Company registration number 06995732 (England and Wales)
PLEASURABLE PASTIMES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
PLEASURABLE PASTIMES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PLEASURABLE PASTIMES LTD
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
30 April 2023
31 August 2022
Notes
£
£
£
£
Fixed assets
Investment property
4
2,000,000
2,240,546
Current assets
Debtors
5
95,342
300
Cash at bank and in hand
3,651,146
3,549,395
3,746,488
3,549,695
Creditors: amounts falling due within one year
6
(365,819)
(509,594)
Net current assets
3,380,669
3,040,101
Net assets
5,380,669
5,280,647
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
5,380,569
5,280,547
Total equity
5,380,669
5,280,647
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 October 2023 and are signed on its behalf by:
S W Goodman
Director
Company Registration No. 06995732
PLEASURABLE PASTIMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
- 2 -
1
Accounting policies
Company information
Pleasurable Pastimes Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Wellesley House, Duke of Wellington Avenue, Royal Arsenal, London, SE18 6SS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
The accounts have been prepared for an 8 month period to bring them in line with the month of death of one of the directors. The comparative figures are for a 12 month period and will not be completely comparable.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Any partially completed services that are un-billed at year end are recorded in accrued income within trade debtors. Any partially completed services that are billed at year end but have yet to be fulfilled are included as deferred income.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments', which are measured at amortised cost. The company does not have any Other Financial Instruments as covered by Section 12 of FRS102.
1.6
Equity instruments
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
PLEASURABLE PASTIMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 3 -
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
4
Investment property
2023
£
Fair value
At 1 September 2022
2,240,546
Revaluations
(240,546)
At 30 April 2023
2,000,000
In the opinion of the directors there has been no material change in market value of the investment property since it was purchased.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
95,342
300
PLEASURABLE PASTIMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2023
- 4 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
356,922
173,468
Other creditors
8,897
336,126
365,819
509,594
7
Directors' transactions
During the period a loan was made to S Goodman, one of the directors. At the period end there was a balance of £93,693 owing to Pleasurable Pastimes Ltd. Interest is charged on the loan which is repayable on demand.