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Registration number: 04427997

PP Challenge Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

PP Challenge Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

PP Challenge Limited

(Registration number: 04427997)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

8,963

9,483

Investment property

5

500,000

500,000

Other financial assets

-

100

 

508,963

509,583

Current assets

 

Debtors

-

2,123

Cash at bank and in hand

 

98,105

96,973

 

98,105

99,096

Creditors: Amounts falling due within one year

6

(12,088)

(2,135)

Net current assets

 

86,017

96,961

Total assets less current liabilities

 

594,980

606,544

Creditors: Amounts falling due after more than one year

6

(360,123)

(362,214)

Provisions for liabilities

(3,087)

(3,087)

Net assets

 

231,770

241,243

Capital and reserves

 

Called up share capital

200

200

Other reserves

72,063

72,063

Retained earnings

159,507

168,980

Shareholders' funds

 

231,770

241,243

 

PP Challenge Limited

(Registration number: 04427997)
Balance Sheet as at 30 April 2023

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 October 2023 and signed on its behalf by:
 

.........................................
M J Heffer
Company secretary and director

 

PP Challenge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Court View Solsbury Lane
Batheaston
Bath
Avon
BA1 7HB
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents the value of rental income received and retail sale of flowers, in the ordinary course of the company's activities.

Government grants

Government grants are accounted for as revenue based grants under the accrual model in the period in which they are receivable.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

PP Challenge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Asset class

Depreciation method and rate

Furniture, fittings & equipment

20% Straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

PP Challenge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2022

11,278

11,278

Additions

1,868

1,868

At 30 April 2023

13,146

13,146

Depreciation

At 1 May 2022

1,794

1,794

Charge for the year

2,389

2,389

At 30 April 2023

4,183

4,183

Carrying amount

At 30 April 2023

8,963

8,963

At 30 April 2022

9,483

9,483

5

Investment properties

2023
£

At 1 May

500,000

At 30 April

500,000

There has been no valuation of investment property by an independent valuer.

 

PP Challenge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

6

Creditors

2023
£

2022
£

Due within one year

Taxation and social security

-

365

Other creditors

12,088

1,770

12,088

2,135

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

90,097

90,096

Other non-current financial liabilities

 

270,026

272,118

 

360,123

362,214

Creditors include bank loans of £90,097 (2022 - £90,096) which are secured on an investment property held by the company.

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

90,097

90,096

8

Related party transactions

Summary of transactions with other related parties

The directors have made an interest free loan to the company. At the balance sheet date the amount due to
the directors was £270,027 (2022: £272,118).