Registered number
12351785
PEP55 Ltd
Filleted Accounts
31 December 2023
PEP55 Ltd
Registered number: 12351785
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 12,237 14,277
Tangible assets 4 7,128 9,503
19,365 23,780
Current assets
Cash at bank and in hand 2,866 2,906
Creditors: amounts falling due within one year 5 (33,285) (30,544)
Net current liabilities (30,419) (27,638)
Total assets less current liabilities (11,054) (3,858)
Creditors: amounts falling due after more than one year 6 (2,155) (11,520)
Net liabilities (13,209) (15,378)
Capital and reserves
Called up share capital 100 100
Profit and loss account (13,309) (15,478)
Shareholder's funds (13,209) (15,378)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Edge-Partington
Director
Approved by the board on 6 February 2025
PEP55 Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5-10 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Unrelieved tax losses are recognised only to the extent that it is probable that they will be recovered against future taxable profits. Current tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Franchise
Cost
At 1 January 2023 20,394
At 31 December 2023 20,394
Amortisation
At 1 January 2023 6,117
Provided during the year 2,040
At 31 December 2023 8,157
Net book value
At 31 December 2023 12,237
At 31 December 2022 14,277
The franchise is being written off in equal annual instalments over its economic life of 10 years.
4 Tangible fixed assets
Motor vehicles
£
Cost
At 1 January 2023 22,000
At 31 December 2023 22,000
Depreciation
At 1 January 2023 12,497
Charge for the year 2,375
At 31 December 2023 14,872
Net book value
At 31 December 2023 7,128
At 31 December 2022 9,503
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,047 4,674
Obligations under finance lease and hire purchase contracts 4,505 4,275
Trade creditors 27 -
Other creditors 23,706 21,595
33,285 30,544
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 2,155 7,202
Obligations under finance lease and hire purchase contracts - 4,318
2,155 11,520
7 Loans 2023 2022
£ £
Creditors include:
Secured loans 4,505 8,593
This balance is HP and is secured against the vehicle to which it relates.
8 Controlling party
The company is controlled by the director Mr P Edge-Partington.
9 Other information
PEP55 Ltd is a private company limited by shares and incorporated in England. Its registered office is:
First Floor, 12 St. John's Way
St. John's Business Estate
Downham Market
Norfolk
PE38 0QQ
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