Registered number
10256311
P & A Imaging Limited
Filleted Accounts
31 March 2024
P & A Imaging Limited
Registered number: 10256311
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 111,643 20,420
Tangible assets 4 146,130 111,063
257,773 131,483
Current assets
Stocks 22,365 15,212
Debtors 5 29,665 95,571
Cash at bank and in hand 43,490 74,088
95,520 184,871
Creditors: amounts falling due within one year 6 (187,966) (241,158)
Net current liabilities (92,446) (56,287)
Total assets less current liabilities 165,327 75,196
Creditors: amounts falling due after more than one year 7 (120,217) (61,963)
Net assets 45,110 13,233
Capital and reserves
Called up share capital 100 100
Profit and loss account 45,010 13,133
Shareholders' funds 45,110 13,233
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.
RS Atwal
Director
Approved by the board on 27 November 2024
P & A Imaging Limited Registered number
Notes to the Accounts 10256311
for the year ended 31 March 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 18 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 47,800
Additions 106,670
At 31 March 2024 154,470
Amortisation
At 1 April 2023 27,380
Provided during the year 15,447
At 31 March 2024 42,827
Net book value
At 31 March 2024 111,643
At 31 March 2023 20,420
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 194,478
Additions 67,144
At 31 March 2024 261,622
Depreciation
At 1 April 2023 83,415
Charge for the year 32,077
At 31 March 2024 115,492
Net book value
At 31 March 2024 146,130
At 31 March 2023 111,063
5 Debtors 2024 2023
£ £
Other debtors 29,665 95,571
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 17,004 28,908
Trade creditors 121,342 131,638
Taxation and social security costs 38,270 22,312
Other creditors 11,350 58,300
187,966 241,158
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 65,503 61,963
Other creditors 54,714 -
120,217 61,963
8 Other information
P & A Imaging Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Russell Road
Twickenham
Greater London
TW2 7QT
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