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REGISTERED NUMBER: 03345358 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

P55 Limited

P55 Limited (Registered number: 03345358)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountant's Report 11

P55 Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: R M Pratt
A Brammer
T Richards





SECRETARY: R M Pratt





REGISTERED OFFICE: 7 Folgate Road
North Walsham
Norfolk
NR28 0AJ





REGISTERED NUMBER: 03345358 (England and Wales)





ACCOUNTANT: Annatrice Limited
Chartered Certified Accountant
Registered Auditor
10 The Thoroughfare
Harleston
Norfolk
IP20 9AX

P55 Limited (Registered number: 03345358)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 650,572 549,929
650,572 549,929

CURRENT ASSETS
Stocks 800,794 930,429
Debtors 6 1,486,546 1,355,761
Cash at bank and in hand 63,570 54,658
2,350,910 2,340,848
CREDITORS
Amounts falling due within one year 7 1,582,164 1,621,956
NET CURRENT ASSETS 768,746 718,892
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,419,318

1,268,821

CREDITORS
Amounts falling due after more than
one year

8

(884,854

)

(702,973

)

PROVISIONS FOR LIABILITIES 11 (65,180 ) (56,466 )
NET ASSETS 469,284 509,382

P55 Limited (Registered number: 03345358)

Balance Sheet - continued
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 469,184 509,282
469,284 509,382

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 October 2024 and were signed on its behalf by:





R M Pratt - Director


P55 Limited (Registered number: 03345358)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

P55 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


P55 Limited (Registered number: 03345358)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 65 (2023 - 65 ) .

P55 Limited (Registered number: 03345358)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023
and 31 March 2024 8,366
AMORTISATION
At 1 April 2023
and 31 March 2024 8,366
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 349,949 3,605,925 3,955,874
Additions 51,717 328,833 380,550
Disposals - (57,112 ) (57,112 )
At 31 March 2024 401,666 3,877,646 4,279,312
DEPRECIATION
At 1 April 2023 226,280 3,179,665 3,405,945
Charge for year 11,123 253,919 265,042
Eliminated on disposal - (42,247 ) (42,247 )
At 31 March 2024 237,403 3,391,337 3,628,740
NET BOOK VALUE
At 31 March 2024 164,263 486,309 650,572
At 31 March 2023 123,669 426,260 549,929

P55 Limited (Registered number: 03345358)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023 1,669,681
Additions 138,291
Disposals (57,112 )
At 31 March 2024 1,750,860
DEPRECIATION
At 1 April 2023 1,469,710
Charge for year 137,846
Eliminated on disposal (42,247 )
At 31 March 2024 1,565,309
NET BOOK VALUE
At 31 March 2024 185,551
At 31 March 2023 199,971

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 1,163,868 1,026,802
Other debtors 322,678 328,959
1,486,546 1,355,761

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 282,750 261,000
Hire purchase contracts (see note 9) 189,854 214,665
Trade creditors 636,191 699,034
Taxation and social security 156,344 42,191
Other creditors 317,025 405,066
1,582,164 1,621,956

P55 Limited (Registered number: 03345358)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 354,500 615,500
Hire purchase contracts (see note 9) 30,354 87,473
Other creditors 500,000 -
884,854 702,973

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 189,854 214,665
Between one and five years 30,354 87,473
220,208 302,138

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 220,468 220,468
Between one and five years 880,507 880,975
In more than five years 2,053,333 2,273,333
3,154,308 3,374,776

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 220,208 302,138

P55 Limited (Registered number: 03345358)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

11. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 60,875 52,161
Other provisions 4,305 4,305
65,180 56,466

Deferred Other
tax provisions
£    £   
Balance at 1 April 2023 52,161 4,305
Accelerated capital allowances 8,714 -
Balance at 31 March 2024 60,875 4,305

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
R M Pratt
Balance outstanding at start of year - 119,091
Amounts repaid - (119,091 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

A Brammer
Balance outstanding at start of year 1,010 1,015
Amounts advanced 6,000 316
Amounts repaid - (321 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 7,010 1,010

P55 Limited (Registered number: 03345358)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

T Richards
Balance outstanding at start of year 58,272 44,241
Amounts advanced 26,007 58,272
Amounts repaid (58,272 ) (44,241 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 26,007 58,272

Chartered Certified Accountant's Report to the Board of Directors
on the Unaudited Financial Statements of
P55 Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of P55 Limited for the year ended 31 March 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given me.

As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of P55 Limited, as a body, in accordance with my terms of engagement. My work has been undertaken solely to prepare for your approval the financial statements of P55 Limited and state those matters that I have agreed to state to the Board of Directors of P55 Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for my work or for this report.

It is your duty to ensure that P55 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 profit of P55 Limited. You consider that P55 Limited is exempt from the statutory audit requirement for the year.

I have not been instructed to carry out an audit or a review of the financial statements of P55 Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.






Annatrice Limited
Chartered Certified Accountant
Registered Auditor
10 The Thoroughfare
Harleston
Norfolk
IP20 9AX


22 October 2024