Registered number
09856126
PINECONE LTD
Filleted Accounts
28 November 2022
PINECONE LTD
Registered number: 09856126
Balance Sheet
as at 28 November 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 2,806 5,073
Current assets
Stocks 93,403 55,385
Debtors 4 43,475 68,122
Cash at bank and in hand 760 1,308
137,638 124,815
Creditors: amounts falling due within one year 5 (358,173) (347,107)
Net current liabilities (220,535) (222,292)
Total assets less current liabilities (217,729) (217,219)
Creditors: amounts falling due after more than one year 6 (43,569) -
Net liabilities (261,298) (217,219)
Capital and reserves
Called up share capital 100,000 1,000
Profit and loss account (361,298) (218,219)
Shareholders' funds (261,298) (217,219)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Yinqiao Liu
Director
Approved by the board on 28 November 2023
PINECONE LTD
Notes to the Accounts
for the period from 30 November 2021 to 28 November 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery:
Fixtures, fittings, tools and equipment 50% Straight Line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 30 November 2021 18,407
Additions 5,612
At 28 November 2022 24,019
Depreciation
At 30 November 2021 13,334
Charge for the period 7,879
At 28 November 2022 21,213
Net book value
At 28 November 2022 2,806
At 29 November 2021 5,073
4 Debtors 2022 2021
£ £
Other debtors 43,475 68,122
5 Creditors: amounts falling due within one year 2022 2021
£ £
Taxation and social security costs 1,480 1,480
Other creditors 356,693 345,627
358,173 347,107
6 Creditors: amounts falling due after one year 2022 2021
£ £
Other creditors 43,569 -
7 Directors Loan
The company is dependent on the support of the director who has an unsecured directors' loan totalling £43,569 (2021 - £88,323). The director has no intention of withdrawing majority of the loan account within the next twelve months. On this basis the director considers it appropriate to
prepare the accounts on the going concern basis.
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