Registered number
10014066
PIP REPRESENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
PIP REPRESENTS LIMITED
CONTENTS
Page
Balance sheet 1
Notes to the financial statements 2 - 5
PIP REPRESENTS LIMITED
Balance Sheet
as at 27 February 2024
Company Registration No. 10014066
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 810 1,412
Current assets
Debtors 4 65,676 49,680
Cash at bank and in hand 4 73
65,680 49,753
Creditors: amounts falling due within one year 5 (41,741) (33,263)
Net current assets 23,939 16,490
Net assets 24,749 17,902
Capital and reserves
Called up share capital 2 2
Profit and loss account 24,747 17,900
Shareholder's funds 24,749 17,902
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 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements 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.
…………………………………..
Philippa Sophie Mycroft Gordon-Harper
Director
Approved by the board on 27 February 2025
PIP REPRESENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 MARCH 2023 TO 27 FEBRUARY 2024
1 Accounting policies
Basis of preparation
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 the small companies regime. The disclosure requirements of section 1A 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 convention. The principal accounting policies adopted are set out below.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.
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.
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:
Fixtures, fittings and equipment 20% straight line
Financial instruments
The company only enters into basic financial statements transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial instruments are recognised in the company's balance sheet date when the company becomes party to the contractual provisions of the instruments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective of impairments found, an impairment loss is recognised in profit and loss accounts.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs, 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. Such assets are subsequently carried amortised cost using effective interest method, less any impairment.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using effective interest method. Financial liabilities classified as payable within one year are not amortised.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with financial institutions, and 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.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax payable is based on taxable profit for the year. Taxable profit differs from net profit reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future profits. Such assets and liabilities are not recognised if the timing differences arises from goodwill or from the initial recognition of the assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities relate to taxes levied by the same tax authority.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 March 2023 4,195
At 27 February 2024 4,195
Depreciation
At 1 March 2023 2,783
Charge for the period 602
At 27 February 2024 3,385
Net book value
At 27 February 2024 810
At 28 February 2023 1,412
4 Debtors 2024 2023
£ £
Other debtors 10,328 2,825
Director's current account 55,348 46,855
65,676 49,680
The Director's current account represents amounts due from the director of the company. The maximum amount outstanding during the period was £55,348 (2022 - £46,855), and £24,747 has been paid back within 9 months after the year end.
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 12,900 12,900
Corporation tax 21,718 13,813
Other creditors 7,123 6,550
41,741 33,263
6 Other information
PIP Represents Limited is a private company limited by shares and incorporated in England and Wales. The registered office is: Level 5A, Maple House, 149 Tottenham Court Road, London, W1T 7NF.
PIP REPRESENTS LIMITED 10014066 false 2023-03-01 2024-02-27 2024-02-27 VT Final Accounts April 2024 Philippa Sophie Mycroft Gordon-Harper No description of principal activity 10014066 2022-03-01 2023-02-28 10014066 core:WithinOneYear 2023-02-28 10014066 core:ShareCapital 2023-02-28 10014066 core:RetainedEarningsAccumulatedLosses 2023-02-28 10014066 2023-03-01 2024-02-27 10014066 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-27 10014066 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-27 10014066 bus:Director40 2023-03-01 2024-02-27 10014066 1 2023-03-01 2024-02-27 10014066 2 2023-03-01 2024-02-27 10014066 core:PlantMachinery 2023-03-01 2024-02-27 10014066 countries:England 2023-03-01 2024-02-27 10014066 bus:FRS102 2023-03-01 2024-02-27 10014066 bus:FilletedAccounts 2023-03-01 2024-02-27 10014066 2024-02-27 10014066 core:WithinOneYear 2024-02-27 10014066 core:ShareCapital 2024-02-27 10014066 core:RetainedEarningsAccumulatedLosses 2024-02-27 10014066 core:PlantMachinery 2024-02-27 10014066 2023-02-28 10014066 core:PlantMachinery 2023-02-28 iso4217:GBP xbrli:pure