Registered number
08530850
PIQ SOLUTIONS LIMITED
Filleted Accounts
31 May 2023
PIQ SOLUTIONS LIMITED
Registered number: 08530850
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 21,802 2,200
Investments 4 30,002 30,002
51,804 32,202
Current assets
Debtors 5 9,639 -
Cash at bank and in hand 2,629 43,191
12,268 43,191
Creditors: amounts falling due within one year 6 (13,157) (26,228)
Net current (liabilities)/assets (889) 16,963
Total assets less current liabilities 50,915 49,165
Creditors: amounts falling due after more than one year 7 (15,049) (20,059)
Net assets 35,866 29,106
Capital and reserves
Called up share capital 100 100
Profit and loss account 35,766 29,006
Shareholders' funds 35,866 29,106
The director is 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 director acknowledges his 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.
…………………………………….
Sanjay Bhalla
Director
Approved by the board on 15 February 2024
PIQ SOLUTIONS LIMITED
Notes to the Accounts
for the year ended 31 May 2023
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.
Intangible fixed assets
Intangible fixed assets, if any, are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 25% straight line
Fixtures, fittings, tools and equipment 25% straight line
Stocks
Stocks, if any, 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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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.
Foreign currency translation
Transactions in foreign currencies, if any, are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions, if any, to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 9,663
Additions 26,136
At 31 May 2023 35,799
Depreciation
At 1 June 2022 7,463
Charge for the year 6,534
At 31 May 2023 13,997
Net book value
At 31 May 2023 21,802
At 31 May 2022 2,200
4 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 June 2022 - 30,002 30,002
At 31 May 2023 - 30,002 30,002
Historical cost
At 1 June 2022 - 30,002
At 31 May 2023 - 30,002
The investment was in BLUE VELVET INNOVATIONS LTD, a company with registered address in SL6 4BY.
5 Debtors 2023 2022
£ £
Trade debtors 9,639 -
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 22 2
Advance Management Company Ltd 7,340 7,340
Promotions Trade Company Ltd 900 900
Taxation and social security costs 2,305 15,120
Other creditors 2,590 2,866
13,157 26,228
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 15,049 20,059
8 Related party transactions
During the year, the company paid the following to a related company, Advance Management & Holding Company Ltd, in which Sanjay Bhalla is a director and a shareholder:
2023 2022
£ £
Management fees - -
Advance Management & Holding Company Ltd and Promotions Trade Company Ltd are associated companies. The balances due from or to are disclosd under debtors and creditors.
9 Controlling party
The company is controlled by the director. His shareholding may be obtained at the Companies House.
10 Other information
PIQ SOLUTIONS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Huddle-RR Business & Forensic Services
4th Floor
3 Shortlands
W6 8DA
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