Company Registration No. 3432728 (England and Wales)
PETRAFIZ LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PETRAFIZ LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PETRAFIZ LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
15,034
10,522
Current assets
Debtors
5
28,378
33,117
Cash at bank and in hand
146,385
163,819
174,763
196,936
Creditors: amounts falling due within one year
6
(24,576)
(24,108)
Net current assets
150,187
172,828
Net assets
165,221
183,350
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
165,121
183,250
Total equity
165,221
183,350
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 5 September 2024 and are signed on its behalf by:
Mr J A Foulds
Director
Company Registration No. 3432728
PETRAFIZ LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Accounting policies
Company information
Petrafiz Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Hill Park Barn, Hicksmill, Polyphant, Launceston, Cornwall, United Kingdom, PL15 7PT.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
2.2
Turnover
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 VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
2.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Tenants improvements
10% on cost
Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
PETRAFIZ LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 3 -
2.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all material timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2
4
Tangible fixed assets
Tenants improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2023
12,950
13,462
12,035
38,447
Additions
5,430
888
6,318
At 31 December 2023
18,380
14,350
12,035
44,765
Depreciation and impairment
At 1 January 2023
8,637
9,002
10,286
27,925
Depreciation charged in the year
431
1,025
350
1,806
At 31 December 2023
9,068
10,027
10,636
29,731
Carrying amount
At 31 December 2023
9,312
4,323
1,399
15,034
At 31 December 2022
4,313
4,460
1,749
10,522
PETRAFIZ LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
18,358
25,259
Other debtors
10,020
7,858
28,378
33,117
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
10,455
7,007
Taxation and social security
14,121
17,101
24,576
24,108
7
Directors' transactions
The following Loans to directors subsisted during the year ended 31 December 2023. No Interest is being paid.
Description
Opening balance
Amounts advanced
Closing balance
£
£
£
5,344
2,786
8,130
5,344
2,786
8,130