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COMPANY REGISTRATION NUMBER: 03157021
Pineapple Joes Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Pineapple Joes Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
83,397
86,821
Current assets
Stocks
11,000
10,500
Debtors
6
428,197
449,665
Cash at bank and in hand
57,278
51,818
----------
----------
496,475
511,983
Creditors: amounts falling due within one year
7
98,082
121,862
----------
----------
Net current assets
398,393
390,121
----------
----------
Total assets less current liabilities
481,790
476,942
Creditors: amounts falling due after more than one year
8
12,236
22,437
Provisions
Taxation including deferred tax
20,778
21,705
----------
----------
Net assets
448,776
432,800
----------
----------
Capital and reserves
Called up share capital
2
2
Profit and loss account
448,774
432,798
----------
----------
Shareholders funds
448,776
432,800
----------
----------
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 income statement has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Pineapple Joes Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
D F E Thompson
Director
Company registration number: 03157021
Pineapple Joes Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 7A, Bessingby Industrial Estate, Bridlington, East Yorkshire, YO16 4SJ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
(d) Current & deferred 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 be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is provided on the liability method to take account of timing differences between the treatment of certain items for accounting purposes and their treatment for tax purposes. Tax deferred is accounted for in respect of all material timing differences to the extent that it is considered that a net liability may crystallise.
(e) Foreign currencies
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 rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
(f) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(g) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Computer equipment
-
33% straight line
(h) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(i) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
(j) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
(k) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 9 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
214,857
39,609
22,597
277,063
Additions
10,453
607
2,203
13,263
Disposals
( 7,750)
( 7,750)
----------
--------
--------
----------
At 31 March 2024
217,560
40,216
24,800
282,576
----------
--------
--------
----------
Depreciation
At 1 April 2023
153,862
16,415
19,965
190,242
Charge for the year
10,553
3,421
1,611
15,585
Disposals
( 6,648)
( 6,648)
----------
--------
--------
----------
At 31 March 2024
157,767
19,836
21,576
199,179
----------
--------
--------
----------
Carrying amount
At 31 March 2024
59,793
20,380
3,224
83,397
----------
--------
--------
----------
At 31 March 2023
60,995
23,194
2,632
86,821
----------
--------
--------
----------
6. Debtors
2024
2023
£
£
Trade debtors
15,325
24,758
Other debtors
412,872
424,907
----------
----------
428,197
449,665
----------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,204
9,952
Trade creditors
31,863
41,726
Accruals and deferred income
15,459
15,203
Corporation tax
5,066
12,119
Social security and other taxes
16,985
13,591
Directors loan accounts
18,505
29,271
--------
----------
98,082
121,862
--------
----------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,236
22,437
--------
--------
9. Related party transactions
During the year the directors made loans to the company which are repayable on demand . As at 31 March 2024 the total balance owed to the directors was £ 18,505 (2023 £29,271).