Company registration number 10740444 (England and Wales)
PIAFF TRADING UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
PIAFF TRADING UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
PIAFF TRADING UK LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
-
16,303
Debtors
3
429,343
331,992
Cash at bank and in hand
1,518
99,329
430,861
447,624
Creditors: amounts falling due within one year
4
(786,991)
(422,097)
Net current (liabilities)/assets
(356,130)
25,527
Creditors: amounts falling due after more than one year
5
(35,844)
(399,827)
Net liabilities
(391,974)
(374,300)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(392,074)
(374,400)
Total equity
(391,974)
(374,300)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 28 March 2024
Mrs Eileen Low
Director
Company registration number 10740444 (England and Wales)
PIAFF TRADING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
1
Accounting policies
Company information

Piaff Trading UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 21 Sunnybank Avenue, Heaton Mersey, Stockport, Cheshire, SK4 3PR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Despite the company reporting a loss for the year and having an adverse position at the balance sheet date, the accounts have been prepared as a going concern, on the basis the position is fully supported by a directors loan account. The director will continue to support the company for the foreseeable future.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

PIAFF TRADING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 3 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
2,735
Amounts owed by group undertakings
428,832
308,752
Other debtors
511
20,505
429,343
331,992
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
181,000
161,915
Other creditors
605,991
260,182
786,991
422,097
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
35,844
45,833
Other creditors
-
0
353,994
35,844
399,827
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