Company Registration No. 04623857 (England and Wales)
Ppaint Limited
Unaudited accounts
for the year ended 30 November 2023
Ppaint Limited
Unaudited accounts
Contents
Ppaint Limited
Company Information
for the year ended 30 November 2023
Company Number
04623857 (England and Wales)
Registered Office
27 Links Yard
29a Spellman Street
London
E1.5LX
UK
Ppaint Limited
Statement of financial position
as at 30 November 2023
Tangible assets
3,742
2,215
Cash at bank and in hand
65,650
56,848
Creditors: amounts falling due within one year
(55,187)
(51,923)
Net current assets
18,147
13,261
Total assets less current liabilities
21,889
15,476
Provisions for liabilities
Called up share capital
3
3
Profit and loss account
21,175
15,175
Shareholders' funds
21,178
15,178
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 28 February 2024 and were signed on its behalf by
H.U.Obasi
Director
Company Registration No. 04623857
Ppaint Limited
Notes to the Accounts
for the year ended 30 November 2023
Ppaint Limited is a private company, limited by shares, registered in England and Wales, registration number 04623857. The registered office is 27 Links Yard, 29a Spellman Street, London, E1.5LX, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets where applicable.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
20% straight line
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives. Impairment of intangible fixed assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable:
50% straight line
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
Ppaint Limited
Notes to the Accounts
for the year ended 30 November 2023
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Computer equipment
Amounts falling due within one year
Ppaint Limited
Notes to the Accounts
for the year ended 30 November 2023
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
11,272
4,802
Taxes and social security
5,446
2,507
Loans from directors
36,705
43,084
Allotted, called up and fully paid:
3 Ordinary shares of £1 each
3
3
9
Operating lease commitments
2023
2022
At 30 November 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
592
592
10
Transactions with related parties
The balance on the director`s current account with the company at the balance sheet date was: H.U.Obasi £36,705 credit (2021: £43,084) credit, owed by the company to the director. This amount owing is unsecured, interest free and repayable on demand and was in credit throughout the year.
The ultimate owner of the company is H.U.Obasi who owns 100% of the issued share capital.
12
Average number of employees
During the year the average number of employees was 1 (2022: 1).