COMPANY REGISTRATION NO. 10803020 (England and Wales)
AD1 PROMOTIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
PAGES FOR FILING WITH REGISTRAR
AD1 PROMOTIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
AD1 PROMOTIONS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2020
30 June 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,419
1,246
Current assets
Debtors
4
-
6,000
Cash at bank and in hand
32,243
20,376
32,243
26,376
Creditors: amounts falling due within one year
5
(19,039)
(18,167)
Net current assets
13,204
8,209
Total assets less current liabilities
19,623
9,455
Provisions for liabilities
(1,220)
(237)
Net assets
18,403
9,218
Capital and reserves
Called up share capital
6
13
13
Profit and loss reserves
18,390
9,205
Total equity
18,403
9,218
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 2 December 2020
Mr A Dell
Director
Company Registration No. 10803020
AD1 PROMOTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
- 2 -
1
Accounting policies
Company information
AD1 Promotions Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
C/O UHY Hacker Young, Lanyon House, Mission Court, Newport, NP20 2DW.
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
Turnover
Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for promotional services provided. Turnover represents that value of goods and services provided in the normal course of business excluding VAT.
1.3
Tangible fixed assets
Tangible fixed assets
are measured at cost
,
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:
Sports Equipment
33% Reducing balance
Fixtures and fittings
25% Straight line
IT Equipment
25% Straight line
1.4
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 balance sheet 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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
AD1 PROMOTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
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.
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.
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 profit and loss account, 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 2
2020
2019
Number
Number
Total
2
2
3
Tangible fixed assets
Sports Equipment
Fixtures and fittings
IT Equipment
Total
£
£
£
£
Cost
At 1 July 2019
-
-
2,600
2,600
Additions
700
4,972
1,908
7,580
At 30 June 2020
700
4,972
4,508
10,180
Depreciation and impairment
At 1 July 2019
-
-
1,354
1,354
Depreciation charged in the year
77
1,243
1,087
2,407
At 30 June 2020
77
1,243
2,441
3,761
Carrying amount
At 30 June 2020
623
3,729
2,067
6,419
At 30 June 2019
-
-
1,246
1,246
AD1 PROMOTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 4 -
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
-
4,500
Other debtors
-
1,500
-
6,000
5
Creditors: amounts falling due within one year
2020
2019
£
£
Corporation tax
2,110
2,833
Other creditors
16,929
15,334
19,039
18,167
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary of £1 each
10
10
3 Ordinary B of £1 each
3
3
13
13
7
Directors' transactions
Dividends totalling £2,000 (2019 - £2,000) were paid in the year in respect of shares held by the company's director.
The director operates a current loan amount with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end the amount outstanding to the director was £15,999 (2019: £14,374), this amount being included in creditors amounts falling due within one year.