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Company registration number: 04430398
Pink Affinity Limited
Unaudited filleted financial statements
31 July 2023
Pink Affinity Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Pink Affinity Limited
Directors and other information
Directors
P J Evans
D Amin
M Amin
T R James (Resigned 31 May 2024)
Company number 04430398
Registered office The Clock House
Station Approach
Marlow
Bucks
SL7 1NT
Business address The Clock House
Station Approach
Marlow
Bucks
SL7 1NT
Pink Affinity Limited
Statement of financial position
31 July 2023
31/07/23 31/07/22
Note £ £ £ £
Fixed assets
Tangible assets 5 2,885 3,239
_______ _______
2,885 3,239
Current assets
Debtors 6 378,836 271,994
Cash at bank and in hand 50,926 57,115
_______ _______
429,762 329,109
Creditors: amounts falling due
within one year 7 ( 253,311) ( 145,474)
_______ _______
Net current assets 176,451 183,635
_______ _______
Total assets less current liabilities 179,336 186,874
Creditors: amounts falling due
after more than one year 8 ( 174,644) ( 229,671)
Provisions for liabilities ( 369) ( 390)
_______ _______
Net assets/(liabilities) 4,323 ( 43,187)
_______ _______
Capital and reserves
Called up share capital 110 110
Profit and loss account 4,213 ( 43,297)
_______ _______
Shareholders funds/(deficit) 4,323 ( 43,187)
_______ _______
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 August 2024 , and are signed on behalf of the board by:
P J Evans
Director
Company registration number: 04430398
Pink Affinity Limited
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is The Clock House, Station Approach, Marlow, Bucks, SL7 1NT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 13 ).
5. Tangible assets
Short leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 August 2022 4,134 52,915 57,049
Additions - 1,898 1,898
_______ _______ _______
At 31 July 2023 4,134 54,813 58,947
_______ _______ _______
Depreciation
At 1 August 2022 4,134 49,676 53,810
Charge for the year - 2,252 2,252
_______ _______ _______
At 31 July 2023 4,134 51,928 56,062
_______ _______ _______
Carrying amount
At 31 July 2023 - 2,885 2,885
_______ _______ _______
At 31 July 2022 - 3,239 3,239
_______ _______ _______
6. Debtors
31/07/23 31/07/22
£ £
Trade debtors 115,137 128,652
Other debtors 263,699 143,342
_______ _______
378,836 271,994
_______ _______
7. Creditors: amounts falling due within one year
31/07/23 31/07/22
£ £
Trade creditors 104,741 71,829
Social security and other taxes 128,605 52,580
Other creditors 19,965 21,065
_______ _______
253,311 145,474
_______ _______
8. Creditors: amounts falling due after more than one year
31/07/23 31/07/22
£ £
Bank loans and overdrafts 174,644 229,671
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Year ended 31/07/23
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
P J Evans 49,917 ( 50,000) ( 83)
_______ _______ _______
Period ended 31/07/22
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
P J Evans ( 6) 49,923 49,917
_______ _______ _______