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Registration number: 10866156

PPC3 Limited

trading as Dream Doors Poole

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

PPC3 Limited

trading as Dream Doors Poole

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

PPC3 Limited

trading as Dream Doors Poole

Company Information

Directors

Mr Paul John Crow

Mrs Jillian Lucille Crow

Registered office

1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ

Accountants

Ikara Business Solutions Limited
1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ

 

PPC3 Limited

trading as Dream Doors Poole

(Registration number: 10866156)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

15,240

22,860

Tangible assets

5

26,402

23,968

 

41,642

46,828

Current assets

 

Stocks

6

82,519

-

Debtors

7

33,204

15,158

Cash at bank and in hand

 

107,030

51,846

 

222,753

67,004

Creditors: Amounts falling due within one year

8

(218,127)

(60,678)

Net current assets

 

4,626

6,326

Total assets less current liabilities

 

46,268

53,154

Creditors: Amounts falling due after more than one year

8

(24,838)

(44,648)

Provisions for liabilities

(6,601)

(4,554)

Net assets

 

14,829

3,952

Capital and reserves

 

Called up share capital

10

10

Retained earnings

14,819

3,942

Shareholders' funds

 

14,829

3,952

 

PPC3 Limited

trading as Dream Doors Poole

(Registration number: 10866156)
Balance Sheet as at 31 July 2023

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 January 2024 and signed on its behalf by:
 

.........................................
Mr Paul John Crow
Director

.........................................
Mrs Jillian Lucille Crow
Director

 

PPC3 Limited

trading as Dream Doors Poole

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ
United Kingdom

These financial statements were authorised for issue by the Board on 25 January 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

PPC3 Limited

trading as Dream Doors Poole

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% Reducing balance

Fixtures and fittings

15% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

PPC3 Limited

trading as Dream Doors Poole

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Franchise fee

20% Straight line

Goodwill

20% Straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

PPC3 Limited

trading as Dream Doors Poole

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

PPC3 Limited

trading as Dream Doors Poole

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Intangible assets

Goodwill
 £

Franchise fee
£

Total
£

Cost or valuation

At 1 August 2022

15,000

23,100

38,100

At 31 July 2023

15,000

23,100

38,100

Amortisation

At 1 August 2022

6,000

9,240

15,240

Amortisation charge

3,000

4,620

7,620

At 31 July 2023

9,000

13,860

22,860

Carrying amount

At 31 July 2023

6,000

9,240

15,240

At 31 July 2022

9,000

13,860

22,860

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

25,000

9,000

34,000

Additions

1,364

4,750

6,114

At 31 July 2023

26,364

13,750

40,114

Depreciation

At 1 August 2022

6,938

3,094

10,032

Charge for the year

2,720

960

3,680

At 31 July 2023

9,658

4,054

13,712

Carrying amount

At 31 July 2023

16,706

9,696

26,402

At 31 July 2022

18,062

5,906

23,968

 

PPC3 Limited

trading as Dream Doors Poole

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Stocks

2023
£

2022
£

Work in progress

82,519

-

 

PPC3 Limited

trading as Dream Doors Poole

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

18,162

-

Prepayments

10,042

10,158

Other debtors

5,000

5,000

 

33,204

15,158

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

17,829

17,828

Trade creditors

 

9,733

12,880

Taxation and social security

 

42,828

18,962

Accruals and deferred income

 

104,397

955

Other creditors

 

43,340

10,053

 

218,127

60,678

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

24,838

44,648