Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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10,273 | 8,775 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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342,554 | 434,836 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 191,701 | 238,450 | ||
Total assets less current liabilities | 201,974 | 247,225 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of The Pyramid Angle Limited (registered number:
R C E Long
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
The Pyramid Angle 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 9 Disraeli Road, Putney, SW15 2DR, 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 £.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Plant and machinery |
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Office equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery | Office equipment | Total | |||
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Cost | |||||
At 01 June 2023 |
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Additions |
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At 31 May 2024 |
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Accumulated depreciation | |||||
At 01 June 2023 |
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Charge for the financial year |
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At 31 May 2024 |
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Net book value | |||||
At 31 May 2024 |
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At 31 May 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Taxation and social security |
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Other creditors |
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Commitments
2024 | 2023 | ||
£ | £ | ||
Total future minimum lease payments under non-cancellable operating lease |
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The total commitment shown above is in relation to a rolling operating lease over business premises with a 12 month notice period.
Transactions with the entity's directors
Advances
The joint Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 per director at the official HMRC rate.
At 1 June 2023, the balance owed by the directors was £68,214. During the year, £136,526 was advanced to the directors, and £139,067 was repaid by the directors. At 31 May 2024, the balance owed by the directors was £65,643.
At 1 June 2022, the balance owed by the directors was £46,349. During the year, £153,319 was advanced to the directors, and £131,454 was repaid by the directors. At 31 May 2023, the balance owed by the directors was £68,214.
These financial statements are available upon request from Companies House, Cardiff.