Silverfin false false 31/05/2024 03/05/2023 31/05/2024 Mrs N J Howard 03/05/2023 Mr P C Howard 03/05/2023 03 February 2025 The principal activity of the Company during the financial year was the sale of competition tickets. 14843402 2024-05-31 14843402 bus:Director1 2024-05-31 14843402 bus:Director2 2024-05-31 14843402 core:CurrentFinancialInstruments 2024-05-31 14843402 core:ShareCapital 2024-05-31 14843402 core:RetainedEarningsAccumulatedLosses 2024-05-31 14843402 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-05-02 14843402 2023-05-02 14843402 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-05-31 14843402 core:CurrentFinancialInstruments 1 2024-05-31 14843402 bus:OrdinaryShareClass1 2024-05-31 14843402 bus:OrdinaryShareClass2 2024-05-31 14843402 2023-05-03 2024-05-31 14843402 bus:FilletedAccounts 2023-05-03 2024-05-31 14843402 bus:SmallEntities 2023-05-03 2024-05-31 14843402 bus:AuditExemptWithAccountantsReport 2023-05-03 2024-05-31 14843402 bus:PrivateLimitedCompanyLtd 2023-05-03 2024-05-31 14843402 bus:Director1 2023-05-03 2024-05-31 14843402 bus:Director2 2023-05-03 2024-05-31 14843402 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-05-03 2024-05-31 14843402 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-05-03 2024-05-31 14843402 bus:OrdinaryShareClass1 2023-05-03 2024-05-31 14843402 bus:OrdinaryShareClass2 2023-05-03 2024-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 14843402 (England and Wales)

P AND N COMPETITIONS LIMITED

Unaudited Financial Statements
For the financial period from 03 May 2023 to 31 May 2024
Pages for filing with the registrar

P AND N COMPETITIONS LIMITED

Unaudited Financial Statements

For the financial period from 03 May 2023 to 31 May 2024

Contents

P AND N COMPETITIONS LIMITED

BALANCE SHEET

As at 31 May 2024
P AND N COMPETITIONS LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 31.05.2024
£
Fixed assets
Intangible assets 3 5,421
5,421
Creditors: amounts falling due within one year 4 ( 9,920)
Net current liabilities (9,920)
Total assets less current liabilities (4,499)
Net liabilities ( 4,499)
Capital and reserves
Called-up share capital 5 100
Profit and loss account ( 4,599 )
Total shareholders' deficit ( 4,499)

For the financial period ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of P and N Competitions Limited (registered number: 14843402) were approved and authorised for issue by the Board of Directors on 03 February 2025. They were signed on its behalf by:

Mrs N J Howard
Director
P AND N COMPETITIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 03 May 2023 to 31 May 2024
P AND N COMPETITIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 03 May 2023 to 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

P and N Competitions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Stadson Grange Farm, Brandis Corner, Holsworthy, EX22 7YB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

This is the first set of accounts for the company and as such the reporting period is longer than 12 months.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 5 years straight line
Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

Period from
03.05.2023 to
31.05.2024
Number
Monthly average number of persons employed by the Company during the period, including directors 0

3. Intangible assets

Website costs Total
£ £
Cost
At 03 May 2023 0 0
Additions 6,505 6,505
At 31 May 2024 6,505 6,505
Accumulated amortisation
At 03 May 2023 0 0
Charge for the financial period 1,084 1,084
At 31 May 2024 1,084 1,084
Net book value
At 31 May 2024 5,421 5,421

4. Creditors: amounts falling due within one year

31.05.2024
£
Bank overdrafts 1,351
Trade creditors 3,584
Amounts owed to connected companies 2,672
Other creditors 2,313
9,920

5. Called-up share capital

31.05.2024
£
Allotted, called-up and fully-paid
50 Ordinary A shares of £ 1.00 each 50
50 Ordinary B shares of £ 1.00 each 50
100

All shares were allotted for nominal value on incorporation.