Registered number
11149137
Partycloud Ltd
Filleted Accounts
31 January 2023
Partycloud Ltd
Registered number: 11149137
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 85 102
Tangible assets 4 3,237 9,601
3,322 9,703
Current assets
Debtors 5 836 1,051
Cash at bank and in hand 1,597 869
2,433 1,920
Creditors: amounts falling due within one year 6 (252) (2,191)
Net current assets/(liabilities) 2,181 (271)
Total assets less current liabilities 5,503 9,432
Creditors: amounts falling due after more than one year 7 (5,322) (6,036)
Provisions for liabilities (631) -
Net (liabilities)/assets (450) 3,396
Capital and reserves
Called up share capital 20 2
Profit and loss account (470) 3,394
Shareholders' funds (450) 3,396
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs A Moore
Director
Approved by the board on 10 October 2023
Partycloud Ltd
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Cost
At 1 February 2022 170
At 31 January 2023 170
Amortisation
At 1 February 2022 68
Provided during the year 17
At 31 January 2023 85
Net book value
At 31 January 2023 85
At 31 January 2022 102
Intangibles are being written off in equal annual instalments over their estimated economic lives of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2022 12,445 6,250 18,695
Disposals - (6,250) (6,250)
At 31 January 2023 12,445 - 12,445
Depreciation
At 1 February 2022 7,532 1,562 9,094
Charge for the year 1,676 - 1,676
On disposals - (1,562) (1,562)
At 31 January 2023 9,208 - 9,208
Net book value
At 31 January 2023 3,237 - 3,237
At 31 January 2022 4,913 4,688 9,601
5 Debtors 2023 2022
£ £
Trade debtors 615 786
Other debtors 221 265
836 1,051
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 36 91
Taxation and social security costs 216 496
Other creditors - 1,604
252 2,191
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 5,322 6,036
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mrs A Moore (4,408) 11,892 (12,623) (5,139)
Ms S Morash (1,629) 12,122 (10,694) (201)
(6,037) 24,014 (23,317) (5,340)
9 Grant Disclosure Note
During the year the company received a grant of £2199.00. The accounting policy adpoted is the accruals model. This grant relates to COVID-19 support from the government.
10 Going concern
These accounts have been prepared on a going concern basis. The directors have confirmed that they will continue to provide financial support to the company until such time as it's position improves.
23 Relared Party Transactions
Included within other creditors is the amount of £5,322 (2022 - £6,037) owed to the directors. This amount is undated, unsecured, interest free and repayable upon demand.
11 Other information
Partycloud Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1 The Briars
Waterberry Drive
Waterlooville
PO7 7YH
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