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Registered number: 12018742
Perfect2Trade Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 12018742
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 4,800 9,600
Tangible Assets 5 611,652 617,141
616,452 626,741
CURRENT ASSETS
Stocks 6 508,075 245,530
Debtors 7 244,752 114,905
Cash at bank and in hand 74,009 16,197
826,836 376,632
Creditors: Amounts Falling Due Within One Year 8 (892,419 ) (628,656 )
NET CURRENT ASSETS (LIABILITIES) (65,583 ) (252,024 )
TOTAL ASSETS LESS CURRENT LIABILITIES 550,869 374,717
Creditors: Amounts Falling Due After More Than One Year 9 (18,055 ) (28,703 )
NET ASSETS 532,814 346,014
CAPITAL AND RESERVES
Called up share capital 10 10 10
Profit and Loss Account 532,804 346,004
SHAREHOLDERS' FUNDS 532,814 346,014
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Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Khalid Mohammed
Director
10/07/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Perfect2Trade Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12018742 . The registered office is Unit 19 Shamblehurst Lane South, Hedge End, Southampton, SO30 2FX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are Website. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% SLM
Fixtures & Fittings 20% SLM
Computer Equipment 33.33 SLM
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 7)
10 7
4. Intangible Assets
Other
£
Cost
As at 1 June 2023 24,000
As at 31 May 2024 24,000
Amortisation
As at 1 June 2023 14,400
Provided during the period 4,800
As at 31 May 2024 19,200
Net Book Value
As at 31 May 2024 4,800
As at 1 June 2023 9,600
5. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 June 2023 603,020 17,498 864 3,158 624,540
As at 31 May 2024 603,020 17,498 864 3,158 624,540
...CONTINUED
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Page 5
Depreciation
As at 1 June 2023 - 5,833 518 1,048 7,399
Provided during the period - 4,374 173 942 5,489
As at 31 May 2024 - 10,207 691 1,990 12,888
Net Book Value
As at 31 May 2024 603,020 7,291 173 1,168 611,652
As at 1 June 2023 603,020 11,665 346 2,110 617,141
6. Stocks
2024 2023
£ £
Materials 508,075 245,530
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 213,252 83,024
Other debtors 31,500 31,500
Other taxes and social security - 381
244,752 114,905
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 702,691 338,928
Corporation tax 64,991 26,129
Other taxes and social security 4,122 -
VAT 33,903 75,869
Net wages - 8,824
Other creditors - 106,108
Other creditors (1) 2,263 2,263
Director's loan account 84,449 70,535
892,419 628,656
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 18,055 28,703
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
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11. Related Party Transactions
At the end of the year, amount owed to director Mr. Khalid Mohammed by the company was £84,449 (2023 : £70,535). This is interest free loan to company and is included in creditors falling due within one year.
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