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Registered number: 04546329
Pistol Panties Limited
Financial Statements
For The Year Ended 30 September 2023
Sloane & Co. LLP
Chartered Certified Accountants & Business Advisors
36-38 Westbourne Grove
Newton Road
London
W2 5SH
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04546329
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 21,765 24,631
21,765 24,631
CURRENT ASSETS
Stocks 6 61,500 48,000
Debtors 7 60,858 122,340
Cash at bank and in hand 19,336 2,044
141,694 172,384
Creditors: Amounts Falling Due Within One Year 8 (56,124 ) (107,311 )
NET CURRENT ASSETS (LIABILITIES) 85,570 65,073
TOTAL ASSETS LESS CURRENT LIABILITIES 107,335 89,704
Creditors: Amounts Falling Due After More Than One Year 9 (17,500 ) -
NET ASSETS 89,835 89,704
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 89,833 89,702
SHAREHOLDERS' FUNDS 89,835 89,704
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For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Deborah Fleming
Director
25 September 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Pistol Panties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04546329 . The registered office is 36-38 Westbourne Grove , Newton Road, London, W2 5SH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 25% SLM
Motor Vehicles 25% RBM
Fixtures & Fittings 15% RBM
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 2)
1 2
4. Intangible Assets
Other
£
Cost
As at 1 October 2022 4,100
As at 30 September 2023 4,100
Amortisation
As at 1 October 2022 4,100
As at 30 September 2023 4,100
Net Book Value
As at 30 September 2023 -
As at 1 October 2022 -
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5. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 October 2022 8,217 11,500 32,959 52,676
Additions - - 279 279
As at 30 September 2023 8,217 11,500 33,238 52,955
Depreciation
As at 1 October 2022 - 5,031 23,014 28,045
Provided during the period - 1,617 1,528 3,145
As at 30 September 2023 - 6,648 24,542 31,190
Net Book Value
As at 30 September 2023 8,217 4,852 8,696 21,765
As at 1 October 2022 8,217 6,469 9,945 24,631
6. Stocks
2023 2022
£ £
Stock 61,500 48,000
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 3,237 -
Other debtors 57,621 122,340
60,858 122,340
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 3,687 18,072
Bank loans and overdrafts 10,000 57,296
Other creditors 9,470 480
Taxation and social security 32,967 31,463
56,124 107,311
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9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 17,500 -
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
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