Company Registration No. 08236769 (England and Wales)
PLAYLE DEVELOPMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
PAGES FOR FILING WITH REGISTRAR
PLAYLE DEVELOPMENTS LTD
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 8
PLAYLE DEVELOPMENTS LTD
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF PLAYLE DEVELOPMENTS LTD
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Playle Developments Ltd for the year ended 28 February 2021 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of Playle Developments Ltd, as a body, in accordance with the terms of our engagement letter dated 11 June 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Playle Developments Ltd and state those matters that we have agreed to state to the Board of Directors of Playle Developments Ltd, as a body, in this report in accordance with
the requirements of the Association of Chartered Certified Accountants
as detailed at
https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Playle Developments Ltd and its Board of Directors
,
as a body, for our work or for this report.
It is your duty to ensure that Playle Developments Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of Playle Developments Ltd. You consider that Playle Developments Ltd is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Playle Developments Ltd. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hawkins Priday Ltd
16 December 2021
Chartered Certified Accountants
5 Bridge Street
Hereford
HR4 9DF
PLAYLE DEVELOPMENTS LTD
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2021
28 February 2021
- 2 -
2021
2020
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
25,908
30,483
Current assets
Inventories
25,873
313,563
Trade and other receivables
5
2,326
3,260
Cash and cash equivalents
235,255
11,163
263,454
327,986
Current liabilities
6
(310,433)
(496,360)
Net current liabilities
(46,979)
(168,374)
Total assets less current liabilities
(21,071)
(137,891)
Non-current liabilities
7
(44,167)
Net liabilities
(65,238)
(137,891)
Equity
Called up share capital
100
100
Retained earnings
(65,338)
(137,991)
Total equity
(65,238)
(137,891)
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 28 February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PLAYLE DEVELOPMENTS LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
28 FEBRUARY 2021
28 February 2021
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 11 December 2021 and are signed on its behalf by:
Mr P A Playle
Director
Company Registration No. 08236769
PLAYLE DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 4 -
1
Accounting policies
Company information
Playle Developments Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
5 Bridge Street, Hereford, HR4 9DF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
The only significant borrowing held in the Statement of Financial Position is a loan provided by the directors. The directors have indicated their continued support to the company in connection with this loan.
1.3
Revenue
Revenue
represents net invoiced sales of property development projects, net of value added tax.
1.4
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10% reducing balance
Computers
33.3% straight-line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of non-current assets
Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.
1.6
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises
the purchase price of an asset,
direct materials
and consumables
and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
PLAYLE DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
1
Accounting policies
(Continued)
- 5 -
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
trade and other receivables
and cash and bank balances, are initially measured at transaction price including transaction costs
.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
trade and other payables and
bank loans
,
are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction
.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade payables
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
PLAYLE DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
non-current assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
PLAYLE DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 March 2020
72,479
Disposals
(1,068)
At 28 February 2021
71,411
Depreciation and impairment
At 1 March 2020
41,996
Depreciation charged in the year
4,038
Eliminated in respect of disposals
(531)
At 28 February 2021
45,503
Carrying amount
At 28 February 2021
25,908
At 29 February 2020
30,483
5
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Other receivables
2,233
3,260
2021
2020
Amounts falling due after more than one year:
£
£
Deferred tax asset
93
Total debtors
2,326
3,260
PLAYLE DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 8 -
6
Current liabilities
2021
2020
£
£
Bank loans
5,833
191,100
Trade payables
56
Taxation and social security
2,400
2,400
Other payables
302,200
302,804
310,433
496,360
7
Non-current liabilities
2021
2020
£
£
Bank loans and overdrafts
44,167
Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable by instalments
4,167
-
8
Borrowings
2021
2020
£
£
Bank loans
50,000
191,100
Payable within one year
5,833
191,100
Payable after one year
44,167
The bank loans outstanding last year were secured against the freehold property held for its development purposes. The loan was settled during the current year and the corresponding charge was removed shortly after the year end date.
The loans outstanding at the end of the current year are unsecured.