Registered number
10722692
Pepper Advisory Limited
Filleted Accounts
30 April 2024
Pepper Advisory Limited
Registered number: 10722692
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 2,621 2,967
Current assets
Cash at bank and in hand 66,351 91,624
Creditors: amounts falling due within one year 5 (16,877) (16,929)
Net current assets 49,474 74,695
Total assets less current liabilities 52,095 77,662
Provisions for liabilities (498) (564)
Net assets 51,597 77,098
Capital and reserves
Called up share capital 100 100
Profit and loss account 51,497 76,998
Shareholders' funds 51,597 77,098
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with Section 386 and 387 of the Companies Act 2006; and preparing financial statements which give a true and fair view of the state of the affairs of the company as at the end of each financial year and of its profit and loss for each financial year in accordance with the requirements of Sections 394 to 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
These financial statements have been prepared in accordance with the provisions applicable to companies subject the the small companies' regime.
Anthony Iles
Director
Approved by the board on 10 January 2025
Pepper Advisory Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Statutory information
Pepper Advisory Limited is a company limited by shares and registered in England and Wales under company number 10722692. The address of the registered office is 18 Henley Grove, Bristol, BS9 4EG.
2 Summary of significant accounting policies
Basis of preparation of financial statements
The financial statements have been prepared in accordance with FRS 102 The financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities and under the historical cost convention.
Going concern
After reviewing the the company's forecasts and projections, the directors have a reasonable expection that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing these financial statements.
Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs which are directly attributable in bringing the asset to its location and condition so that it is capable of operating in the manner intended by the management. Depreciation is provided on all tangible fixed assets at rates which are calculated to write off the cost, less estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), of each asset on a systematic basis over its expected useful life as follows:
Plant and machinery 25% straight line
Profits and losses on the disposal of fixed assets are included in the calculation of profit for the period. The directors assess the company's tangible assets for evidence of impairment at each reporting date. Where there are indicators of impairment, the directors calculate recoverable amount of the asset(s) and compare these with the carrying amount. If recoverable amount is lower than carrying amount, the asset is written down to recoverable amount by way of an impairment loss which is recognised in profit and loss for the period. Impairment losses are reversed when there is evidence that the reasons giving rise to the original impairment have ceased to apply. Impairment losses are reversed through profit and loss but only to the extent that the reversal does not increase the carrying amount of the asset to the amount which would have been stated, net of depreciation, had no impairment loss been recognised.
2 Summary of significant accounting policies (continued)
Provisions for liabilities
Provisions for liabilities are recognised when the company has an obligation at the balance sheet date as a result of a past event; it is probable that there will be an outflow of economic benefit to discharge the obligation; and the amount of the obligation can be reliably estimated. Where these criteria are not met, a provision is not recognised in the financial statements but a contingent liability is disclosed if material. Amounts recoverable from third parties are only recognised as assets when the receipt is virtually certain. Provisions are measured at the best estimate of the amount required to settle the obligation at the balance sheet date. The best estimate is the amount which the company would rationally pay to settle the obligation at the balance sheet date. Provisions for liabilities are measured at the present value of the expenditures expected to be required in order to settle the obligation where the effects of time value of money are material using a pre-tax rate which reflects current market assessments. Increases in the provision at each balance sheet date arising due to the passage of time are recognised in profit and loss as an interest expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through the profit and loss. All other investments are subsequently measured ar cost less impairment. Debtors and creditors that fall due within one year are recorded in the financial statements at transaction price and then subsequently measured at amortised cost. If the effects of the time value of money are immaterial, they are measured at cost (less impairment for trade debtors). Debtors are reviewed for impairment at each reporting date and any impairments are recorded within profit and loss and shown within administrative expenses when there is objective evidence that a debtor is impaired. Objective evidence that a debtor is impaired arises when the customer is unable to settle amounts owing to the company or the customer becomes bankrupt. Debtors do not carry interest and are stated at their nominal value. Trade creditors are not interest-bearing and are stated at their nominal value. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit and loss immediately. All equity instruments, regardless of significance , and other financial assets that are individually significant, are assesed individually for impairment. Other financial assets are either assessed individually or grouped on the similar basis of credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had the impairment loss not previously been recognised.
2 Summary of significant accounting policies (continued)
Taxation
Current tax represents the amount of tax payable (receivable) in the respect profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws that have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods and is recognised in respect of all timing differences; although with certain exceptions. Timing differences are differences between taxable profit and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred assets are only recognised to the extent that is probable that they will be recoverable against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.
Foreign currencies
Transactions in currencies other than the functional currency are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated to the functional currency at the exchange rate prevailing at the balance sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. All exchange differences are taken to profit or loss.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of VAT and discounts. Turnover is also measured net of the estimated value of customer returns and volume rebates.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit and loss. The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
3 Average number of employees
The average number of employees, including the director employed under contracts of service, during the year was as follows:
2024 2023
Number Number
Employees - -
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023 5,478
Additions 1,289
At 30 April 2024 6,767
Depreciation
At 1 May 2023 2,511
Charge for the year 1,635
At 30 April 2024 4,146
Net book value
At 30 April 2024 2,621
At 30 April 2023 2,967
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 8,041 9,887
Other creditors 8,836 7,042
16,877 16,929
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