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COMPANY REGISTRATION NUMBER: 03260214
Piffs Elm Limited
Filleted Unaudited Financial Statements
28 February 2023
Piffs Elm Limited
Financial Statements
Year ended 28 February 2023
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Piffs Elm Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Piffs Elm Limited
Year ended 28 February 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 28 February 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
HARPER SHELDON LIMITED Chartered Accountants
Midway House Staverton Technology Park Herrick Way, Staverton Cheltenham, Glos. GL51 6TQ
23 November 2023
Piffs Elm Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
2,772,853
2,495,124
Current assets
Debtors
6
442,569
417,945
Cash at bank and in hand
120,242
215,076
---------
---------
562,811
633,021
Creditors: amounts falling due within one year
7
2,809,419
2,632,459
------------
------------
Net current liabilities
2,246,608
1,999,438
------------
------------
Total assets less current liabilities
526,245
495,686
Creditors: amounts falling due after more than one year
8
174,047
218,395
---------
---------
Net assets
352,198
277,291
---------
---------
Capital and reserves
Called up share capital
800
800
Capital redemption reserve
200
200
Profit and loss account
351,198
276,291
---------
---------
Shareholders funds
352,198
277,291
---------
---------
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 28 February 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Piffs Elm Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 23 November 2023 , and are signed on behalf of the board by:
P Cassidy Director
Company registration number: 03260214
Piffs Elm Limited
Notes to the Financial Statements
Year ended 28 February 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 Phoenix House, Stoke Road, Elmstone Hardwicke, Cheltenham, Gloucestershire, GL51 9SY.
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.
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 represents the excess of cost of acquisition over the fair value of the separable net assets of businesses acquired. Goodwill is amortised to the profit and loss account in equal instalments over its estimated useful life.
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
-
10% 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and equipment
-
25% straight line
Investment property
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Intangible assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
201,700
---------
Amortisation
At 1 March 2022 and 28 February 2023
201,700
---------
Carrying amount
At 28 February 2023
---------
At 28 February 2022
---------
5. Tangible assets
Freehold property
Equipment
Total
£
£
£
Cost
At 1 March 2022
2,495,123
37,750
2,532,873
Additions
277,729
277,729
------------
--------
------------
At 28 February 2023
2,772,852
37,750
2,810,602
------------
--------
------------
Depreciation
At 1 March 2022 and 28 February 2023
37,749
37,749
------------
--------
------------
Carrying amount
At 28 February 2023
2,772,852
1
2,772,853
------------
--------
------------
At 28 February 2022
2,495,123
1
2,495,124
------------
--------
------------
The freehold property was reclassified as an investment property during the year and revalued as at 29 february 2020 by the directors. The corresponding adjustments are included in these financial statements.
6. Debtors
2023
2022
£
£
Trade debtors
12,000
Amounts owed by group undertakings and undertakings in which the company has a participating interest
383,100
383,100
Other debtors
47,469
34,845
---------
---------
442,569
417,945
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
45,000
45,000
Trade creditors
52,635
118,604
Corporation tax
8,946
779
Other creditors
2,702,838
2,468,076
------------
------------
2,809,419
2,632,459
------------
------------
The bank overdraft is secured by a floating charge over the assets of the company.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
174,047
218,395
---------
---------
Obligations under bank loans are secured on the freehold property.
9. Related party transactions
The company was under the control of Pricenex Limited (a company registered in England and Wales)throughout the current and previous year by virtue of it's 100% shareholding. At the balance sheet date the company was owed £383,100 (2022 £383,100) by Pricenex Limited, a company associated by virtue of being the parent company. Rent of £48,000 (2022 £136,250) was paid to Piffs Elm Ltd from In2Print part of Commercial Limited through the period, £nil (2022 £nil) was outstanding at the Balance Sheet date. Rent of £65,000 (2022 £nil) was paid to Piffs Elm Ltd from Cellar Supplies Limited through the period, £nil (2022 £nil) was outstanding at the Balance Sheet dat