Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.The principal activity of the company continued to be that of sound recording, music publishing and live performance activities.2023-06-01false11truetruefalse 11984228 2023-06-01 2023-12-31 11984228 2022-06-01 2023-05-31 11984228 2023-12-31 11984228 2023-05-31 11984228 c:Director1 2023-06-01 2023-12-31 11984228 d:FurnitureFittings 2023-06-01 2023-12-31 11984228 d:FurnitureFittings 2023-12-31 11984228 d:FurnitureFittings 2023-05-31 11984228 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2023-12-31 11984228 d:CurrentFinancialInstruments 2023-12-31 11984228 d:CurrentFinancialInstruments 2023-05-31 11984228 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11984228 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 11984228 d:ShareCapital 2023-12-31 11984228 d:ShareCapital 2023-05-31 11984228 d:RetainedEarningsAccumulatedLosses 2023-12-31 11984228 d:RetainedEarningsAccumulatedLosses 2023-05-31 11984228 c:OrdinaryShareClass1 2023-06-01 2023-12-31 11984228 c:OrdinaryShareClass1 2023-12-31 11984228 c:OrdinaryShareClass1 2023-05-31 11984228 c:FRS102 2023-06-01 2023-12-31 11984228 c:AuditExempt-NoAccountantsReport 2023-06-01 2023-12-31 11984228 c:FullAccounts 2023-06-01 2023-12-31 11984228 c:PrivateLimitedCompanyLtd 2023-06-01 2023-12-31 11984228 2 2023-06-01 2023-12-31 11984228 e:PoundSterling 2023-06-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 11984228














PIIGS LTD

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
PIIGS LTD
REGISTERED NUMBER:11984228

BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December
31 May
2023
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,695
2,136

  
1,695
2,136

Current assets
  

Debtors: amounts falling due within one year
 5 
63,721
53,962

Cash at bank
 6 
43,869
65,942

  
107,590
119,904

Creditors: amounts falling due within one year
 7 
(93,441)
(84,292)

Net current assets
  
 
 
14,149
 
 
35,612

Total assets less current liabilities
  
15,844
37,748

  

Net assets
  
15,844
37,748


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
  
15,843
37,747

  
15,844
37,748


Page 1

 
PIIGS LTD
REGISTERED NUMBER:11984228
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J N Smyth
Director

Date: 9 December 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
PIIGS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Piigs Ltd is a private company, limited by shares, registered in England and Wales, registration number 11984228. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
 
The principal activity of the company continued to be that of sound recording, music publishing and live performance activities.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of the Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash are presented in the profit and loss account within 'administrative expenses'. All other foreign exchange gains and losses are presented in profit or loss.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Turnover from sound recording, music publishing and live performance activities are recognised when it is probable the company will receive the rights to the consideration due under the contract.

Merchandise income is recognised when the significant risks and rewards of ownership have been transferred to the buyer.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
PIIGS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.9

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.10

 Creditors

Short-term creditors are measured at the transaction price. 

 
2.11

 Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors, trade and other creditors, and loans with related parties.

Page 4

 
PIIGS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the director, during the period was 1 (31 May 2023 - 1).


4.


Tangible fixed assets







Fixtures and fittings

£



Cost 


At 1 June 2023
3,780



At 31 December 2023

3,780



Depreciation


At 1 June 2023
1,644


Charge for the period 
441



At 31 December 2023

2,085



Net book value



At 31 December 2023
1,695



At 31 May 2023
2,136

Page 5

 
PIIGS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Debtors

31 December
31 May
2023
2023
£
£


Trade debtors
34,173
7,399

Other debtors
898
2,446

Prepayments and accrued income
11,045
20,069

Tax recoverable
17,605
24,048

63,721
53,962



6.


Cash

31 December
31 May
2023
2023
£
£

Cash at bank
43,869
65,942



7.


Creditors: amounts falling due within one year

31 December
31 May
2023
2023
£
£

Trade creditors
25,073
23,827

Corporation tax
17,066
8,851

Other taxation and social security
7,933
21,948

Other creditors
3,915
6,967

Accruals
39,454
22,699

93,441
84,292



8.


Share capital

31 December
31 May
2023
2023
£
£
Allotted, called up and fully paid



1 (31 May 2023 - 1) ordinary share of £1.00
1
1


Page 6

 
PIIGS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

9.


Transactions with the director

At the period end, the company owed £471 (31 May 2023 - £3,524 ) to the director. The loan is interest free, unsecured and repayable on demand.
During the period, dividends of £52,000 (31 May 2023 - £17,000) were paid to the director.

 
Page 7