Paperxclips Books Ltd NI688710 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is book sales, hairdressing and coffee shop Digita Accounts Production Advanced 6.30.9574.0 true true true NI688710 2023-07-01 2024-06-30 NI688710 2024-06-30 NI688710 bus:OrdinaryShareClass1 2024-06-30 NI688710 core:CurrentFinancialInstruments 2024-06-30 NI688710 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 NI688710 core:FurnitureFittingsToolsEquipment 2024-06-30 NI688710 bus:SmallEntities 2023-07-01 2024-06-30 NI688710 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 NI688710 bus:FilletedAccounts 2023-07-01 2024-06-30 NI688710 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 NI688710 bus:RegisteredOffice 2023-07-01 2024-06-30 NI688710 bus:Director1 2023-07-01 2024-06-30 NI688710 bus:Director2 2023-07-01 2024-06-30 NI688710 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 NI688710 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 NI688710 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 NI688710 1 2023-07-01 2024-06-30 NI688710 countries:NorthernIreland 2023-07-01 2024-06-30 NI688710 2023-06-30 NI688710 core:FurnitureFittingsToolsEquipment 2023-06-30 NI688710 2022-06-02 2023-06-30 NI688710 2023-06-30 NI688710 bus:OrdinaryShareClass1 2023-06-30 NI688710 core:CurrentFinancialInstruments 2023-06-30 NI688710 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 NI688710 core:FurnitureFittingsToolsEquipment 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI688710

Paperxclips Books Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Paperxclips Books Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Paperxclips Books Ltd

Company Information

Directors

Ren Hannah McGuicken

Laoise Molly Erin Fitzpatrick

Registered office

109 Ards Drive
Newtownabbey
Antrim
BT37 0JL

Accountants

DT Carson & Co.
51 - 53 Thomas Street
Ballymena
Co. Antrim
BT43 6AZ

 

Paperxclips Books Ltd

(Registration number: NI688710)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,670

2,087

Current assets

 

Stocks

5

4,500

4,800

Debtors

6

52

-

Cash at bank and in hand

 

167

773

 

4,719

5,573

Creditors: Amounts falling due within one year

7

(11,588)

(5,647)

Net current liabilities

 

(6,869)

(74)

Net (liabilities)/assets

 

(5,199)

2,013

Ccapital and reserves

 

Called up share capital

8

100

100

Retained earnings

(5,299)

1,913

Shareholders' (deficit)/funds

 

(5,199)

2,013

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 March 2025 and signed on its behalf by:
 

.........................................
Ren Hannah McGuicken
Director

.........................................
Laoise Molly Erin Fitzpatrick
Director

 
     
 

Paperxclips Books Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
109 Ards Drive
Newtownabbey
Antrim
BT37 0JL

The principal place of business is:
162 North Street
Belfast
Antrim
BT1 1QS

These financial statements were authorised for issue by the Board on 21 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1.

Going concern

At the year end there was a deficit in shareholders funds, however included in creditors is an amount due to a director, which will not be recalled until the company is in a financial position to do so. This in addition to an improvement in trading after year end have enabled the accounts to be prepared on the going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. The directors note the trading and cashflow position at the date of sign off of the financial statements and believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilties in the normal course of business.

 

Paperxclips Books Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expenses. Actual results may differ from these estimates.

Key sources of estimation uncertainty

Stock provision

The stock provision is based on management's knowledge and experience. An appropriate level of provision is determined based on what management would expect to realise for any old or slow moving stock. The director is of the opinion that the stock provision is sufficient at the year end.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

20% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Ttrade debtors

Ttrade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Ttrade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of ttrade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Paperxclips Books Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

Paperxclips Books Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

2,609

2,609

At 30 June 2024

2,609

2,609

Depreciation

At 1 July 2023

939

939

At 30 June 2024

939

939

Carrying amount

At 30 June 2024

1,670

1,670

At 30 June 2023

2,087

2,087

5

Stocks

2024
£

2023
£

Other inventories

4,500

4,800

6

Debtors

Current

2024
£

2023
£

Prepayments

52

-

 

52

-

 

Paperxclips Books Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

993

932

Accruals and deferred income

7,435

555

Other creditors

3,160

4,160

11,588

5,647

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Control

The ultimate controlling party are the directors, Laoise Fitzpatrick and Ren McGuicken.