Company registration number 09470587 (England and Wales)
P. P. ENHANCEMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
P. P. ENHANCEMENTS LIMITED
COMPANY INFORMATION
Director
Mr R J Newstead
Company number
09470587
Registered office
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
Accountants
Kirk Rice LLP
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
P. P. ENHANCEMENTS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
P. P. ENHANCEMENTS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF P. P. ENHANCEMENTS LIMITED FOR THE YEAR ENDED 30 MARCH 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of P. P. Enhancements Limited for the year ended 30 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of P. P. Enhancements Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of P. P. Enhancements Limited and state those matters that we have agreed to state to the Board of Directors of P. P. Enhancements Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P. P. Enhancements Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that P. P. Enhancements Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of P. P. Enhancements Limited. You consider that P. P. Enhancements Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of P. P. Enhancements Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Kirk Rice LLP
14 October 2024
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
P. P. ENHANCEMENTS LIMITED
BALANCE SHEET
AS AT
30 MARCH 2024
30 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
180
-
0
Tangible assets
5
2,025
1,314
2,205
1,314
Current assets
Stocks
86,836
84,303
Debtors
6
7,369
26,086
Cash at bank and in hand
586
4,445
94,791
114,834
Creditors: amounts falling due within one year
7
(153,620)
(135,854)
Net current liabilities
(58,829)
(21,020)
Total assets less current liabilities
(56,624)
(19,706)
Provisions for liabilities
(506)
(249)
Net liabilities
(57,130)
(19,955)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(57,132)
(19,957)
Total equity
(57,130)
(19,955)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

P. P. ENHANCEMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 MARCH 2024
30 March 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 14 October 2024
Mr R J Newstead
Director
Company Registration No. 09470587
P. P. ENHANCEMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
- 4 -
1
Accounting policies
Company information

P. P. Enhancements Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Courtyard, High Street, Ascot, Berkshire, SL5 7HP.

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 relates to the sale of pet accessories and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Patents & licences
10% on cost
1.5
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.

P. P. ENHANCEMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 5 -

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:

Plant and machinery
33.33% on cost
Website development
33.33% on cost
Computer equipment
33.33% on cost

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

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.

1.9
Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the financial instrument.

Debtors

Debtors do not carry interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Creditors

Creditors are not interest bearing and are included at their nominal value.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

P. P. ENHANCEMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
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 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.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
P. P. ENHANCEMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 7 -
4
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 31 March 2023
15,000
-
0
15,000
Additions
-
0
200
200
At 30 March 2024
15,000
200
15,200
Amortisation and impairment
At 31 March 2023
15,000
-
0
15,000
Amortisation charged for the year
-
0
20
20
At 30 March 2024
15,000
20
15,020
Carrying amount
At 30 March 2024
-
0
180
180
At 30 March 2023
-
0
-
0
-
0
5
Tangible fixed assets
Plant and machinery
Website development
Computer equipment
Total
£
£
£
£
Cost
At 31 March 2023
8,241
11,320
600
20,161
Additions
2,947
-
0
-
0
2,947
At 30 March 2024
11,188
11,320
600
23,108
Depreciation and impairment
At 31 March 2023
7,338
10,909
600
18,847
Depreciation charged in the year
1,825
411
-
0
2,236
At 30 March 2024
9,163
11,320
600
21,083
Carrying amount
At 30 March 2024
2,025
-
0
-
0
2,025
At 30 March 2023
903
411
-
0
1,314
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,107
3,353
Other debtors
3,262
22,733
7,369
26,086
P. P. ENHANCEMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 8 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
740
2,272
Other creditors
152,880
133,582
153,620
135,854
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
30,833
40,833
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