2 false false false false false false false false false false true false false false false false false No description of principal activity 2022-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 12,000 4,800 2,400 7,200 4,800 7,200 9,474 1,007 1,515 8,966 3,015 2,620 743 4,892 4,074 6,459 xbrli:pure xbrli:shares iso4217:GBP 12390692 2022-02-01 2023-01-31 12390692 2023-01-31 12390692 2022-01-31 12390692 2021-02-01 2022-01-31 12390692 2022-01-31 12390692 2021-01-31 12390692 core:NetGoodwill 2022-02-01 2023-01-31 12390692 bus:Director1 2022-02-01 2023-01-31 12390692 core:NetGoodwill 2022-01-31 12390692 core:NetGoodwill 2023-01-31 12390692 core:WithinOneYear 2023-01-31 12390692 core:WithinOneYear 2022-01-31 12390692 core:ShareCapital 2023-01-31 12390692 core:ShareCapital 2022-01-31 12390692 core:RetainedEarningsAccumulatedLosses 2023-01-31 12390692 core:RetainedEarningsAccumulatedLosses 2022-01-31 12390692 core:NetGoodwill 2022-01-31 12390692 bus:SmallEntities 2022-02-01 2023-01-31 12390692 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 12390692 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 12390692 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 12390692 bus:FullAccounts 2022-02-01 2023-01-31 12390692 core:FurnitureFittingsToolsEquipment 2022-02-01 2023-01-31 12390692 core:FurnitureFittingsToolsEquipment 2022-01-31 12390692 core:FurnitureFittingsToolsEquipment 2023-01-31
COMPANY REGISTRATION NUMBER: 12390692
Street Panna Limited
Filleted Unaudited Financial Statements
31 January 2023
Street Panna Limited
Financial Statements
Year ended 31 January 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Street Panna Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
4,800
7,200
Tangible assets
6
4,074
6,459
-------
--------
8,874
13,659
Current assets
Debtors
7
69,448
27,317
Cash at bank and in hand
18,530
69,306
--------
--------
87,978
96,623
Creditors: amounts falling due within one year
8
56,966
83,275
--------
--------
Net current assets
31,012
13,348
--------
--------
Total assets less current liabilities
39,886
27,007
Provisions
Taxation including deferred tax
774
1,227
--------
--------
Net assets
39,112
25,780
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
39,012
25,680
--------
--------
Shareholders funds
39,112
25,780
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Street Panna Limited
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 15 October 2023 , and are signed on behalf of the board by:
Mr J D A Downer
Director
Company registration number: 12390692
Street Panna Limited
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 1 ).
5. Intangible assets
Goodwill
£
Cost
At 1 February 2022 and 31 January 2023
12,000
--------
Amortisation
At 1 February 2022
4,800
Charge for the year
2,400
--------
At 31 January 2023
7,200
--------
Carrying amount
At 31 January 2023
4,800
--------
At 31 January 2022
7,200
--------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 February 2022
9,474
9,474
Additions
1,007
1,007
Disposals
( 1,515)
( 1,515)
-------
-------
At 31 January 2023
8,966
8,966
-------
-------
Depreciation
At 1 February 2022
3,015
3,015
Charge for the year
2,620
2,620
Disposals
( 743)
( 743)
-------
-------
At 31 January 2023
4,892
4,892
-------
-------
Carrying amount
At 31 January 2023
4,074
4,074
-------
-------
At 31 January 2022
6,459
6,459
-------
-------
7. Debtors
2023
2022
£
£
Trade debtors
55,128
2,600
Other debtors
14,320
24,717
--------
--------
69,448
27,317
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
180
138
Corporation tax
13,830
22,616
Social security and other taxes
11,527
13,911
Other creditors
31,429
46,610
--------
--------
56,966
83,275
--------
--------
9. Related party transactions
At the year end, the company owed the Director £26,679 (2022: £43,110).