PLAY_REVOLUTION_LIMITED - Accounts

PLAY REVOLUTION LIMITED - Company Information

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Company Registration No. 06548374 (England and Wales)

PLAY REVOLUTION LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2015

PLAY REVOLUTION LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 4

PLAY REVOLUTION LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

60,072

71,879

Current assets

Stocks

5,270

4,008

Debtors

369,288

227,819

Cash at bank and in hand

335,801

241,069

710,359

472,896

Creditors: amounts falling due within one year

(452,062)

(238,174)

Net current assets

258,297

234,722

Total assets less current liabilities

318,369

306,601

Provisions for liabilities

(11,301)

(13,024)

307,068

293,577

Capital and reserves

Called up share capital

Profit and loss account

306,990

293,499

Shareholders' funds

307,068

293,577

For the financial year ended 31 March 2015 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 financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 9 November 2015

Mr S Lee

Director

Company Registration No. 06548374

PLAY REVOLUTION LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Tenants improvements

10 years straight line

Plant and machinery

15% reducing balance

Computer equipment

3 years straight line

Fixtures, fittings & equipment

15% reducing balance

Motor vehicles

25% reducing balance

1.5

Stock

Stock is valued at the lower of cost and net realisable value.

1.6

Revenue recognition

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

Income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

1.7

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

PLAY REVOLUTION LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2015

- 3 -

Fixed assets

Tangible assets

Cost

At 1 April 2014

114,867

Additions

5,325

Disposals

(1,436)

At 31 March 2015

118,756

Depreciation

At 1 April 2014

42,989

On disposals

(357)

Charge for the year

16,052

At 31 March 2015

58,684

Net book value

At 31 March 2015

60,072

At 31 March 2014

71,879

Share capital

2015

2014

Allotted, called up and fully paid

72 Ordinary shares of £1 each

2 A ordinary shares of £1 each

2 B ordinary shares of £1 each

2 C ordinary shares of £1 each

The 'A', 'B' and 'C' shares rank pari passu with all other ordinary shares in the assets of the company, but rank separately in terms of the distribution of profits.

PLAY REVOLUTION LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2015

- 4 -

Related party relationships and transactions

Loans to directors

The following directors had interest free loans during the year. The movement on these loans are as follows:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Mr S Lee - current account

4,517

3,208

1,313

Mr N A Edwards - current account

53,381

7,167

3,618

56,930

57,898

7,171

6,826

58,243