| Pia Pressure Limited |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
|
|
| 1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
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Investments |
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Investments in subsidiaries, are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
|
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Average number of persons employed by the company |
0 |
|
0 |
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| 3 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
Total |
| £ |
£ |
|
Cost |
|
At 1 January 2024 |
151,545 |
|
151,545 |
|
Provision for impairment |
(75,773) |
|
(75,773) |
|
|
At 31 December 2024 |
75,772 |
|
75,772 |
|
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| 4 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
|
|
Amounts due from subsidiary company |
|
25,805 |
|
25,373 |
|
Other debtors |
3,198 |
|
151,262 |
|
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|
|
29,003 |
|
176,635 |
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| 5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Trade creditors |
- |
|
6,431 |
|
Amounts owed to parent company |
|
2,582,209 |
|
2,582,209 |
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Other creditors |
18,289 |
|
16,144 |
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2,600,498 |
|
2,604,784 |
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| 6 |
Related party transactions |
2024 |
|
2023 |
| £ |
£ |
|
Malton Group Limited |
|
Parent company |
|
Interest-free loan from Malton Group Limited |
2,582,209 |
|
2,582,209 |
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Amounts due from Pia Pressure LLC |
25,805 |
|
25,373 |
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| 7 |
Subsidiary undertakings |
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The company owns 100% of Pia Pressure LLC which is incorporated in the USA. |
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Pia Pressure LLC |
|
251 Little Falls Drive |
|
Wilmington, DE |
|
19808 |
|
USA |
|
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Capital |
$200,100 |
|
Reserves |
($127,032) |
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Loss for the year ended 31 December 2023 |
($9,375) |
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The accounts present information about the parent undertaking as an individual and not about its group. Pia Pressure Limited is not required to prepare group accounts as it is the parent of a small group. |
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| 8 |
Other operating expenses |
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Loans totalling £147,953 have been written off as they are deemed irrecoverable. |
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| 9 |
Going concern |
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The financial statements have been prepared on a going concern basis for the year ended 31 December 2024 despite the company making a loss of £157,381 (2023: £65,850) and having net liabilities of £2,376,012 (2023: £2,218,631). The company is reliant on the continued support of the shareholder. |
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| 10 |
Controlling party |
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The immediate parent company is Malton Group Limited, a BVI registered company. The ultimate controlling party is The Mountain Trust Company which is registered in the Cayman Islands. |
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| 11 |
Other information |
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Pia Pressure Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
8th Floor |
|
100 Bishopsgate |
|
London |
|
EC2N 4AG |