Company registration number 08536894 (England and Wales)
I PEPE'S LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
I PEPE'S LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
I PEPE'S LTD
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
10,663
13,330
Tangible assets
4
53,309
35,997
63,972
49,327
Current assets
Stocks
3,150
4,750
Debtors
5
192,857
6,413
Cash at bank and in hand
114,270
499,971
310,277
511,134
Creditors: amounts falling due within one year
6
(240,905)
(202,074)
Net current assets
69,372
309,060
Total assets less current liabilities
133,344
358,387
Creditors: amounts falling due after more than one year
7
(25,000)
(311,220)
Net assets
108,344
47,167
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
108,244
47,067
Total equity
108,344
47,167
I PEPE'S LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 2 -

For the financial year ended 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 of its financial statements for the year in question in accordance with section 476.

The director acknowledges his 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 director of the company has 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 20 May 2025 and are signed on its behalf by:
Asif Hussain
Director
Company registration number 08536894 (England and Wales)
I PEPE'S LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

I Pepe's Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4 Hockley Industrial Estate, Pitsford Street, Birmingham, West Midlands, UK, B18 6PT.

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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of fifteen years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Improvements to property
10% on cost
Plant and equipment
18% on reducing balance
Motor vehicles
18% on reducing balance

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.

1.5
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

I PEPE'S LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
10
12
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
40,000
Amortisation and impairment
At 1 June 2023
26,670
Amortisation charged for the year
2,667
At 31 May 2024
29,337
Carrying amount
At 31 May 2024
10,663
At 31 May 2023
13,330
4
Tangible fixed assets
Improvements to property
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
11,710
160,118
9,500
181,328
Additions
-
0
29,414
-
0
29,414
At 31 May 2024
11,710
189,532
9,500
210,742
Depreciation and impairment
At 1 June 2023
7,026
135,193
3,112
145,331
Depreciation charged in the year
1,171
9,781
1,150
12,102
At 31 May 2024
8,197
144,974
4,262
157,433
I PEPE'S LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
4
Tangible fixed assets
Improvements to property
Plant and equipment
Motor vehicles
Total
£
£
£
£
(Continued)
- 5 -
Carrying amount
At 31 May 2024
3,513
44,558
5,238
53,309
At 31 May 2023
4,684
24,925
6,388
35,997
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
192,857
6,413
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
207
147
Trade creditors
23,247
43,610
Corporation tax
47,547
46,279
Other taxation and social security
96,034
78,312
Other creditors
73,870
33,726
240,905
202,074
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
25,000
311,220
8
Related party disclosure

As at 31 May 2024 the following balances, included in other debtors due within one year, were due from related companies:

 

MMA Ltd: £99,000

 

Caldwell House Consulting Ltd: £85,000

 

The above balances are repayable on demand.

9
Ultimate Controlling Party

The company is jointly controlled by Khalid Hussain, Mohammed Abrar, Asif Hussain and Gohar Investments Ltd.

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