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REGISTERED NUMBER: 04992184 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 December 2022

for

PAO LIMITED

PAO LIMITED (REGISTERED NUMBER: 04992184)

Contents of the Financial Statements
for the year ended 30 December 2022










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


PAO LIMITED

Company Information
for the year ended 30 December 2022







DIRECTOR: C A Robinson





REGISTERED OFFICE: c/o Thorne Lancaster Parker
4th Floor, Venture House
27/29 Glasshouse Street
London
W1B 5DF





REGISTERED NUMBER: 04992184 (England and Wales)





ACCOUNTANTS: Thorne Lancaster Parker
4th Floor
Venture House
27-29 Glasshouse Street
London
W1B 5DF

PAO LIMITED (REGISTERED NUMBER: 04992184)

Statement of Financial Position
30 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 - 35

CURRENT ASSETS
Debtors 5 13,339 20,894

CREDITORS
Amounts falling due within one year 6 24,364 28,012
NET CURRENT LIABILITIES (11,025 ) (7,118 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(11,025

)

(7,083

)

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (11,026 ) (7,084 )
SHAREHOLDERS' FUNDS (11,025 ) (7,083 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 September 2023 and were signed by:





C A Robinson - Director


PAO LIMITED (REGISTERED NUMBER: 04992184)

Notes to the Financial Statements
for the year ended 30 December 2022


1. STATUTORY INFORMATION

PAO Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the amount receivable during the year,excluding value added tax, in the ordinary course of business during the period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 25% on reducing balance

PAO LIMITED (REGISTERED NUMBER: 04992184)

Notes to the Financial Statements - continued
for the year ended 30 December 2022


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments.

a) Basic financial assets

Trade and other debtors, and bank balances, which are due within one year are initially recognised at transaction price and subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses.

At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

b) Basic financial liabilities and equity

Financial liabilities are classified as liabilities and equity instruments 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.

Trade creditors, and other creditors are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled.

Other loans are initially recognised at the transaction price, including transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired.

c) Equity instruments

The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


PAO LIMITED (REGISTERED NUMBER: 04992184)

Notes to the Financial Statements - continued
for the year ended 30 December 2022


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Office
equipment
£   
COST
At 31 December 2021
and 30 December 2022 2,486
DEPRECIATION
At 31 December 2021 2,451
Charge for year 35
At 30 December 2022 2,486
NET BOOK VALUE
At 30 December 2022 -
At 30 December 2021 35

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 235 235
Other debtors 5,348 5,348
Directors' loan accounts 7,756 15,311
13,339 20,894

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 7,617 12,718
Trade creditors 8,353 8,352
Corporation tax 2,284 1,284
Social security and other taxes 364 485
Other creditors 1,538 1,538
Accruals and deferred income 4,208 3,635
24,364 28,012

PAO LIMITED (REGISTERED NUMBER: 04992184)

Notes to the Financial Statements - continued
for the year ended 30 December 2022


7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 December 2022 and 30 December 2021:

2022 2021
£    £   
C A Robinson
Balance outstanding at start of year 15,311 18,734
Amounts advanced - 8,264
Amounts repaid (7,555 ) (11,687 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 7,756 15,311

Interest has been charged on the balance throughout the year on the overdrawn director's loan account at 3%. The amount in unsecured and was paid at the year end.

8. ULTIMATE CONTROLLING PARTY

C A Robinson controls the company by virtue his 100% holding of the issued share capital.