Registered number
12207353
Pit Stop FF Limited
Filleted Accounts
30 November 2023
Pit Stop FF Limited
Registered number: 12207353
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 156,957 165,701
Current assets
Stocks 2,570 5,720
Debtors 4 256 5,132
Cash at bank and in hand 32,588 30,213
35,414 41,065
Creditors: amounts falling due within one year 5 (205,627) (158,357)
Net current liabilities (170,213) (117,292)
Net (liabilities)/assets (13,256) 48,409
Capital and reserves
Called up share capital 3 3
Profit and loss account (13,259) 48,406
Shareholders' funds (13,256) 48,409
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Shafa Begum
Director
Approved by the board on 28 August 2024
Pit Stop FF Limited
Notes to the Accounts
for the year ended 30 November 2023
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold additions over the lease term
Fixtures, fittings, tools and equipment 10% reducing balance
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 19 18
3 Tangible fixed assets
Leasehold additions Plant and machinery etc Total
£ £ £
Cost
At 1 December 2022 39,275 165,507 204,782
Additions - 8,114 8,114
At 30 November 2023 39,275 173,621 212,896
Depreciation
At 1 December 2022 7,854 31,227 39,081
Charge for the year 2,618 14,240 16,858
At 30 November 2023 10,472 45,467 55,939
Net book value
At 30 November 2023 28,803 128,154 156,957
At 30 November 2022 31,421 134,280 165,701
4 Debtors 2023 2022
£ £
Other debtors 256 5,132
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 72,967 54,036
Taxation and social security costs 23,071 33,436
Other creditors 109,589 70,885
205,627 158,357
6 Other information
Pit Stop FF Limited is a private company limited by shares and incorporated in England. Its registered office is:
Flat 12 Woodside Court
Northumberland Avenue
London
E12 5HB
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