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REGISTERED NUMBER: 05879541 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Pitbitz Limited

Pitbitz Limited (Registered number: 05879541)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Pitbitz Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: L Pannozzo





REGISTERED OFFICE: 10 Manor Park
Banbury
Oxfordshire
OX16 3TB





REGISTERED NUMBER: 05879541 (England and Wales)





ACCOUNTANTS: Handleys Chartered Accountants
10 Manor Park
Banbury
Oxfordshire
OX16 3TB

Pitbitz Limited (Registered number: 05879541)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,582,272 1,890,087
Investments 5 210,000 210,000
2,792,272 2,100,087

CURRENT ASSETS
Stocks 1,078,761 1,055,993
Debtors 6 584,195 255,004
Cash at bank and in hand 1,180,481 1,428,957
2,843,437 2,739,954
CREDITORS
Amounts falling due within one year 7 1,059,371 820,206
NET CURRENT ASSETS 1,784,066 1,919,748
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,576,338

4,019,835

CREDITORS
Amounts falling due after more than
one year

8

904,253

711,760
NET ASSETS 3,672,085 3,308,075

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,671,985 3,307,975
SHAREHOLDERS' FUNDS 3,672,085 3,308,075

Pitbitz Limited (Registered number: 05879541)

Balance Sheet - continued
31 December 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 August 2024 and were signed by:





L Pannozzo - Director


Pitbitz Limited (Registered number: 05879541)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Pitbitz Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition
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 value added tax and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. For sales of goods, the turnover is shown net of distribution and carriage charges.

Revenue from sale of goods is recognised when significant risks and rewards of ownership have been transferred to the buyer, when the amount of revenue can be measured reliably, when it is probable that the economic benefits associated with the transaction will flow to the entity and when the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from sale of services is recognised when the stage of completion of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not depreciated
Plant and machinery - 20% on reducing balance
Office equipment - 33% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Pitbitz Limited (Registered number: 05879541)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Office Motor
property machinery equipment vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 1,808,058 34,559 134,825 154,078 2,131,520
Additions 729,070 10,250 - - 739,320
Disposals - - - (35,500 ) (35,500 )
At 31 December 2023 2,537,128 44,809 134,825 118,578 2,835,340
DEPRECIATION
At 1 January 2023 - 30,503 131,220 79,710 241,433
Charge for year - 2,861 721 10,272 13,854
Eliminated on disposal - - - (2,219 ) (2,219 )
At 31 December 2023 - 33,364 131,941 87,763 253,068
NET BOOK VALUE
At 31 December 2023 2,537,128 11,445 2,884 30,815 2,582,272
At 31 December 2022 1,808,058 4,056 3,605 74,368 1,890,087

Pitbitz Limited (Registered number: 05879541)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 210,000
NET BOOK VALUE
At 31 December 2023 210,000
At 31 December 2022 210,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 49,994 38,550
Other debtors 534,201 216,454
584,195 255,004

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 153,588 193,358
Hire purchase contracts 14,853 14,262
Payments on account 74,123 59,153
Trade creditors 253,319 79,885
Taxation and social security 159,649 257,771
Other creditors 403,839 215,777
1,059,371 820,206

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 897,839 697,207
Hire purchase contracts 6,414 14,553
904,253 711,760

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 450,000 267,132

Pitbitz Limited (Registered number: 05879541)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 1,051,427 890,565
Hire purchase contracts 21,267 28,815
1,072,694 919,380

Barclays Bank PLC holds various fixed charges over the freehold property of the business, as well as various floating charges over the other tangible assets of the company.

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
L Pannozzo
Balance outstanding at start of year 14,991 33,649
Amounts advanced - 14,991
Amounts repaid (14,991 ) (33,649 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 14,991

This amount was fully repaid within nine months of the year end.