Company registration number 08124706 (England and Wales)
PYTHAGORAS CAPITAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PYTHAGORAS CAPITAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
PYTHAGORAS CAPITAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
19,615
21,115
Current assets
Debtors
4
83,678
89,424
Cash at bank and in hand
997,028
252,666
1,080,706
342,090
Creditors: amounts falling due within one year
5
(1,032,789)
(398,919)
Net current assets/(liabilities)
47,917
(56,829)
Total assets less current liabilities
67,532
(35,714)
Creditors: amounts falling due after more than one year
6
(94,078)
(5,646)
Provisions for liabilities
(3,727)
(4,012)
Net liabilities
(30,273)
(45,372)
Capital and reserves
Called up share capital
80
100
Capital redemption reserve
20
Profit and loss reserves
(30,373)
(45,472)
Total equity
(30,273)
(45,372)
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.
PYTHAGORAS CAPITAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
Mr G R McMahon
Director
Company registration number 08124706 (England and Wales)
PYTHAGORAS CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Pythagoras Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2-4 Packhorse Road, Gerrards Cross, Buckinghamshire, SL9 7QE.
1.1
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents revenue and is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including recoverable expenses and disbursements but excluding VAT at the applicable rate.
1.3
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:
Office equipment
25% reducing balance
Computers
25% 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.
1.4
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.
PYTHAGORAS CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
8
3
Tangible fixed assets
Office equipment
Computers
Total
£
£
£
Cost
At 1 January 2023
6,185
36,092
42,277
Additions
4,111
4,111
At 31 December 2023
6,185
40,203
46,388
Depreciation and impairment
At 1 January 2023
5,025
16,137
21,162
Depreciation charged in the year
116
5,495
5,611
At 31 December 2023
5,141
21,632
26,773
Carrying amount
At 31 December 2023
1,044
18,571
19,615
At 31 December 2022
1,160
19,955
21,115
PYTHAGORAS CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
39,884
21,595
Corporation tax recoverable
8,723
Other debtors
43,794
38,021
83,678
68,339
Deferred tax asset
21,085
83,678
89,424
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,646
65,952
Trade creditors
39,421
103,486
Corporation tax
14,092
Other taxation and social security
60,101
46,709
Other creditors
913,529
182,772
1,032,789
398,919
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
5,646
Other creditors
94,078
94,078
5,646