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Registered number: 10639757
Pricegate Ltd
Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10639757
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 27,900 37,200
Tangible Assets 5 1 1
27,901 37,201
CURRENT ASSETS
Stocks 6 47,917 61,819
Debtors 7 35 1,440
Cash at bank and in hand 96,667 65,770
144,619 129,029
Creditors: Amounts Falling Due Within One Year 8 (158,961 ) (96,799 )
NET CURRENT ASSETS (LIABILITIES) (14,342 ) 32,230
TOTAL ASSETS LESS CURRENT LIABILITIES 13,559 69,431
Creditors: Amounts Falling Due After More Than One Year 9 - (64,487 )
NET ASSETS 13,559 4,944
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 13,459 4,844
SHAREHOLDERS' FUNDS 13,559 4,944
Page 1
Page 2
For the year ending 29 February 2024 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 his 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
N Farook
Director
25th November 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Pricegate Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10639757 . The registered office is 110c Greenlane Road, Leicester, LE5 3TJ.
The presentation currency of the financial statements is the Pound Sterling (£).
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. 
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.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised
evenly over its estimated useful life of ten 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:
Fixtures & Fittings 20% SB
2.5. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 
2.6. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.
2.7. Deferred Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
Page 3
Page 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2023 93,000
As at 29 February 2024 93,000
Amortisation
As at 1 March 2023 55,800
Provided during the period 9,300
As at 29 February 2024 65,100
Net Book Value
As at 29 February 2024 27,900
As at 1 March 2023 37,200
5. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 March 2023 1,000
As at 29 February 2024 1,000
Depreciation
As at 1 March 2023 999
As at 29 February 2024 999
Net Book Value
As at 29 February 2024 1
As at 1 March 2023 1
6. Stocks
2024 2023
£ £
Stock 47,917 61,819
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 1,407
Other debtors 35 33
35 1,440
Page 4
Page 5
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 42,014 39,110
Other creditors 108,503 49,600
Taxation and social security 8,444 8,089
158,961 96,799
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Directors loan account - 64,487
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Directors Advances, Credits and Guarantees
The following advances and credits to directors subsisted during the current and prior periods:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 29 February 2024
£ £ £ £ £
Mr. Nizam Farook (64,488 ) 17,086 (10,047 ) - (57,449 )
The above loan is unsecured, interest free and repayable on demand.
Page 5