|
6,975 |
|
5,038 |
|
13,013 |
Depreciation |
At 01 June 2020 |
944 |
|
3,052 |
|
5,038 |
|
9,034 |
Charge for year |
56 |
|
980 |
|
- |
|
1,036 |
On disposals |
- |
|
- |
|
- |
|
- |
At 31 May 2021 |
1,000 |
|
4,032 |
|
5,038 |
|
10,070 |
Net book values |
Closing balance as at 31 May 2021 |
- |
|
2,943 |
|
- |
|
2,943 |
Opening balance as at 01 June 2020 |
56 |
|
3,923 |
|
- |
|
3,979 |
|
5. |
Share Capital
Authorised
100 Class A shares of £1.00 each
Allotted, called up and fully paid
|
2021 £ |
|
2020 £ |
100
Class A shares of £1.00 each |
100 |
|
100 |
|
100 |
|
100 |
|
2
|