Company Registration No. NI647657 (Northern Ireland)
Perfect Pair Company Ltd
Unaudited accounts
for the year ended 31 August 2024
Perfect Pair Company Ltd
Statement of financial position
as at 31 August 2024
Tangible assets
1,953
2,932
Inventories
133,873
187,811
Cash at bank and in hand
34,411
21,220
Creditors: amounts falling due within one year
(88,160)
(115,999)
Net current assets
80,124
93,712
Total assets less current liabilities
82,077
96,644
Creditors: amounts falling due after more than one year
(22,469)
(31,644)
Called up share capital
20,000
20,000
Profit and loss account
39,608
45,000
Shareholders' funds
59,608
65,000
For the year ending 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 of Directors and authorised for issue on 29 May 2025 and were signed on its behalf by
Donna Hunter
Director
Company Registration No. NI647657
Perfect Pair Company Ltd
Notes to the Accounts
for the year ended 31 August 2024
Perfect Pair Company Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI647657. The registered office is Unit 2 Channel Wharf, 21 Old Channel Road, Belfast, Antrim, BT3 9DE.
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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.
The directors believe that Perfect Pair Company Ltd has adequate resources available to enable it to continue to meet its ongoing obligations as and when they fall due for at least a period of 12 months from the date of approval of the financial statements. Accordingly, the company continues to adopt the going concern basis in preparation of its financial statements.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of footwear is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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
20% straight line
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
Perfect Pair Company Ltd
Notes to the Accounts
for the year ended 31 August 2024
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial period and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The pension costs charged in the financial statements represent the contribution payable by the company during the year.
The regular cost of providing retirement pensions and related benefits is charged to the profit and loss account over the employee's service lives on a basis of a constant percentage of earnings.
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Tangible fixed assets
Fixtures & fittings
Amounts falling due within one year
Accrued income and prepayments
-
680
Perfect Pair Company Ltd
Notes to the Accounts
for the year ended 31 August 2024
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
-
6,815
Trade creditors
36,000
74,647
Taxes and social security
4,971
5,210
Loans from directors
25,100
10,620
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Creditors: amounts falling due after more than one year
2024
2023
Other creditors
3,350
3,350
Allotted, called up and fully paid:
20,000 Ordinary shares of £1 each
20,000
20,000
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Average number of employees
During the year the average number of employees was 12 (2023: 12).