Registered number
03023185
Pablo Picasso's Limited
Filleted Accounts
31 July 2024
Pablo Picasso's Limited
Registered number: 03023185
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 203,404 6,532
Current assets
Stocks 30,700 10,000
Debtors 5 482,044 660,390
Cash at bank and in hand 4 91,715 151,359
604,459 821,749
Creditors: amounts falling due within one year 6 (536,235) (419,722)
Net current assets 68,224 402,027
Total assets less current liabilities 271,628 408,559
Creditors: amounts falling due after more than one year 7 (8,666) (19,137)
Net assets 262,962 389,422
Capital and reserves
Called up share capital 2 2
Profit and loss account 262,960 389,420
Shareholders' funds 262,962 389,422
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr. B. Gashi
Director
Approved by the board on 30 April 2025
Pablo Picasso's Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the sale of food and drink. Turnover from the sale of food and drink is recognised when the food and drink has been consumed by the customer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Furniture and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 26 32
3 Tangible fixed assets
Land and buildings Furniture and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 August 2023 21,575 170,868 5,000 197,443
Additions 206,479 15,294 - 221,773
At 31 July 2024 228,054 186,162 5,000 419,216
Depreciation
At 1 August 2023 20,897 168,014 2,000 190,911
Charge for the year 19,365 4,536 1,000 24,901
At 31 July 2024 40,262 172,550 3,000 215,812
Net book value
At 31 July 2024 187,792 13,612 2,000 203,404
At 31 July 2023 678 2,854 3,000 6,532
4 Cash at bank and in hand 2024 2023
£ £
Cash at bank and in hand (U.K.) 91,715 179,764
Raiffeisen Bank - Kosovo - 591,062
91,715 770,826
5 Debtors 2024 2023
£ £
Other debtors 482,044 660,390
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,298 26,604
Trade creditors 92,994 62,821
Taxation and social security costs 65,911 63,997
Other creditors 367,032 266,300
536,235 419,722
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 8,666 19,137
8 Other information
Pablo Picasso's Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 6 The Waterfront
Sovereign Harbour
Eastbourne
East Sussex
BN23 5UZ
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