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Company Registration No. 04623857 (England and Wales)
Ppaint Limited Unaudited accounts for the year ended 30 November 2023
Ppaint Limited Unaudited accounts Contents
Page
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Ppaint Limited Company Information for the year ended 30 November 2023
Director
H.U.Obasi
Secretary
Chioma Ebilah
Company Number
04623857 (England and Wales)
Registered Office
27 Links Yard 29a Spellman Street London E1.5LX UK
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Ppaint Limited Statement of financial position as at 30 November 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
3,742 
2,215 
Current assets
Inventories
700 
1,000 
Debtors
6,984 
7,336 
Cash at bank and in hand
65,650 
56,848 
73,334 
65,184 
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
Deferred tax
(711)
(298)
Net assets
21,178 
15,178 
Capital and reserves
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
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Ppaint Limited Notes to the Accounts for the year ended 30 November 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets where applicable.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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
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 taxation
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.
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Ppaint Limited Notes to the Accounts for the year ended 30 November 2023
Foreign currencies
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.
Leased assets
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 
£ 
Cost
At 1 December 2022
5,000 
At 30 November 2023
5,000 
Amortisation
At 1 December 2022
5,000 
At 30 November 2023
5,000 
Net book value
At 30 November 2023
- 
5
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 December 2022
3,814 
Additions
2,499 
Disposals
(989)
At 30 November 2023
5,324 
Depreciation
At 1 December 2022
1,599 
Charge for the year
972 
On disposals
(989)
At 30 November 2023
1,582 
Net book value
At 30 November 2023
3,742 
At 30 November 2022
2,215 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
6,984 
7,336 
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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 
Accruals
1,764 
1,530 
55,187 
51,923 
8
Share capital
2023 
2022 
£ 
£ 
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.
11
Controlling party
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).
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