ACCOUNTS - Final Accounts

PRESSED FOR TIME LIMITED - Company Information

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Registered number: 02205180

PRESSED FOR TIME LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2021

PRESSED FOR TIME LIMITED

REGISTERED NUMBER: 02205180

BALANCE SHEET

AS AT 31 MARCH 2021

		2021		2020
Note		£		£


Current assets
Debtors: amounts falling due within one year	6	7,874		16,946
Cash at bank and in hand		4,699		22,946
		12,573		39,892
Creditors: amounts falling due within one year	7	(8,519)		(28,844)
Net current assets			4,054		11,048
Total assets less current liabilities			4,054		11,048

Net assets			4,054		11,048

Capital and reserves
Called up share capital	8	1,000	1,000
Profit and loss account		3,054	10,048
		4,054	11,048

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PRESSED FOR TIME LIMITED

REGISTERED NUMBER: 02205180

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2021

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 December 2021.

A C Digby

Director

The notes on pages 3 to 8 form part of these financial statements.

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PRESSED FOR TIME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1.	General information

The Company is a private company, limited by shares, incorporated and domiciled in England within the United Kingdom, registration number 02205180. The Company's registered office is Lyndon House RMY, 62 Hagley Road, Edgbaston, Birmingham, West Midlands, United Kingdom, B16 8PE
The financial statements are presented in sterling which is the functional currency of the company and the financial statements are rounded to the nearest £1.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Cash flow
Under Financial Reporting Standard 102, the company is exempt from the requirement to prepare a cash flow statement on the grounds that it qualifies as a small company.

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

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PRESSED FOR TIME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Fixtures and fittings	-	10%	straight line
				Office equipment	-	33%	straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment.

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PRESSED FOR TIME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Financial instruments

The Company only enters into basic financial instrument 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 ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 1 (2020 - 1).

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PRESSED FOR TIME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

4.	Intangible assets

		Goodwill
		£
	Cost
	At 1 April 2020	500
	At 31 March 2021	500
	Amortisation
	At 1 April 2020	500
	At 31 March 2021	500
	Net book value
	At 31 March 2021	-
	At 31 March 2020	-

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PRESSED FOR TIME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

5.	Tangible fixed assets

	Fixtures and fittings	Office equipment	Total
	£	£	£
Cost or valuation
At 1 April 2020	1,639	15,710	17,349
At 31 March 2021	1,639	15,710	17,349
Depreciation
At 1 April 2020	1,639	15,710	17,349
At 31 March 2021	1,639	15,710	17,349
Net book value
At 31 March 2021	-	-	-
At 31 March 2020	-	-	-

Debtors

					2021	2020
					£	£


Trade debtors	6,180	16,186
Other debtors	951	-
Called up share capital not paid	743	743
Prepayments and accrued income	-	17
	7,874	16,946

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PRESSED FOR TIME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

7.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	4,245	15,135
Corporation tax	1,808	9,805
Other taxation and social security	293	1,793
Other creditors	203	150
Accruals and deferred income	1,970	1,961
	8,519	28,844

8.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

257 (2020 - 257) Ordinary shares of £1.0 each	257	257

Allotted, called up and partly paid

743 (2020 - 743) Ordinary shares of £1.0 each	743	743

9.	Related party transactions
	As at 31 March 2021 amounts of £95 (2020 - £42) were owed to the director of the company. Loans are interest free with no fixed terms of repayment.

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