Registered number
11149137
Partycloud Ltd
Filleted Accounts
31 January 2024
Partycloud Ltd
Registered number: 11149137
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 68 85
Tangible assets 4 2,942 3,237
3,010 3,322
Current assets
Debtors 5 4,617 836
Cash at bank and in hand 609 1,597
5,226 2,433
Creditors: amounts falling due within one year 6 (7,227) (252)
Net current (liabilities)/assets (2,001) 2,181
Total assets less current liabilities 1,009 5,503
Creditors: amounts falling due after more than one year 7 (250) (5,322)
Provisions for liabilities (572) (631)
Net assets/(liabilities) 187 (450)
Capital and reserves
Called up share capital 20 20
Profit and loss account 167 (470)
Shareholders' funds 187 (450)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs A Moore
Director
Approved by the board on 10 October 2024
Partycloud Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Cost
At 1 February 2023 170
At 31 January 2024 170
Amortisation
At 1 February 2023 85
Provided during the year 17
At 31 January 2024 102
Net book value
At 31 January 2024 68
At 31 January 2023 85
Intangibles are being written off in equal annual instalments over their estimated economic lives of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 12,445
Additions 1,199
At 31 January 2024 13,644
Depreciation
At 1 February 2023 9,208
Charge for the year 1,494
At 31 January 2024 10,702
Net book value
At 31 January 2024 2,942
At 31 January 2023 3,237
5 Debtors 2024 2023
£ £
Trade debtors 313 615
Other debtors 4,304 221
4,617 836
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 599 -
Trade creditors 42 36
Taxation and social security costs 488 216
Other creditors 6,098 -
7,227 252
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 250 -
Other creditors - 5,322
250 5,322
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mrs A Moore (5,130) 11,790 (10,358) (3,698)
Ms S Morash (192) 12,588 (8,622) 3,774
(5,322) 24,378 (18,980) 76
9 Ultimate controlling party
The company is under the control of dual Directors, A Moore and S Morash.
10 Related party transactions
Included within other debtors is the amount of £76 which represents an amount owed to the company by the Directors (2023 - £5,322 was included in other creditors as an amount owed to the Directors by the company). This amount is undated, unsecured, interest free and repayable upon demand.
11 Other information
Partycloud Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1 The Briars
Waterberry Drive
Waterlooville
PO7 7YH
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