Company Registration No. 11566374 (England and Wales)
PRETTY LITTLE EVERYTHING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PRETTY LITTLE EVERYTHING LIMITED
COMPANY INFORMATION
Director
Mr P B Stewart
Company number
11566374
Registered office
38 Hatchett Street
Birmingham
West Midlands
B19 3NX
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
34 Poplar Road
Solihull
West Midlands
B91 3AF
PRETTY LITTLE EVERYTHING LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
PRETTY LITTLE EVERYTHING LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PRETTY LITTLE EVERYTHING LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pretty Little Everything Limited for the year ended 31 March 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Pretty Little Everything Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Pretty Little Everything Limited and state those matters that we have agreed to state to the Board of Directors of Pretty Little Everything Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pretty Little Everything Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Pretty Little Everything Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Pretty Little Everything Limited. You consider that Pretty Little Everything Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Pretty Little Everything Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
22 November 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
PRETTY LITTLE EVERYTHING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
13,121
17,332
Current assets
Stocks
51,866
45,458
Debtors
4
37,749
27,285
Cash at bank and in hand
-
0
3,737
89,615
76,480
Creditors: amounts falling due within one year
5
(149,334)
(119,058)
Net current liabilities
(59,719)
(42,578)
Total assets less current liabilities
(46,598)
(25,246)
Creditors: amounts falling due after more than one year
6
(18,807)
(21,608)
Net liabilities
(65,405)
(46,854)
Capital and reserves
Called up share capital
8
20
20
Profit and loss reserves
(65,425)
(46,874)
Total equity
(65,405)
(46,854)

The director of the company has 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 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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.

PRETTY LITTLE EVERYTHING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 22 November 2023.
Mr P B Stewart
Director
Company Registration No. 11566374
PRETTY LITTLE EVERYTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information

Pretty Little Everything Limited is a private company limited by shares incorporated in England and Wales. The registered office is 38 Hatchett Street, Birmingham, West Midlands, B19 3NX.

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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.

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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
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.

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:

Plant and equipment
20% on reducing balance
Fixtures and fittings
20% on reducing balance
Computer equipment
25% on cost
Motor vehicles
25% on reducing balance
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

PRETTY LITTLE EVERYTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.6
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.

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.

1.7
Employee benefits

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

1.8
Retirement benefits

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

1.9
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 lease asset are consumed.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 8 (2022 - 11).

PRETTY LITTLE EVERYTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
9,120
708
2,686
14,450
26,964
Additions
-
0
-
0
124
-
0
124
At 31 March 2023
9,120
708
2,810
14,450
27,088
Depreciation and impairment
At 1 April 2022
2,736
212
1,265
5,419
9,632
Depreciation charged in the year
1,276
99
702
2,258
4,335
At 31 March 2023
4,012
311
1,967
7,677
13,967
Carrying amount
At 31 March 2023
5,108
397
843
6,773
13,121
At 31 March 2022
6,384
496
1,421
9,031
17,332
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
36,049
20,080
Other debtors
1,700
7,205
37,749
27,285
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
11,171
2,732
Trade creditors
9,675
20,166
Taxation and social security
7,878
11,625
Other creditors
120,610
84,535
149,334
119,058
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
18,807
21,608
PRETTY LITTLE EVERYTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
7
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank overdrafts
8,370
-
0
Bank loans
21,608
24,340
29,978
24,340
Bank loans are secured by way of a government backed guarantee.
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
20 Ordinary A of £1 each
20
20
20
20
9
Ultimate controlling party

The ultimate controlling party is Mr P B Stewart.

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