Pitch 121 Limited
Pitch 121 Limited
Registered number: 11136130
Unaudited Financial Statements
For The Year Ended
31 December 2022
The Numbers Studio
Chartered Accountants
Pitch 121 Limited
Unaudited Financial Statements
For The Year Ended
31 December 2022
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—5 |
Page 1
Pitch 121 Limited
Balance Sheet
As At
31 December 2022
Balance Sheet
Registered number:
11136130
For the year ending 31 December 2022 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
2022 | 2021 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 4 |
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CURRENT ASSETS | |||||
Debtors | 5 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 6 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 7 |
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NET LIABILITIES |
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CAPITAL AND RESERVES | |||||
Called up share capital | 8 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | (135,109) | (159,221) | |||
Page 1
Page 2
Pitch 121 Limited
Balance Sheet (continued)
As At
31 December 2022
On behalf of the board
Director
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Pitch 121 Limited
Notes to the Financial Statements
For The Year Ended
31 December 2022
Notes to the Financial Statements
1.
General Information
Pitch 121 Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
11136130
. The registered office is First Floor Offices, 130 Queens Road, Brighton, East Sussex, BN1 3WB.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in £ sterling, the functional currency, rounded to the nearest £1.
2.2.
Going Concern Disclosure
The company has net liabilities of £132,478 and total liabilities of £262,523 at the balance sheet date. The financial statements have been prepared on a going concern basis as the shareholders have indicated their willingness and ability to support the company for at least 12 months from the date of approval of the financial statements. On this basis the director considers the going concern basis to be appropriate for the financial statements.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment |
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2.5.
Foreign Currencies
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 rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6.
Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Current for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current tax is also recognised in other comprehensive income or directly in equity respectively.
2.7.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
Page 3
Page 4
Pitch 121 Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 10 (2021: 11)
4.
Tangible Assets
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Cost | |
As at
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Additions |
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As at
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Depreciation | |
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Provided during the period |
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As at
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Net Book Value | |
As at
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As at
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5.
Debtors
2022 | 2021 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Directors' loan accounts |
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6.
Creditors: Amounts Falling Due Within One Year
2022 | 2021 | ||
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£ | £ | ||
Trade creditors |
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Bank loans and overdrafts |
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Other taxes and social security |
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VAT |
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Other creditors |
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Accruals |
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Accruals and deferred income |
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7.
Creditors: Amounts Falling Due After More Than One Year
2022 | 2021 | ||
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£ | £ | ||
Bank loans |
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Page 4
Page 5
Pitch 121 Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
8.
Share Capital
2022 | 2021 | ||
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£ | £ | ||
Allotted, Called up and fully paid |
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9.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
The above loan is unsecured, interest free and repayable on demand.
Page 5