PP Challenge Limited 04427997 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is that of property investment and letting and the retail sale of flowers Digita Accounts Production Advanced 6.30.9574.0 true 04427997 2023-05-01 2024-04-30 04427997 2024-04-30 04427997 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 04427997 core:Non-currentFinancialInstruments 2024-04-30 04427997 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 04427997 core:FurnitureFittingsToolsEquipment 2024-04-30 04427997 bus:SmallEntities 2023-05-01 2024-04-30 04427997 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 04427997 bus:FilletedAccounts 2023-05-01 2024-04-30 04427997 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 04427997 bus:RegisteredOffice 2023-05-01 2024-04-30 04427997 bus:CompanySecretaryDirector2 2023-05-01 2024-04-30 04427997 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 04427997 core:FurnitureFittings 2023-05-01 2024-04-30 04427997 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 04427997 countries:EnglandWales 2023-05-01 2024-04-30 04427997 2023-04-30 04427997 core:FurnitureFittingsToolsEquipment 2023-04-30 04427997 2022-05-01 2023-04-30 04427997 2023-04-30 04427997 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 04427997 core:Non-currentFinancialInstruments 2023-04-30 04427997 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 04427997 core:FurnitureFittingsToolsEquipment 2023-04-30 iso4217:GBP xbrli:pure

Registration number: 04427997

PP Challenge Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

PP Challenge Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

PP Challenge Limited

(Registration number: 04427997)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,334

8,963

Investment property

5

500,000

500,000

 

506,334

508,963

Current assets

 

Stocks

6

100

-

Cash at bank and in hand

 

14,066

98,105

 

14,166

98,105

Creditors: Amounts falling due within one year

7

(2,729)

(12,088)

Net current assets

 

11,437

86,017

Total assets less current liabilities

 

517,771

594,980

Creditors: Amounts falling due after more than one year

7

(276,323)

(360,123)

Provisions for liabilities

(5,533)

(3,087)

Net assets

 

235,915

231,770

Capital and reserves

 

Called up share capital

200

200

Other reserves

66,330

72,063

Retained earnings

169,385

159,507

Shareholders' funds

 

235,915

231,770

 

PP Challenge Limited

(Registration number: 04427997)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 August 2024 and signed on its behalf by:
 

.........................................
M J Heffer
Company secretary and director

 

PP Challenge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Court View Solsbury Lane
Batheaston
Bath
Avon
BA1 7HB
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents the value of rental income received and retail sale of flowers, in the ordinary course of the company's activities.

Government grants

Government grants are accounted for as revenue based grants under the accrual model in the period in which they are receivable.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

PP Challenge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Asset class

Depreciation method and rate

Furniture, fittings & equipment

20% Straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

PP Challenge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

13,146

13,146

At 30 April 2024

13,146

13,146

Depreciation

At 1 May 2023

4,183

4,183

Charge for the year

2,629

2,629

At 30 April 2024

6,812

6,812

Carrying amount

At 30 April 2024

6,334

6,334

At 30 April 2023

8,963

8,963

5

Investment properties

2024
£

At 1 May

500,000

At 30 April

500,000

There has been no valuation of investment property by an independent valuer.

6

Stocks

2024
£

2023
£

Other inventories

100

-

 

PP Challenge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

2024
£

2023
£

Due within one year

Taxation and social security

779

-

Other creditors

1,950

12,088

2,729

12,088

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

-

90,097

Other non-current financial liabilities

 

276,323

270,026

 

276,323

360,123

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

90,097