Company registration number 11270709 (England and Wales)
P&P Ice Creams Limited
Unaudited financial statements
For the year ended 31 March 2023
P&P Ice Creams Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
P&P Ice Creams Limited
Balance sheet
As at 31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
18,000
21,000
Tangible assets
4
166,962
193,851
184,962
214,851
Current assets
Stocks
16,922
8,580
Debtors
5
63,261
61,707
Cash at bank and in hand
21,087
57,593
101,270
127,880
Creditors: amounts falling due within one year
6
(295,767)
(365,536)
Net current liabilities
(194,497)
(237,656)
Total assets less current liabilities
(9,535)
(22,805)
Provisions for liabilities
12,953
17,846
Net assets/(liabilities)
3,418
(4,959)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
3,416
(4,961)
Total equity
3,418
(4,959)

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 year ended 31 March 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant 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 year 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.

P&P Ice Creams Limited
Balance sheet (continued)
As at 31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 November 2023 and are signed on its behalf by:
Mr R Gil
Mrs D Silva
Director
Director
Company Registration No. 11270709
P&P Ice Creams Limited
Notes to the financial statements
For the year ended 31 March 2023
- 3 -
1
Accounting policies
Company information

P&P Ice Creams Limited is a private company limited by shares incorporated in England and Wales. The registered office is 20-22 Wenlock Road, London, England, N1 7GU.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Franchise fee
10% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

P&P Ice Creams Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
10% straight line
Plant and equipment
10% straight line
Fixtures and fittings
10% straight line
Computers
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

P&P Ice Creams Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. As all financial assets are classified within one year, they are not amortised but carried at face value.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are carried at face value.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and continue to be measured at face value.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

P&P Ice Creams Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Government grants

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.16
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.

P&P Ice Creams Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
8
8
3
Intangible fixed assets
Franchise fee
£
Cost
At 1 April 2022 and 31 March 2023
30,000
Amortisation and impairment
At 1 April 2022
9,000
Amortisation charged for the year
3,000
At 31 March 2023
12,000
Carrying amount
At 31 March 2023
18,000
At 31 March 2022
21,000
P&P Ice Creams Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 8 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
157,294
120,587
277,881
Additions
-
0
1,229
1,229
At 31 March 2023
157,294
121,816
279,110
Depreciation and impairment
At 1 April 2022
47,187
36,843
84,030
Depreciation charged in the year
15,729
12,389
28,118
At 31 March 2023
62,916
49,232
112,148
Carrying amount
At 31 March 2023
94,378
72,584
166,962
At 31 March 2022
110,107
83,744
193,851
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,407
1,183
Other debtors
61,854
60,524
63,261
61,707
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
10,008
53,403
Taxation and social security
2,376
1,265
Other creditors
283,383
310,868
295,767
365,536
P&P Ice Creams Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 9 -
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
70,000
140,000
8
Directors' transactions

At the balance sheet date there were amounts owing to the directors in the sum of £282,500. The loans are accruing interest at 3% p.a.

2023-03-312022-04-01true23 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr R GilMrs D Silvafalse112707092022-04-012023-03-31112707092023-03-31112707092022-03-3111270709core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-3111270709core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-03-3111270709core:LandBuildings2023-03-3111270709core:OtherPropertyPlantEquipment2023-03-3111270709core:LandBuildings2022-03-3111270709core:OtherPropertyPlantEquipment2022-03-3111270709core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3111270709core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3111270709core:CurrentFinancialInstruments2023-03-3111270709core:CurrentFinancialInstruments2022-03-3111270709core:ShareCapital2023-03-3111270709core:ShareCapital2022-03-3111270709core:RetainedEarningsAccumulatedLosses2023-03-3111270709core:RetainedEarningsAccumulatedLosses2022-03-3111270709bus:Director12022-04-012023-03-3111270709bus:Director22022-04-012023-03-3111270709core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3111270709core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-04-012023-03-3111270709core:LandBuildingscore:LongLeaseholdAssets2022-04-012023-03-3111270709core:PlantMachinery2022-04-012023-03-3111270709core:FurnitureFittings2022-04-012023-03-3111270709core:ComputerEquipment2022-04-012023-03-31112707092021-04-012022-03-3111270709core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-03-3111270709core:LandBuildings2022-03-3111270709core:OtherPropertyPlantEquipment2022-03-31112707092022-03-3111270709core:LandBuildings2022-04-012023-03-3111270709core:OtherPropertyPlantEquipment2022-04-012023-03-3111270709core:WithinOneYear2023-03-3111270709core:WithinOneYear2022-03-3111270709bus:EntityHasNeverTraded2022-04-012023-03-3111270709bus:PrivateLimitedCompanyLtd2022-04-012023-03-3111270709bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3111270709bus:FRS1022022-04-012023-03-3111270709bus:AuditExemptWithAccountantsReport2022-04-012023-03-3111270709bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP