Company registration number 00552367 (England and Wales)
PITASO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
PITASO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PITASO LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
681
973
Current assets
Debtors
4
4,800
Cash at bank and in hand
4,857
11,569
4,857
16,369
Creditors: amounts falling due within one year
5
(10,258)
(10,628)
Net current (liabilities)/assets
(5,401)
5,741
Net (liabilities)/assets
(4,720)
6,714
Capital and reserves
Called up share capital
6
752
752
Profit and loss reserves
(5,472)
5,962
Total equity
(4,720)
6,714
For the financial year ended 31 October 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 11 July 2025 and are signed on its behalf by:
Mr W Swaney
Director
Company registration number 00552367 (England and Wales)
PITASO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
1
Accounting policies
Company information
Pitaso Limited is a private company limited by shares incorporated in England and Wales. The registered office is 32, Aislabie Garth, Rippon, North Yorkshire, HG4 2DX.
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
Going concern
The financial statements have been prepared on a going concern basis which presumes that the company will continue in operational existence for the foreseeable future notwithstanding that, at the balance sheet date, the company had net current liabilities of £5401 and net liabilities of £4720. The directors believe that this basis is appropriate as the company's current liabilities include £9868 due to them personally and, whilst these amounts are repayable on demand, they have no intention of asking for repayment whist such funds are required by the company to meet its liabilities as they fall due. They have also agreed that they will make further funds available to the company should they be required.
1.3
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.
1.4
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:
Fixtures and fittings
30% on reducing balance
Computer equipment
30% 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
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
PITASO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 November 2023 and 31 October 2024
749
4,812
5,561
Depreciation and impairment
At 1 November 2023
569
4,019
4,588
Depreciation charged in the year
54
238
292
At 31 October 2024
623
4,257
4,880
Carrying amount
At 31 October 2024
126
555
681
At 31 October 2023
180
793
973
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
4,800
5
Creditors: amounts falling due within one year
2024
2023
£
£
Director's current account
9,868
9,518
Accruals and deferred income
390
1,110
10,258
10,628
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
752
752
752
752
PITASO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
7
Directors' transactions
The directors of the company, W & Mrs R.M. Swaney, operate a joint current account with the company through which various transactions have passed. At the start of the year, the account was in credit by £9,518 (2023: £9,181) and further aggregate credits of £350 (2023: £337) were added to this balance over the course of the year. The account was in credit by £9,868 (2023: £9,518) at 31 October 2024.
The balance on the account was not overdrawn at any time during the year or the preceding year and no interest was payable on either credit or debit balances, both of which are repayable on demand.