Registered number
12351785
Pep 55 Ltd
Filleted Accounts
31 December 2022
Pep 55 Ltd
Registered number: 12351785
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 14,277 16,316
Tangible assets 4 9,503 12,671
23,780 28,987
Current assets
Cash at bank and in hand 2,906 -
Creditors: amounts falling due within one year 5 (30,544) (18,560)
Net current liabilities (27,638) (18,560)
Total assets less current liabilities (3,858) 10,427
Creditors: amounts falling due after more than one year 6 (11,520) (20,469)
Net liabilities (15,378) (10,042)
Capital and reserves
Called up share capital 100 100
Share premium (10,142) -
Profit and loss account (5,336) (10,142)
Shareholder's funds (15,378) (10,042)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
P Edge-Partington
Director
Approved by the board on 19 October 2023
Pep 55 Ltd
Notes to the Accounts
for the year ended 31 December 2022
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 over 5-10 years
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. Unrelieved tax losses are recognised only to the extent that it is probable that they will be recovered against future taxable profits. Current tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2022 20,394
At 31 December 2022 20,394
Amortisation
At 1 January 2022 4,078
Provided during the year 2,039
At 31 December 2022 6,117
Net book value
At 31 December 2022 14,277
At 31 December 2021 16,316
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Motor vehicles
£
Cost
At 1 January 2022 22,000
At 31 December 2022 22,000
Depreciation
At 1 January 2022 9,329
Charge for the year 3,168
At 31 December 2022 12,497
Net book value
At 31 December 2022 9,503
At 31 December 2021 12,671
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 4,674 4,335
Obligations under finance lease and hire purchase contracts 4,275 3,821
Trade creditors - 960
Other creditors 21,595 9,444
30,544 18,560
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 7,202 11,876
Obligations under finance lease and hire purchase contracts 4,318 8,593
11,520 20,469
7 Controlling party
The company is controlled by P Edge-Partington, the director.
8 Going concern
The company is supported by funds from the director who has no immediate intent to withdraw such support.
9 Other information
Pep 55 Ltd is a private company limited by shares and incorporated in England. Its registered office is:
First Floor, 12 St. John's Way
St. John's Business Estate
Downham Market
Norfolk
PE38 0QQ
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