Company registration number NI060158 (Northern Ireland)
PADDYPAW LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PADDYPAW LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
PADDYPAW LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Inventories
4
126,627
124,545
Trade and other receivables
5
327,639
158,188
Cash and cash equivalents
82,852
212,536
537,118
495,269
Current liabilities
6
(378,922)
(387,617)
Net current assets
158,196
107,652
Equity
Called up share capital
2
2
Retained earnings
158,194
107,650
Total equity
158,196
107,652

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 19 December 2024 and are signed on its behalf by:
Mr R  Mukherjee
Director
Company registration number NI060158 (Northern Ireland)
PADDYPAW LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

PaddyPaw Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office is Murray House, 4/5 Murray Street, Belfast, BT1 6DN.

1.1
Reporting period

The comparative financial statements are presented for the period of more than one year, due to alignment with the statutory year-ends of the other companies within the group.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of MXP Prime Platform Ltd. These consolidated financial statements are available from its registered office, 1 Poultry, C/O MXP Prime Platform Ltd, London, EC2R 8EJ.

PADDYPAW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.3
Going concern

The directors of the company have received assurances from the company's parent and wider group confirming their intention to support the company for a period of at least twelve months from the date of approval of these financial statements. The trueultimate parent company, MXP Prime Platform GmbH, has provided a letter of support.

The ultimate parent company is MXP Prime Platform GmbH. In considering the going concern assumption, the directors have considered SellerX Group's ('the group's') future cash flow forecasts, with an expectation that the group will complete a re-negotiation of the group's loan facilities in the first quarter of 2025, and that these negotiations will be successful. However, the absence of the loan facilities at the date of approval of these financial statements to cover the group's projected future cash flows, indicates the existence of a material uncertainty which may cast doubt over the ability of the company to continue as a going concern.

 

Notwithstanding this, the re-negotiations are currently underway and thus the directors are confident that the group will have adequate funding to continue in operational existence for the foreseeable future. Accordingly, the directors have adopted the going concern basis in preparing these financial statements.

1.4
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

PADDYPAW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

PADDYPAW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 5 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock provision

A specific stock provision has been included at the 31 December 2023 based on the historic sales velocity of individual stock lines when compared to the stock balance at the year end. The aging classes of the stock are then provided against based on managements estimated product lifecycle.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
4
Inventories
2023
2022
£
£
Inventories
126,627
124,545
5
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
79,709
12,468
Amounts owed by group undertakings
240,571
102,052
Other receivables
7,359
43,668
327,639
158,188
6
Current liabilities
2023
2022
£
£
Trade payables
12,289
6,670
Amounts owed to group undertakings
348,037
356,777
Taxation and social security
5,581
17,460
Other payables
13,015
6,710
378,922
387,617
PADDYPAW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Current liabilities
(Continued)
- 6 -

 

 

 

 

 

7
Parent company

The parent entity is MXP Prime Platform Limited, with a registered address of 1 Poultry, London, England, EC2R 8EJ.

 

The ultimate controlling party is MXP Prime Platform GmbH with a registered address of Jägerstraße 41 10117 Berlin.

 

The entity accounts are consolidated into both the parents group accounts and the accounts of the ultimate controlling party.

2023-12-312023-01-01falsefalsefalse19 December 2024CCH SoftwareCCH Accounts Production 2024.310No description of principal activityMr A BlinnikovMr P TriebelMr R MukherjeeMr O Van CalsterSarcon Compliance LimitedNI0601582023-01-012023-12-31NI0601582023-12-31NI0601582022-12-31NI060158core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-31NI060158core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-31NI060158core:CurrentFinancialInstruments2023-12-31NI060158core:CurrentFinancialInstruments2022-12-31NI060158core:ShareCapital2023-12-31NI060158core:ShareCapital2022-12-31NI060158core:RetainedEarningsAccumulatedLosses2023-12-31NI060158core:RetainedEarningsAccumulatedLosses2022-12-31NI060158bus:Director32023-01-012023-12-31NI0601582021-08-012022-12-31NI060158core:WithinOneYear2023-12-31NI060158core:WithinOneYear2022-12-31NI060158bus:PrivateLimitedCompanyLtd2023-01-012023-12-31NI060158bus:FRS1022023-01-012023-12-31NI060158bus:AuditExemptWithAccountantsReport2023-01-012023-12-31NI060158bus:Director12023-01-012023-12-31NI060158bus:Director22023-01-012023-12-31NI060158bus:Director42023-01-012023-12-31NI060158bus:CompanySecretary12023-01-012023-12-31NI060158bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-31NI060158bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP