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REGISTERED NUMBER: 01315457 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023

FOR

PIPAL LIMITED

PIPAL LIMITED (REGISTERED NUMBER: 01315457)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PIPAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTORS: Mr B J Kantaria
Mr A B Kantaria





SECRETARY: Mrs B B Kantaria





REGISTERED OFFICE: Unit 8, 224, Iverson Road
London
NW6 2HL





REGISTERED NUMBER: 01315457 (England and Wales)






PIPAL LIMITED (REGISTERED NUMBER: 01315457)

BALANCE SHEET
31ST MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investments 5 72,001 1
72,001 1

CURRENT ASSETS
Debtors 6 1,241,499 1,289,554
Cash at bank and in hand 20,605 129,998
1,262,104 1,419,552
CREDITORS
Amounts falling due within one year 7 416,445 470,931
NET CURRENT ASSETS 845,659 948,621
TOTAL ASSETS LESS CURRENT
LIABILITIES

917,660

948,622

CREDITORS
Amounts falling due after more than one year 8 1,797,034 1,850,827
NET LIABILITIES (879,374 ) (902,205 )

CAPITAL AND RESERVES
Called up share capital 9 50,000 50,000
Retained earnings (929,374 ) (952,205 )
SHAREHOLDERS' FUNDS (879,374 ) (902,205 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6th October 2023 and were signed on its behalf by:





Mr B J Kantaria - Director


PIPAL LIMITED (REGISTERED NUMBER: 01315457)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023


1. STATUTORY INFORMATION

Pipal 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.

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.

At the year end, the company's balance sheet showed net liabilities of £879,374 (2022: £902,205).

These financial statements have been prepared on a going concern basis, as the company has received assurances from the shareholders and directors. These individuals have confirmed that they will provide ongoing financial support to the company so that the latter can meet its liabilities as and when these fall due. The directors and their close relatives have also subordinated their loans totalling £2,197,988 in favour of other creditors of the company.

Turnover
Turnover represents value of goods sold, excluding value added tax and net of any discounts.

Turnover for sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer and when there is no continuing involvement with goods.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Current assets investments
Current assets investments are stated at historical cost less any provision for permanent diminution in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st April 2022
and 31st March 2023 707
DEPRECIATION
At 1st April 2022
and 31st March 2023 707
NET BOOK VALUE
At 31st March 2023 -

PIPAL LIMITED (REGISTERED NUMBER: 01315457)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1st April 2022 1
Additions 72,000
At 31st March 2023 72,001
NET BOOK VALUE
At 31st March 2023 72,001
At 31st March 2022 1

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 896,647 944,929
Other debtors 344,828 344,062
VAT 24 563
1,241,499 1,289,554

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 3,699 3,550
Trade creditors - 82,864
Other creditors 412,746 384,517
416,445 470,931

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 9,127 12,920
Other creditors 1,787,907 1,837,907
1,797,034 1,850,827

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50,000 Ordinary shares £1 50,000 50,000

PIPAL LIMITED (REGISTERED NUMBER: 01315457)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


10. RELATED PARTY DISCLOSURES

(i) Certain Directors have given a limited personal guarantee of £400,000 to secure funding for the company.

(ii) A company with common director/shareholder had a balance payable of £110,354 (2022:£101,500) to Pipal Limited as at 31st March 2023. This is an interest free and unsecured loan.

(iii) The Directors, shareholders and close family members have provided an interest free, unsecured and subordinated loans to the Company. As at 31st March 2023, a total balance of £2,197,988 (2022: £2,218,642) was due to these persons by the Company.

(iv) The company occupies a part of the property owned by another company (with common directors/shareholders) for its business activities and pays the rent of £20,000 per annum (2022: £10,000). The tenancy terms are under negotiation.

11. ULTIMATE CONTROLLING PARTY

The Company was controlled throughout the current and previous period by the Kantaria family.