Company Registration number 06666195
PLAYERLAYER LIMITED
Abbreviated Accounts
For the year ended 31 March 2016
PLAYERLAYER LIMITED
Financial statements for the year ended 31 March 2016
Contents
Pages
Balance sheet
1
Notes to the financial statements
2-3
PLAYERLAYER LIMITED
Abbreviated balance sheet as at 31 March 2016
2016
2015
Notes
£
£
£
£
£
£
Fixed assets
Intangible assets
83,251
31,026
Tangible assets
65,833
73,970
2
149,084
104,996
2
Current assets
Stock
1,096,934
444,966
Debtors
1,096,948
623,089
Cash at bank and in hand
15,867
28,255
2,209,749
1,096,310
Creditors:
amounts falling due within one year
(2,722,284)
(1,426,844)
Net current liabilities
(512,535)
(330,534)
Current liabilities less total assets
(363,451)
(225,538)
Creditors: amounts falling due after more than one
year
(3,101,242)
(2,754,153)
3
(3,464,693)
(2,979,691)
Capital and reserves
Called up share capital
142
134
4
Share premium account
679,977
229,985
Deficit on profit and loss account
(4,144,812)
(3,209,810)
Shareholders' funds
(3,464,693)
(2,979,691)
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective January 2015).
Approved by the board of directors on 19 May 2017 and signed on its behalf.
A Dyer - Director
Company Registration No: 06666195
The notes on pages 2 to 3 form part of these financial statements.
1
PLAYERLAYER LIMITED
Notes to the abbreviated accounts for the year ended 31 March 2016
1
Accounting policies
a)
Going concern
The financial statements have been compiled on a going concern basis despite having net liabilities of £3,464,693, as the directors and investors have indicated their willingness to support the company over the next twelve months.
b)
Basis of accounting
The financial statements are prepared on the historical cost basis of accounting and have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The company has taken advantage of the exemption, conferred by Financial Reporting Standard 1, from presenting a cash flow statement as it qualifies as a small company.
c)
Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.
d)
Depreciation of tangible fixed assets
Depreciation is provided on all tangible fixed assets at rates calculated to write off the full cost or valuation less estimated residual value of each asset over its estimated useful life. The principal rates in use are:
Leasehold property
Over the period of the lease
Equipment, fixtures and fittings
25% on cost
Plant and machinery
25% on cost
Computer equipment
25% on cost
e)
Website
The website is being amortised over its useful economic life at a rate of 25% of cost.
f)
Stocks
Stock is valued at the lower of cost and estimated net realisable value.
g)
Deferred taxation
Deferred tax is provided in respect of the tax effect of all timing differences that have originated but not reversed at the balance sheet date.
A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on a nondiscounted basis, at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
h)
Foreign currency translation
Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange ruling at the date of the transaction.
Balances at the year end denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the balance sheet date.
i)
Comparatives
The financial statements cover the year to 31 March 2016. The comparative figures cover the period from 1 October 2014 to 31 March 2015.
2
PLAYERLAYER LIMITED
Notes to the abbreviated accounts for the year ended 31 March 2016 (continued)
2
Fixed assets
Intangible
Tangible
fixed
fixed
assets
assets
Total
£
£
£
£
£
£
£
£
£
Cost:
At 1 April 2015
40,087
100,183
140,270
Additions
69,568
15,344
84,912
At 31 March 2016
109,655
115,527
225,182
Depreciation:
At 1 April 2015
9,061
26,213
35,274
Provision for the year
17,343
23,481
40,824
At 31 March 2016
26,404
49,694
76,098
Net book value:
At 31 March 2016
83,251
65,833
149,084
At 31 March 2015
31,026
73,970
104,996
3
Creditors: amounts falling due after more than one year
2016
2015
£
£
£
£
£
£
Bank loans
25,000
85,000
Other creditors
3,076,242
2,669,153
3,101,242
2,754,153
Bank borrowings totaling £75,000 (2015:£135,000) are secured on the assets of the company.
Other creditors due after one year totaling £2,173,539 (2015:£1,715,735) is secured by a fixed and floating charge over the company.
4
Called-up share capital
2016
2015
£
£
£
£
£
£
Allotted, called up and fully paid
Equity shares:
Ordinary A shares of 1p each
104
74
Ordinary B shares of 1p each
38
60
142
134
During the year the company converted 714 1p B ordinary shares into 714 1p A ordinary shares. The company also issued another 750 1p A ordinary shares at a premium of £449,992.
The shares rank pari passu in all aspects.
5
Controlling party
The company is controlled by the director, J Middleton.
3