Registered number
04712741
PAPAYA LINGERIE LIMITED
Filleted Accounts
30 April 2024
PAPAYA LINGERIE LIMITED
Registered number: 04712741
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,799 4,818
Current assets
Stocks 47,000 21,345
Debtors 4 3,165 226,019
Cash at bank and in hand 88,919 745,009
139,084 992,373
Creditors: amounts falling due within one year 5 (20,623) (163,099)
Net current assets 118,461 829,274
Net assets 125,260 834,092
Capital and reserves
Called up share capital 200 200
Buy Back of Shares from Shareholders 6 (373,031) -
Profit and loss account 498,091 833,892
Shareholder's funds 125,260 834,092
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs Kerry Sykes
Director
Approved by the board on 16 August 2024
PAPAYA LINGERIE LIMITED
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office Equipment 25% reducing balance basis
Fixtures and fittings 25% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
The company operates a defined contribution pension scheme. Papaya Lingerie Pension Scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 6
3 Tangible fixed assets
Office Equipment Fixtures & Fittings Total
£ £ £
Cost
At 1 May 2023 12,005 2,913 14,918
Additions 4,248 - 4,248
At 30 April 2024 16,253 2,913 19,166
Depreciation
At 1 May 2023 8,837 1,263 10,100
Charge for the year 1,854 413 2,267
At 30 April 2024 10,691 1,676 12,367
Net book value
At 30 April 2024 5,562 1,237 6,799
At 30 April 2023 3,168 1,650 4,818
4 Debtors 2024 2023
£ £
Trade debtors - 166,375
Other debtors 3,165 59,644
3,165 226,019
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 15,059 129,589
Taxation and social security costs 4,223 (20,841)
Other creditors 1,341 54,351
20,623 163,099
6 Share BuyBack 2024 2023
£ £
Buy Back of Shares (373,031) -
At 30 April 2024 (373,031) -
The buy back of shares from shareholders was finalised in July 2023 and the funds were issued through the retained earnings.
7 Pension commitments
The company operates a defined contribution pension scheme. Papaya Lingerie Pension Scheme, for the directors and senior employees. The assets of the scheme are held separately from those of the company in an independently administered fund.At the balance sheet date, unpaid contributions of £1,341 (2023: £1,665) were due to the fund. They are included in other creditors.
8 Related party transactions
Ordinary dividends paid to directors in their capacity as shareholders during the period included £26,500 (2023: £34,074).
9 Controlling party
The director own 100% of the company.
10 Other information
PAPAYA LINGERIE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
9 Danesfield
Ripley
Woking
Surrey
GU23 6LS
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