for the Period Ended 28 February 2021
Company Information - 3 | |
Report of the Directors - 4 | |
Balance sheet - 5 | |
Additional notes - 7 | |
Balance sheet notes - 10 |
for the Period Ended 28 February 2021
Director: |
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Registered office: |
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Company Registration Number: |
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The directors present their report with the financial statements of the company for the period ended 28 February 2021
Additional information
Most of the company's turnover prior to the lockdown was derived from face-to-face marketing activities, sampling campaigns and events. When the lockdown was announced in March 2020 the majority of campaigns were cancelled immediately and turnover reduced accordingly. As the year progressed, the directors took several actions to mitigate this large reduction in turnover. - Reduced overheads and outgoings as much as possible. Cancelled the company lease with immediate effect (April 2020) saving over £50k of overheads. - Immediately placed most staff on government-backed furlough. When the furlough was set to be stopped, the directors then took the difficult decision to reduce the team size via redundancy consultation. - Looked for new revenue streams from existing clients. Where possible clients’ marketing campaigns were taken online. By utilising the broad skill set of the existing team we were able to diversify into content delivery, social media management, digital marketing and design. - Taken a government-backed loan to support the business through the reduction in turnover. At the date of signing this report the directors are pleased to confirm that, despite a difficult year to 29 February 2021, an uptake in both new and existing business has now taken place. It is expected the year ending 28 February 2022 will see a significant increase in turnover and it is anticipated that the business will show a profit.
Directors
The directors shown below have held office during the whole of the period from 01 March 2020 to 28 February 2021
This report was approved by the board of directors on
And Signed On Behalf Of The Board By:
Name:
Status: Director
As at
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2021 £ |
2020 £ |
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Fixed assets | |||
Tangible assets: | 4 |
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Total fixed assets: |
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Current assets | |||
Debtors: | 5 |
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Cash at bank and in hand: |
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Total current assets: |
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Creditors: amounts falling due within one year: | 6 |
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Net current assets (liabilities): |
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Total assets less current liabilities: |
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Creditors: amounts falling due after more than one year: | 7 |
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Total net assets (liabilities): |
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The notes form part of these financial statements
As at 28 February 2021
Notes |
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2020 £ |
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Capital and reserves | |||
Called up share capital: |
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Profit and loss account: |
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Shareholders funds: |
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This report was approved by the board of directors on
And Signed On Behalf Of The Board By:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 28 February 2021
Basis of measurement and preparation
Turnover policy
Tangible fixed assets depreciation policy
Office Equipment - 25% on cost
Other accounting policies
for the Period Ended 28 February 2021
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2020 |
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Average number of employees during the period |
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for the Period Ended 28 February 2021
for the Period Ended 28 February 2021
Office equipment | Total | |
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Cost | £ | £ |
At 01 March 2020 |
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Additions | - | - |
Disposals |
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Revaluations | - | - |
Transfers | - | - |
At 28 February 2021 |
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Depreciation | ||
At 01 March 2020 |
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Charge for year |
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On disposals |
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Other adjustments | - | - |
At 28 February 2021 |
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Net book value | ||
At 28 February 2021 |
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At 29 February 2020 |
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for the Period Ended 28 February 2021
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2020 £ |
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Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Total |
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for the Period Ended 28 February 2021
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2020 £ |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Total |
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for the Period Ended 28 February 2021
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2020 £ |
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Bank loans and overdrafts |
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Other creditors |
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Total |
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Other creditors comprises unsecured loans from the directors. On 24th February 2020 the directors committed to not have these amounts repaid unless the company is in a position to be able to do so without adversely affecting the company's cashflow or going concern status.