5 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2024 - FRS102_2024 480,000 480,000 xbrli:pure xbrli:shares iso4217:GBP 06456444 2023-02-01 2024-01-31 06456444 2024-01-31 06456444 2023-01-31 06456444 2022-02-01 2023-01-31 06456444 2023-01-31 06456444 2022-01-31 06456444 core:NetGoodwill 2023-02-01 2024-01-31 06456444 core:PlantMachinery 2023-02-01 2024-01-31 06456444 core:FurnitureFittings 2023-02-01 2024-01-31 06456444 bus:Director5 2023-02-01 2024-01-31 06456444 core:WithinOneYear 2024-01-31 06456444 core:WithinOneYear 2023-01-31 06456444 core:NetGoodwill 2024-01-31 06456444 core:PlantMachinery 2023-01-31 06456444 core:FurnitureFittings 2023-01-31 06456444 core:PlantMachinery 2024-01-31 06456444 core:FurnitureFittings 2024-01-31 06456444 core:ShareCapital 2024-01-31 06456444 core:ShareCapital 2023-01-31 06456444 core:CapitalRedemptionReserve 2024-01-31 06456444 core:CapitalRedemptionReserve 2023-01-31 06456444 core:RetainedEarningsAccumulatedLosses 2024-01-31 06456444 core:RetainedEarningsAccumulatedLosses 2023-01-31 06456444 core:FurnitureFittings 2023-01-31 06456444 bus:Director1 2023-02-01 2024-01-31 06456444 bus:SmallEntities 2023-02-01 2024-01-31 06456444 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 06456444 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 06456444 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 06456444 bus:FullAccounts 2023-02-01 2024-01-31
COMPANY REGISTRATION NUMBER: 06456444
PPIY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 January 2024
PPIY LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
548
647
CURRENT ASSETS
Work in progress
30,961
67,223
Debtors
7
20,107
38,144
Cash at bank and in hand
12,491
48,211
--------
----------
63,559
153,578
CREDITORS: amounts falling due within one year
8
20,440
65,984
--------
----------
NET CURRENT ASSETS
43,119
87,594
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
43,667
88,241
--------
--------
NET ASSETS
43,667
88,241
--------
--------
PPIY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2024
2024
2023
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
50
50
Capital redemption reserve
75
75
Profit and loss account
43,542
88,116
--------
--------
SHAREHOLDERS FUNDS
43,667
88,241
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 January 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 10 December 2024 , and are signed on behalf of the board by:
Mr M Druery
Director
Company registration number: 06456444
PPIY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 8, The Catalyst, Baird Lane, Heslington, York, YO10 5GA.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. ACCOUNTING POLICIES
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The company has net current liabilities and its financial position is dependent upon the support of its directors. The directors have indicated that they will continue to support the company for the foreseeable future. Consequently, the directors consider it is appropriate to prepare accounts on a going concern basis.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable services rendered, stated net of discounts and of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
(d) Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
(e) Goodwill
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.
(f) Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
(g) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
(h) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computers
-
33% straight line
Fixtures and fittings
-
15% reducing balance
(i) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
(j) Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
(k) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
(l) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 5 (2023: 7 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
480,000
----------
Amortisation
At 1 February 2023 and 31 January 2024
480,000
----------
Carrying amount
At 31 January 2024
----------
At 31 January 2023
----------
6. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
19,371
4,526
23,897
--------
-------
--------
Depreciation
At 1 February 2023
19,371
3,879
23,250
Charge for the year
99
99
--------
-------
--------
At 31 January 2024
19,371
3,978
23,349
--------
-------
--------
Carrying amount
At 31 January 2024
548
548
--------
-------
--------
At 31 January 2023
647
647
--------
-------
--------
7. DEBTORS
2024
2023
£
£
Trade debtors
12,235
32,111
Other debtors
7,872
6,033
--------
--------
20,107
38,144
--------
--------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,504
Trade creditors
426
Accruals and deferred income
3,890
3,795
Corporation tax
626
Social security and other taxes
861
13,298
Directors loans
13,185
47,839
--------
--------
20,440
65,984
--------
--------