1 1 Perfect Inventories Ltd 11600688 false 2023-11-01 2024-10-31 2024-10-31 The principal activity of the company is that of specialist property inventories. Digita Accounts Production Advanced 6.30.9574.0 true true 11600688 2023-11-01 2024-10-31 11600688 2024-10-31 11600688 core:CurrentFinancialInstruments 2024-10-31 11600688 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 11600688 core:Non-currentFinancialInstruments 2024-10-31 11600688 core:Non-currentFinancialInstruments core:AfterOneYear 2024-10-31 11600688 1 2024-10-31 11600688 bus:SmallEntities 2023-11-01 2024-10-31 11600688 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 11600688 bus:FilletedAccounts 2023-11-01 2024-10-31 11600688 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 11600688 bus:RegisteredOffice 2023-11-01 2024-10-31 11600688 bus:Director1 2023-11-01 2024-10-31 11600688 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 11600688 countries:EnglandWales 2023-11-01 2024-10-31 11600688 1 2023-11-01 2024-10-31 11600688 1 2023-10-31 11600688 2022-11-01 2023-10-31 11600688 2023-10-31 11600688 core:CurrentFinancialInstruments 2023-10-31 11600688 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 11600688 core:Non-currentFinancialInstruments 2023-10-31 11600688 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 11600688 1 2023-10-31 11600688 1 2022-11-01 2023-10-31 11600688 1 2022-10-31 xbrli:pure iso4217:GBP

Registration number: 11600688

Perfect Inventories Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Perfect Inventories Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Perfect Inventories Ltd

(Registration number: 11600688)
Statement of Financial Position as at 31 October 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

6,360

8,436

Cash at bank and in hand

 

696

-

 

7,056

8,436

Creditors: Amounts falling due within one year

5

(9,575)

(10,375)

Total assets less current liabilities

 

(2,519)

(1,939)

Creditors: Amounts falling due after more than one year

5

(1,517)

(4,117)

Net liabilities

 

(4,036)

(6,056)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(4,136)

(6,156)

Shareholders' deficit

 

(4,036)

(6,056)

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 and 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 Statement of Comprehensive Income.

Approved and authorised by the director on 23 May 2025
 


Ms E Readman
Director

 

Perfect Inventories Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Petitor House
Nicholson Road
Torquay
Devon
TQ2 7TD

Principal activity

The principal activity of the company is that of specialist property inventories.

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 financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

At the balance sheet date, these accounts show net liabilities and net current liabilities. In spite of this, the company’s accounts have been prepared on a going concern basis as the director considers that the company will continue to be able to settle its debts as they fall due.

 

Perfect Inventories Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Perfect Inventories Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Debtors

2024
£

2023
£

Trade debtors

2,580

4,656

Other debtors

3,780

3,780

6,360

8,436

 

Perfect Inventories Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

2,600

3,666

Taxation and social security

 

4,653

4,849

Accruals and deferred income

 

1,935

1,550

Other creditors

 

387

310

 

9,575

10,375

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

1,517

4,117

6

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Perfect Inventories Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,517

4,117

Current loans and borrowings

2024
£

2023
£

Bank borrowings

2,600

2,600

Bank overdrafts

-

1,066

2,600

3,666

8

Related party transactions

Transactions with the director

2024

At 1 November 2023
£

Advances to director
£

At 31 October 2024
£

Director

(310)

(77)

(387)

       
     

 

2023

At 1 November 2022
£

Advances to director
£

At 31 October 2023
£

Director

(5,860)

5,550

(310)