Company No:
Contents
2020 | 2019 | |||
Note | £ | £ | ||
Current assets | ||||
Debtors | ||||
- due within one year | 4 |
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- due after more than one year | 4 |
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Cash at bank and in hand |
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6,152,366 | 6,032,144 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
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Net current assets | 6,116,717 | 5,982,866 | ||
Total assets less current liabilities | 6,116,717 | 5,982,866 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 6 |
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Share premium account |
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Capital redemption reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors’ responsibilities:
The financial statements of People 2000 Limited (registered number:
Mr P A L Browning
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
People 2000 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Atalaya, 34 Sea Road, Carlyon Bay, St Austell, Cornwall, PL25 3SF, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of People 2000 Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and that turnover can be reliably measured.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Plant and machinery - between 3 to 6 years
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit and loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.
2020 | 2019 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2020 |
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At 31 December 2020 |
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Accumulated depreciation | |||
At 01 January 2020 |
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At 31 December 2020 |
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Net book value | |||
At 31 December 2020 |
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At 31 December 2019 |
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2020 | 2019 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Trade debtors |
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Other taxation and social security |
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Debtors: amounts falling due after more than one year | |||
Trade debtors |
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2020 | 2019 | ||
£ | £ | ||
Accruals |
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Corporation tax |
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Other taxation and social security |
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2020 | 2019 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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At the year end a Limited Liability Partnership, which is controlled by two of the company directors, owed the company £123,500 (2019: £290,500). Interest of £5,097 (2019: £11,641) was charged on this balance
2020 | 2019 | ||
£ | £ | ||
Bad debts | 0 | (51,422) |
In 2018, the Company made a £110,961 provision against part of a debt and related interest that was deemed irrecoverable. In 2019, the debt was settled, recovering £51,422 in excess of expectation, which has been realised in the prior year.
Share premium
Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from the share premium.
Capital redemption reserve
This reserve records the nominal value of shares repurchased by the company.
Profit and loss account
This reserve includes all current and prior periods retained profits and losses,