Policy Review Projects Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08390093 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

POLICY REVIEW PROJECTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N Stewart

Mrs K E Stewart

REGISTERED OFFICE:

Chandler House

7 Ferry Road Office Park

Riversway

Preston

Lancashire

PR2 2YH

REGISTERED NUMBER:

08390093 (England and Wales)

ACCOUNTANTS:

Wallwork Nelson & Johnson

Chandler House

7 Ferry Road Office Park

Riversway

Preston

Lancashire

PR2 2YH

FIXED ASSETS

Intangible assets

4

441,984

482,983

Tangible assets

5

-

52

Investments

6

200

200

442,184

483,235

CURRENT ASSETS

Debtors

7

259,918

221,867

Cash at bank

154,817

13,874

414,735

235,741

CREDITORS

Amounts falling due within one year

8

431,020

231,837

NET CURRENT (LIABILITIES)/ASSETS

(16,285

)

3,904

TOTAL ASSETS LESS CURRENT LIABILITIES

425,899

487,139

CREDITORS

Amounts falling due after more than one year

9

488,717

520,217

NET LIABILITIES

(62,818

)

(33,078

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(62,918

)

(33,178

)

SHAREHOLDERS' FUNDS

(62,818

)

(33,078

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2024 and were signed on its behalf by:

N Stewart - Director

1.	STATUTORY INFORMATION

Policy Review Projects Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Computer equipment

-

20% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 April 2022

and 31 March 2023

150,000

519,981

669,981

AMORTISATION

At 1 April 2022

135,000

51,998

186,998

Charge for year

15,000

25,999

40,999

At 31 March 2023

150,000

77,997

227,997

NET BOOK VALUE

At 31 March 2023

-

441,984

441,984

At 31 March 2022

15,000

467,983

482,983

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2022

and 31 March 2023

4,335

2,755

7,090

DEPRECIATION

At 1 April 2022

4,335

2,703

7,038

Charge for year

-

52

52

At 31 March 2023

4,335

2,755

7,090

NET BOOK VALUE

At 31 March 2023

-

-

-

At 31 March 2022

-

52

52

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2022

and 31 March 2023

200

NET BOOK VALUE

At 31 March 2023

200

At 31 March 2022

200

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/23

31/3/22

£

£

Trade debtors

112,856

171,515

Other debtors

147,062

50,352

259,918

221,867

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/23

31/3/22

£

£

Bank loans and overdrafts

34,000

34,000

Trade creditors

45,377

40,518

Amounts owed to group undertakings

200

200

Taxation and social security

123,914

55,836

Other creditors

227,529

101,283

431,020

231,837

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/23

31/3/22

£

£

Bank loans

88,717

120,217

Other creditors

400,000

400,000

488,717

520,217

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

31/3/23

31/3/22

£

£

Miss X Zhu

Balance outstanding at start of year

(200,000

)

(200,000

)

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(200,000

)

(200,000

)

Mrs C Liu

Balance outstanding at start of year

(200,000

)

(200,000

)

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(200,000

)

(200,000

)

11.	ULTIMATE CONTROLLING PARTY

The Company is under the control of Mr Neil Stewart and Mrs Karen Elizabeth Stewart who are both directors and shareholders of the Company.