Company Registration No. 14100796 (England and Wales)
Picasso Design Group Limited
Unaudited accounts
for the year ended 31 May 2024
Picasso Design Group Limited
Unaudited accounts
Contents
Picasso Design Group Limited
Company Information
for the year ended 31 May 2024
Company Number
14100796 (England and Wales)
Registered Office
12 Holyhead Close
London
E6 5YN
United Kingdom
Accountants
Ratnam Accountants
203 Kilburn High Road
London
NW6 7HY
Picasso Design Group Limited
Statement of financial position
as at 31 May 2024
Tangible assets
4,468
4,993
Cash at bank and in hand
11,115
17,896
Creditors: amounts falling due within one year
(90,257)
(91,865)
Net current liabilities
(1,642)
(64,969)
Total assets less current liabilities
2,826
(59,976)
Creditors: amounts falling due after more than one year
(36,667)
-
Net liabilities
(33,841)
(59,976)
Called up share capital
1
1
Profit and loss account
(33,842)
(59,977)
Shareholders' funds
(33,841)
(59,976)
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 14 February 2025 and were signed on its behalf by
Ewa Kozlowska
Director
Company Registration No. 14100796
Picasso Design Group Limited
Notes to the Accounts
for the year ended 31 May 2024
Picasso Design Group Limited is a private company, limited by shares, registered in England and Wales, registration number 14100796. The registered office is 12 Holyhead Close, London, E6 5YN, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% Reducing balance
Computer equipment
33.33% Straight line
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 June 2023
1,824
5,437
7,261
At 31 May 2024
2,648
6,954
9,602
At 1 June 2023
456
1,812
2,268
Charge for the year
548
2,318
2,866
At 31 May 2024
1,004
4,130
5,134
At 31 May 2024
1,644
2,824
4,468
At 31 May 2023
1,368
3,625
4,993
Amounts falling due within one year
Other debtors
77,500
9,000
Picasso Design Group Limited
Notes to the Accounts
for the year ended 31 May 2024
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
13,750
-
Trade creditors
58,027
68,598
Taxes and social security
2,830
(138)
Loans from directors
145
900
7
Creditors: amounts falling due after more than one year
2024
2023
8
Transactions with related parties
The total loan made advanced to Ewa Kozlowska , the director of the company amounts to £77,500 (2023:£9,000). This loan is repayable on demand and subject to interest at 3% per annum. The loan remains outstanding as of the balance sheet date.
9
Average number of employees
During the year the average number of employees was 3 (2023: 5).