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COMPANY REGISTRATION NUMBER: NI614402
PERFORMANCE CAPITAL LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 September 2023
PERFORMANCE CAPITAL LTD
STATEMENT OF FINANCIAL POSITION
30 September 2023
30 Sep 23
31 Mar 22
Note
£
£
£
Current assets
Debtors
5
5,530
5,930
Cash at bank and in hand
6,073
6,075
--------
--------
11,603
12,005
Creditors: amounts falling due within one year
6
16,075
16,614
--------
--------
Net current liabilities
4,472
4,609
-------
-------
Total assets less current liabilities
( 4,472)
( 4,609)
-------
-------
Net liabilities
( 4,472)
( 4,609)
-------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 4,572)
( 4,709)
-------
-------
Shareholders deficit
( 4,472)
( 4,609)
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 13 March 2024 , and are signed on behalf of the board by:
Ms L Graham
Director
Company registration number: NI614402
PERFORMANCE CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 APRIL 2022 TO 30 SEPTEMBER 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is C/o Flannigan Edmonds Bannon, Linenhall Exchange, 26 Linenhall Street, Belfast, BT2 8BG, Northern Ireland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
(b) No cash flow statement has been presented for the company.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
4. Tax on profit
Major components of tax expense
Period from
1 Apr 22 to
Year to
30 Sep 23
31 Mar 22
£
£
Current tax:
UK current tax expense
32
103
Adjustments in respect of prior periods
446
----
----
Total current tax
32
549
----
----
----
----
Tax on profit
32
549
----
----
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the period is the same as (2022: higher than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
Period from
1 Apr 22 to
Year to
30 Sep 23
31 Mar 22
£
£
Profit on ordinary activities before taxation
169
544
----
----
Profit on ordinary activities by rate of tax
32
103
Adjustment to tax charge in respect of prior periods
446
----
----
Tax on profit
32
549
----
----
5. Debtors
30 Sep 23
31 Mar 22
£
£
Trade debtors
5,530
5,930
-------
-------
6. Creditors: amounts falling due within one year
30 Sep 23
31 Mar 22
£
£
Bank loans and overdrafts
10,008
10,000
Trade creditors
3,900
Corporation tax
32
103
Other creditors
6,035
2,611
--------
--------
16,075
16,614
--------
--------
7. Director's advances, credits and guarantees
During the year,the director advanced net loans of £4,125 (2022: £Nil) to the company. At the balance sheet date, the amount outstanding to the director was £5,675 (2022: £1,551).
8. Related party transactions
The company was under the control of Miss L Graham throughout the current and previous period. Miss Graham is the sole director and shareholder. Miss Graham is also director and shareholder of Performance Management Limited. During the year Performance Capital Ltd invoiced Performance Management £Nil for services.