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Registration number: 14736585

P2XEL Limited

Unaudited Filleted Financial Statements

for the Period from 17 March 2023 to 31 May 2024

 

P2XEL Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

P2XEL Limited

(Registration number: 14736585)
Balance Sheet as at 31 May 2024

Note

2024
£

Fixed assets

 

Tangible assets

5

4,211

Current assets

 

Debtors

6

4,681

Cash at bank and in hand

 

15,854

 

20,535

Creditors: Amounts falling due within one year

7

(16,820)

Net current assets

 

3,715

Total assets less current liabilities

 

7,926

Provisions for liabilities

(800)

Net assets

 

7,126

Capital and reserves

 

Called up share capital

8

2

Retained earnings

7,124

Shareholders' funds

 

7,126

For the financial period ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 December 2024 and signed on its behalf by:
 

 

P2XEL Limited

(Registration number: 14736585)
Balance Sheet as at 31 May 2024

Mr M Hoyle
Director

Mrs J Hoyle
Director

 
     
 

P2XEL Limited

Notes to the Unaudited Financial Statements for the Period from 17 March 2023 to 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Parkhill Studio
Walton Road
Wetherby
West Yorkshire
LS22 5DZ
England

These financial statements were authorised for issue by the Board on 2 December 2024.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

P2XEL Limited

Notes to the Unaudited Financial Statements for the Period from 17 March 2023 to 31 May 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

Straight line 33.33%

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

Depreciation expense

679

 

P2XEL Limited

Notes to the Unaudited Financial Statements for the Period from 17 March 2023 to 31 May 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

4,890

4,890

At 31 May 2024

4,890

4,890

Depreciation

Charge for the period

679

679

At 31 May 2024

679

679

Carrying amount

At 31 May 2024

4,211

4,211

6

Debtors

Current

2024
£

Trade debtors

4,444

Prepayments

37

Other debtors

200

 

4,681

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Loans and borrowings

9

8,635

Trade creditors

 

258

Taxation and social security

 

7,927

 

16,820

 

P2XEL Limited

Notes to the Unaudited Financial Statements for the Period from 17 March 2023 to 31 May 2024

8

Share capital

Allotted, called up and fully paid shares

2024

No.

£

Ordinary shares of £0.01 each

100

1

Ordinary A shares of £0.01 each

60

1

Ordinary B shares of £0.01 each

40

-

200

2

9

Loans and borrowings

Current loans and borrowings

2024
£

Other borrowings

8,635