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Registration number: 00244746

Percy Bass Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Percy Bass Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Percy Bass Limited

Company Information

Director

J.D. Morris

Company secretary

C.J.S. Clegg

Registration number

00244746

Registered office

184 Walton Street
London
SW3 2JL

Accountants

mca Shepherd Smail
Chartered Accountants
21 Market Place
Cirencester
Gloucestershire
GL7 2NX

 

Percy Bass Limited

(Registration number: 00244746)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,518

3,356

Current assets

 

Stocks

5

122,941

77,285

Debtors

6

102,111

43,208

Cash at bank and in hand

 

302,436

243,357

 

527,488

363,850

Creditors: Amounts falling due within one year

7

(138,755)

(162,498)

Net current assets

 

388,733

201,352

Total assets less current liabilities

 

390,251

204,708

Creditors: Amounts falling due after more than one year

7

(83,489)

(83,489)

Net assets

 

306,762

121,219

Capital and reserves

 

Called up share capital

8

1,000

1,000

Capital redemption reserve

16,364

16,364

Retained earnings

289,398

103,855

Shareholders' funds

 

306,762

121,219

 

Percy Bass Limited

(Registration number: 00244746)
Balance Sheet as at 31 October 2024

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 April 2025
 

J.D. Morris

Director

 

Percy Bass Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

1

General information

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

The address of its registered office is:
184 Walton Street
London
SW3 2JL

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.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Percy Bass Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

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 and Fittings

25% Reducing Balance

Leasehold Property Improvements

Straight Line Basis over the life of the lease

Trade debtors

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

Trade 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 trade 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.

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.

 

Percy Bass Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 4).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2023

31,909

59,044

90,953

At 31 October 2024

31,909

59,044

90,953

Depreciation

At 1 November 2023

30,576

57,021

87,597

Charge for the year

1,333

505

1,838

At 31 October 2024

31,909

57,526

89,435

Carrying amount

At 31 October 2024

-

1,518

1,518

At 31 October 2023

1,333

2,023

3,356

Included within the net book value of land and buildings above is £0 (2023 - £1,333 in respect of long leasehold land and buildings.
 

 

Percy Bass Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

5

Stocks

2024
£

2023
£

Other inventories

122,941

77,285

6

Debtors

2024
£

2023
£

Trade debtors

42,415

7,998

Prepayments

22,467

21,789

Other debtors

37,229

13,421

102,111

43,208

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

109,227

124,029

Taxation and social security

-

8,747

Accruals and deferred income

5,671

5,670

Other creditors

23,857

24,052

138,755

162,498

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

83,489

83,489

 

Percy Bass Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

83,489

83,489

10

Corporation tax

2024
£

UK Corporation tax due on trading profits @ 25%

37,120

Deferred tax movement in the year

460

UK corporation tax due

37,580

The corporation tax charge is not payable to HM Revenue and Customs due to the utilisation of brought forward tax losses.

11

Other comprehensive income

2024
£

Deferred tax losses previously not recognised at 25%

74,642

74,642