PEOPLE LONDON LTD Company accounts

PEOPLE LONDON LTD Company accounts

PEOPLE LONDON LTD - Company Information

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COMPANY REGISTRATION NUMBER: 10107099
PEOPLE LONDON LTD
Unaudited Financial Statements
31 December 2017
FIDUCI-CORP (UK) SERVICES LIMITED
Chartered accountant
PEOPLE LONDON LTD
Financial Statements
Year ended 31 December 2017
Contents
Page
Directors' report
1
Income statement
2
Statement of financial position
3
Statement of changes in equity
5
Notes to the financial statements
6
The following pages do not form part of the financial statements
Detailed income statement
11
Notes to the detailed income statement
12
PEOPLE LONDON LTD
Directors' Report
Year ended 31 December 2017
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2017 .
Principal activities
The principal activity of the company during the year was the provision of engineering and consulting services.
Directors
The directors who served the company during the year were as follows:
Mr Evangelos Ptochos
Fiduci-Corp Directors Limited
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 17 January 2018 and signed on behalf of the board by:
Mr Evangelos Ptochos
Fiduci-Corp Directors Limited
Director
Director
Fiduci-Corp (UK) Services Limited
Company Secretary
PEOPLE LONDON LTD
Income Statement
Year ended 31 December 2017
Period from
Year to
6 Apr 16 to
31 Dec 17
31 Dec 16
Note
€
€
Turnover
4
82,354
13,786
Cost of sales
( 14,796)
–
--------
--------
Gross profit
67,558
13,786
Administrative expenses
( 13,731)
( 7,450)
--------
--------
Operating profit
53,827
6,336
Interest payable and similar expenses
–
( 1)
--------
--------
Profit before taxation
6
53,827
6,335
Tax on profit
–
–
--------
-------
Profit for the financial year
53,827
6,335
--------
-------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
PEOPLE LONDON LTD
Statement of Financial Position
31 December 2017
2017
2016
Note
€
€
€
Fixed assets
Tangible assets
7
4,157
–
Investments
8
1,320
1,320
-------
-------
5,477
1,320
Current assets
Debtors
9
2,757
5,812
Cash at bank and in hand
59,861
6,286
--------
--------
62,618
12,098
Creditors: amounts falling due within one year
10
6,933
6,083
--------
--------
Net current assets
55,685
6,015
--------
-------
Total assets less current liabilities
61,162
7,335
--------
-------
Net assets
61,162
7,335
--------
-------
Capital and reserves
Called up share capital
11
1,000
1,000
Profit and loss account
12
60,162
6,335
--------
-------
Members funds
61,162
7,335
--------
-------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 December 2017 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 .
PEOPLE LONDON LTD
Statement of Financial Position (continued)
31 December 2017
These financial statements were approved by the board of directors and authorised for issue on 17 January 2018 , and are signed on behalf of the board by:
Mr Evangelos Ptochos
Fiduci-Corp Directors Limited
Director
Director
Company registration number: 10107099
PEOPLE LONDON LTD
Statement of Changes in Equity
Year ended 31 December 2017
Called up share capital
Profit and loss account
Total
€
€
€
At 6 April 2016
–
–
–
Profit for the year
6,335
6,335
----
-------
-------
Total comprehensive income for the year
–
6,335
6,335
Issue of shares
1,000
–
1,000
-------
-------
-------
Total investments by and distributions to owners
1,000
–
1,000
At 31 December 2016
1,000
6,335
7,335
Profit for the year
53,827
53,827
-------
--------
--------
Total comprehensive income for the year
–
53,827
53,827
-------
--------
--------
At 31 December 2017
1,000
60,162
61,162
-------
--------
--------
PEOPLE LONDON LTD
Notes to the Financial Statements
Year ended 31 December 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Georges House, 6th floor, 15 Hanover Square, London, W1S 1HS, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in euro, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer Hardware
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Turnover
Turnover arises from:
Period from
Year to
6 Apr 16 to
31 Dec 17
31 Dec 16
€
€
Sale of goods
14,757
–
Rendering of services
67,597
13,786
--------
--------
82,354
13,786
--------
--------
The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
Period from
Year to
6 Apr 16 to
31 Dec 17
31 Dec 16
€
€
United Kingdom
67,597
11,786
Overseas
14,757
2,000
--------
--------
82,354
13,786
--------
--------
5. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to Nil (2016: Nil).
This means the no persons, including the directors, were in receipt of remuneration from the company as employees .
6. Profit before taxation
Profit before taxation is stated after charging/(crediting):
Period from
Year to
6 Apr 16 to
31 Dec 17
31 Dec 16
€
€
Depreciation of tangible assets
93
–
----
----
7. Tangible assets
Plant and machinery
€
Cost
Additions
4,250
-------
At 31 December 2017
4,250
-------
Depreciation
Charge for the year
93
-------
At 31 December 2017
93
-------
Carrying amount
At 31 December 2017
4,157
-------
At 31 December 2016
–
-------
8. Investments
Shares in group undertakings
€
Cost
At 1 Jan 2017 and 31 Dec 2017
1,320
-------
Impairment
At 1 Jan 2017 and 31 Dec 2017
–
-------
Carrying amount
At 31 December 2017
1,320
-------
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
IPEOPLE LIMITED
Ordinary
100
9. Debtors
2017
2016
€
€
Trade debtors
2,757
5,320
Prepayments and accrued income
–
492
-------
-------
2,757
5,812
-------
-------
10. Creditors: amounts falling due within one year
2017
2016
€
€
Trade creditors
2,676
1,756
Accruals and deferred income
2,334
2,334
Social security and other taxes
1,923
1,993
-------
-------
6,933
6,083
-------
-------
11. Called up share capital
Issued, called up and fully paid
2017
2016
No.
€
No.
€
Ordinary shares of € 0.0001 each
10,000,000
1,000
10,000,000
1,000
-------------
-------
-------------
-------
12. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
13. Related party transactions
The company was under the control of Mr Evangelos Ptochos throughout the current period. Mr Evangelos Ptochos is one of the directors and sole shareholder.
PEOPLE LONDON LTD
Management Information
Year ended 31 December 2017
The following pages do not form part of the financial statements.
PEOPLE LONDON LTD
Detailed Income Statement
Year ended 31 December 2017
Period from
Year to
6 Apr 16 to
31 Dec 17
31 Dec 16
€
€
Turnover
82,354
13,786
Cost of sales
Purchases - services
(2,000)
–
Purchases - goods
(12,703)
–
Depreciation of tangible assets
(93)
–
--------
----
(14,796)
–
--------
--------
Gross profit
67,558
13,786
Overheads
Administrative expenses
(13,731)
(7,450)
--------
-------
Operating profit
53,827
6,336
Interest payable and similar expenses
–
(1)
--------
-------
Profit before taxation
53,827
6,335
--------
-------
PEOPLE LONDON LTD
Notes to the Detailed Income Statement
Year ended 31 December 2017
Period from
Year to
6 Apr 16 to
31 Dec 17
31 Dec 16
€
€
Administrative expenses
Travel and subsistence
(1,038)
–
Office expenses
(921)
–
Courier expenses
(1,157)
(40)
Computer / software expenses
(1,369)
–
General expenses (disallowable)
(508)
–
Services rendered
(2,018)
(3,400)
Accountancy fees
(5,490)
(3,649)
Bank charges
(969)
(363)
Foreign currency gains/losses
(261)
2
--------
-------
(13,731)
(7,450)
--------
-------
Interest payable and similar expenses
Interest on banks loans and overdrafts
–
(1)
----
----