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Registration number: 03744916

P & L (UK) Ltd

Filleted Financial Statements

for the Year Ended 31 December 2024

 

P & L (UK) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

P & L (UK) Ltd

Company Information

Directors

A. Lanitis

C Petoussis

S Petoussis

Registered office

590 Green Lanes
Palmers Green
London
N13 5RY

Auditors

Thomas Alexander & Co Ltd 590 Green Lanes
Palmers Green
London
N13 5RY

 

P & L (UK) Ltd

(Registration number: 03744916)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

12,888

5,639

Current assets

 

Stocks

5

1,172,953

1,294,472

Debtors

6

319,672

72,705

Cash at bank and in hand

 

695,609

1,248,790

 

2,188,234

2,615,967

Creditors: Amounts falling due within one year

7

(480,703)

(795,770)

Net current assets

 

1,707,531

1,820,197

Net assets

 

1,720,419

1,825,836

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

1,720,319

1,825,736

Shareholders' funds

 

1,720,419

1,825,836

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 June 2025 and signed on its behalf by:
 

.........................................
A. Lanitis
Director

 

P & L (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

The principal place of business is:
Xylo House, Suite 304
The Business Design Centre
52 Upper Street
Islington
London
N1 0QH

These financial statements were authorised for issue by the Board on 17 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 17 June 2025 was A Odysseos, who signed for and on behalf of Thomas Alexander & Co Ltd.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

P & L (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

5 years

Fixtures, fittings & equipment

25% Reducing balance method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

P & L (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 10).

 

P & L (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

37,363

57,057

94,420

Additions

-

11,878

11,878

At 31 December 2024

37,363

68,935

106,298

Depreciation

At 1 January 2024

37,363

51,418

88,781

Charge for the year

-

4,629

4,629

At 31 December 2024

37,363

56,047

93,410

Carrying amount

At 31 December 2024

-

12,888

12,888

At 31 December 2023

-

5,639

5,639

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

1,172,953

1,294,472

6

Debtors

Current

2024
£

2023
£

Trade debtors

256,630

72,705

Other debtors

63,042

-

 

319,672

72,705

 

P & L (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

76,714

83,395

Amounts due to related parties

10

91,803

120,179

Social security and other taxes

 

44,140

172,006

Other creditors

 

250,819

250,870

Accruals

 

17,227

97,378

Corporation tax liability

-

71,942

 

480,703

795,770

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

20,674

-

Later than one year and not later than five years

-

43,228

20,674

43,228

The amount of non-cancellable operating lease payments recognised as an expense during the year was £22,554 (2023 - £22,554).

10

Related party transactions

Included in creditors is an amount of £91,803 (2023: £120,179) owed to Petoussis Bros Limited, the parent company. During the year the company was also charged a management fee by Petoussis Bros Limited of £4,800 (2023: £4,800).

 

P & L (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

11

Parent and ultimate parent undertaking

The company's immediate parent is Petoussis Bros Limited, incorporated in Cyprus.

 The ultimate parent is Petoussis Holdings Limited, incorporated in Cyprus.

 

12

APB Ethical Standards relevant circumstances

In common with many businesses of our size and nature we use our auditors to prepare and submit tax returns to the tax authorities and to assist with the preparation of the statutory financial statements.