Pewdie UK Limited
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Notes to the Accounts |
for the year ended 31 December 2018
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). These financial statements are presented in US Dollars (USD) to the nearest dollar, as that is the currency in which the majority of the Company's transactions are denominated.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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2 |
Creditors: amounts falling due within one year |
2018 |
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2017 |
$ |
$ |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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834 |
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1,037,418 |
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Taxation and social security costs |
7,342 |
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- |
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Other creditors |
6,988 |
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13,503 |
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15,164 |
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1,050,921 |
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3 |
Share Capital |
2018 |
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2017 |
$ |
$ |
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Alloted, issued and fully paid: |
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1 Ordinary |
£1 |
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2 |
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2 |
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2 |
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2 |
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4 |
Related party transactions |
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The company has taken exemption under FRS 102 Section 33.1A from disclosing transactions with group companies on the grounds that each company party to the transaction is wholly owned within the group.
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5 |
Controlling party |
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The company's immediate parent company is Pewdie Productions UK Limited, a company registered in England.The Company's ultimate parent company is Pewdie Productions AB, a company registered in Sweden. The financial statements of Pewdie Productions AB can be obtained from its registered office; Karlavägen 76, SE-114 59, Stockholm, Sweden. The ultimate controlling party is Mr MAU Kjellberg.
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6 |
Other information |
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Pewdie UK Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Century House |
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15-19 Dyke Road |
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Brighton |
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East Sussex |
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BN1 3FE |
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The registration number of the company is 09742888. |