Company registration number 08446865 (England and Wales)
PROBITY WORLDWIDE LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PROBITY WORLDWIDE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PROBITY WORLDWIDE LTD
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2021
Notes
£
£
£
£
Fixed assets
Investments
3
130
130
Current assets
Debtors
4
673
Cash at bank and in hand
1,370
70
2,043
70
Creditors: amounts falling due within one year
5
(1,989)
(10,500)
Net current assets/(liabilities)
54
(10,430)
Net assets/(liabilities)
184
(10,300)
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
(16)
(10,500)
Total equity
184
(10,300)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 December 2023 and are signed on its behalf by:
CC Crellin
Director
Company Registration No. 08446865
PROBITY WORLDWIDE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Probity Worldwide Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Canal Reach, London, N1C 4DB.
1.1
Reporting period
The reporting period was extended from 30 September 2021 to 31 March 2023 to align with group reporting. The prior period was also 18 months from 31 March 2020 to 30 September 2021.
1.2
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 amounts 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.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
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.
1.5
Financial instruments
The company only has financial instruments which are classified as basic financial instruments.
Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.
Bank loans are initially recorded at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PROBITY WORLDWIDE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2021
Number
Number
Total
1
1
3
Fixed asset investments
2023
2021
£
£
Shares in group undertakings and participating interests
130
130
4
Debtors
2023
2021
Amounts falling due within one year:
£
£
Corporation tax recoverable
673
5
Creditors: amounts falling due within one year
2023
2021
£
£
Corporation tax
1,989
Other creditors
10,500
1,989
10,500
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
PROBITY WORLDWIDE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
6
Audit report information
(Continued)
- 4 -
Senior Statutory Auditor:
Colin Young
Statutory Auditor:
CC Young & Co Limited
7
Parent company
The immediate parent company is Sony Music Entertainment UK Limited. The ultimate parent undertaking and controlling party is Sony Group Corporation, which is the parent undertaking of the smallest and largest group to consolidate these financial statements. Copies of Sony Group Corporation financial statements can be obtained from 7-1, Konan 1-chrome, Minato-ku, Tokyo, 108-0075.