Company Registration No. 05434741 (England and Wales)
Play Retail Limited
Unaudited accounts
for the year ended 31 March 2021
Play Retail Limited
Unaudited accounts
Contents
Play Retail Limited
Company Information
for the year ended 31 March 2021
Directors
Steven Koch
Elizabeth Koch
Company Number
05434741 (England and Wales)
Registered Office
11B BOUNDARY STREET
LONDON
E2 7JE
ENGLAND
Play Retail Limited
Statement of financial position
as at 31 March 2021
Tangible assets
426,594
78,481
Cash at bank and in hand
(1,723)
12,601
Creditors: amounts falling due within one year
(332,013)
(561,779)
Net current (liabilities)/assets
(74,923)
276,069
Total assets less current liabilities
351,671
354,550
Creditors: amounts falling due after more than one year
(242,656)
(306,907)
Provisions for liabilities
Other provisions
(29,685)
(12,654)
Called up share capital
100
100
Profit and loss account
79,230
34,889
Shareholders' funds
79,330
34,989
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 3 December 2021 and were signed on its behalf by
Steven Koch
Director
Company Registration No. 05434741
Play Retail Limited
Notes to the Accounts
for the year ended 31 March 2021
Play Retail Limited is a private company, limited by shares, registered in England and Wales, registration number 05434741. The registered office is 11B BOUNDARY STREET, LONDON, E2 7JE, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Expenditure on research and development is written off in the year in which it is incurred.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate
benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line
basis.
Play Retail Limited
Notes to the Accounts
for the year ended 31 March 2021
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10% straight line
Motor vehicles
11% straight line
Fixtures & fittings
20% straight line
Computer equipment
25% reducing balance
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2020
-
93,930
13,776
5,883
113,589
Additions
368,800
-
-
-
368,800
At 31 March 2021
368,800
93,930
13,776
5,883
482,389
At 1 April 2020
-
25,906
4,097
5,105
35,108
Charge for the year
7,376
10,362
2,755
194
20,687
At 31 March 2021
7,376
36,268
6,852
5,299
55,795
At 31 March 2021
361,424
57,662
6,924
584
426,594
At 31 March 2020
-
68,024
9,679
778
78,481
5
Debtors: amounts falling due within one year
2021
2020
Trade debtors
155,352
266,255
Other debtors
78,098
555,427
Play Retail Limited
Notes to the Accounts
for the year ended 31 March 2021
6
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
79,110
76,978
Trade creditors
146,078
324,536
Taxes and social security
14,577
22,736
Other creditors
92,248
137,529
7
Creditors: amounts falling due after more than one year
2021
2020
Bank loans
242,656
306,907
8
Operating lease commitments
2021
2020
At 31 March 2021 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
22,093
22,093
Within two to five years
12,416
34,509
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loans to Directors
58,228
63,168
121,396
-
During the year the directors operated a directors loan account. Interest on this balance was charged at the HMRC approved rate and there were no specific repayment terms.
10
Average number of employees
During the year the average number of employees was 10 (2020: 10).
