Company registration number 00656792 (England and Wales)
PIRONGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
PIRONGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PIRONGS LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
88,040
92,840
Current assets
Stocks
154,473
196,010
Debtors
5
302,490
286,323
Cash at bank and in hand
283,426
354,971
740,389
837,304
Creditors: amounts falling due within one year
6
(220,185)
(313,182)
Net current assets
520,204
524,122
Total assets less current liabilities
608,244
616,962
Creditors: amounts falling due after more than one year
7
(19,865)
(36,373)
Provisions for liabilities
(16,728)
(17,640)
Net assets
571,651
562,949
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
571,551
562,849
Total equity
571,651
562,949
PIRONGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
31 August 2024
- 2 -
For the financial year ended 31 August 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 of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 24 May 2025 and are signed on its behalf by:
Mr R P Pirongs
Mr K J McGovern
Director
Director
Company registration number 00656792 (England and Wales)
PIRONGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information
Pirongs Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 10, Silverhills Road, Decoy Industrial Estate, Newton Abbot, Devon, TQ12 5NA.
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
Turnover
Turnover represents amounts receivable for goods and services net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% per annum on net book value
Motor vehicles
25% per annum on net book value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PIRONGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
14
12
3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
1,500
Amortisation and impairment
At 1 September 2023 and 31 August 2024
1,500
Carrying amount
At 31 August 2024
At 31 August 2023
PIRONGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023
379,058
Additions
20,288
Disposals
(32,257)
At 31 August 2024
367,089
Depreciation and impairment
At 1 September 2023
286,218
Depreciation charged in the year
25,088
Eliminated in respect of disposals
(32,257)
At 31 August 2024
279,049
Carrying amount
At 31 August 2024
88,040
At 31 August 2023
92,840
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
244,116
243,388
Other debtors
58,374
42,935
302,490
286,323
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
41,861
143,828
Taxation and social security
104,893
97,678
Other creditors
63,431
61,676
220,185
313,182
Included in other creditors is £6,470 (2023 £6,470) for net obligations under finance lease and hire purchase contracts which are secured on the assets concerned.
PIRONGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,460
17,500
Other creditors
12,405
18,873
19,865
36,373
Included in other creditors is £12,405 (2023 £18,873) for net obligations under finance lease and hire purchase contracts which are secured on the assets concerned.
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100