Company Registration No. 14535426 (England and Wales)
P&P SPV SOFIA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
P&P SPV SOFIA LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
P&P SPV SOFIA LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2023
Notes
£
£
£
£
Current assets
Stocks
4,579,954
-
Debtors
3
57,484
100
Cash at bank and in hand
96,600
4,300,000
4,734,038
4,300,100
Creditors: amounts falling due within one year
4
(2,398,026)
(4,369,387)
Net current assets/(liabilities)
2,336,012
(69,287)
Creditors: amounts falling due after more than one year
5
(2,535,000)
Net liabilities
(198,988)
(69,287)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(199,088)
(69,387)
Total equity
(198,988)
(69,287)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 7 March 2025
M Peter
Director
Company Registration No. 14535426
P&P SPV SOFIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
P&P SPV Sofia Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Hay Hill, London, United Kingdom, W1J 8NR.
1.1
Accounting convention
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 companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 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 cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, despite being in a net liability position, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The loan holders of amounts falling due within one year will not demand repayment if it were to impact the going concern of the company. The company will be supported by connected companies to meet debts as they fall due. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The financial statements have been prepared for 6.5 month period from 16 June 2023 to 31 December 2023. The comparative period relates to a 5.5 month period from 1 Jan 2023 to 15 June 2023.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash at bank.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
P&P SPV SOFIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from connected companies and loans from fellow group companies 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
2
Employees
There were no employees (including directors) during current or prior period.
3
Debtors
2023
2023
Amounts falling due within one year:
£
£
Unpaid share capital
100
100
Other debtors
35,000
Prepayments
22,384
57,484
100
4
Creditors: amounts falling due within one year
2023
2023
£
£
Trade creditors
10,972
Amounts owed to group undertakings
4,358,947
Other creditors
2,365,888
Accruals
21,166
10,440
2,398,026
4,369,387
Amounts owed to group undertakings are interest free and repayable on demand.
P&P SPV SOFIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
5
Creditors: amounts falling due after more than one year
2023
2023
£
£
Bank loans
2,535,000
The bank loan is repayable on 21 September 2026. The loan is secured by fixed charge over the property and by personal guarantee from the director.
6
Parent company
The parent company is P&P Portfolio Ltd, registration number 14533310 with the registered office at 12 Hay Hill, London, United Kingdom, W1J 8NR.