REGISTERED NUMBER: 07055079 (England and Wales)

PITT LANE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M C Culhane

H J Batchelor

REGISTERED OFFICE:

Unit A, Watley Farm

Watley Lane

Sparsholt

Winchester

Hampshire

SO21 2FS

REGISTERED NUMBER:

07055079 (England and Wales)

FIXED ASSETS

Tangible assets

4

40,170

49,198

CURRENT ASSETS

Stocks

12,792

17,441

Debtors

5

21,546

2,495

Cash at bank and in hand

16,299

11,209

50,637

31,145

CREDITORS

Amounts falling due within one year

6

(61,346

)

(51,027

)

NET CURRENT LIABILITIES

(10,709

)

(19,882

)

TOTAL ASSETS LESS CURRENT LIABILITIES

29,461

29,316

CREDITORS

Amounts falling due after more than one year

7

(25,997

)

(30,141

)

PROVISIONS FOR LIABILITIES

(6,677

)

(4,937

)

NET LIABILITIES

(3,213

)

(5,762

)

CAPITAL AND RESERVES

Called up share capital

20

20

Retained earnings

(3,233

)

(5,782

)

SHAREHOLDERS' FUNDS

(3,213

)

(5,762

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

H J Batchelor - Director

1.	STATUTORY INFORMATION

Pitt Lane Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards 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 £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Going concern

At the balance sheet date the company has net liabilities, and is dependant upon the support of it's directors to continue trading. The directors have indicated that their support will continue for a period of at least 12 months from the date of signing these financial statements and have concluded that with the right management actions the company is a going concern. Accordingly the directors have prepared the financial statements on this basis.

Turnover

Turnover represents the sales of goods and services net of VAT and trade discounts. Turnover is recognised when the goods are physically dispatched to the customer, or the service has been carried out.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Short leasehold

-

Straight line over 5 years

Plant and machinery

-

Straight line over 5 years

Fixtures and fittings

-

Straight line over 5 years

Motor vehicles

-

25% Reducing balance

Computer equipment

-

25% 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 recognised in the income statement.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial assets

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities

Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 January 2024

26,187

47,525

5,030

Additions

-

125

-

At 31 December 2024

26,187

47,650

5,030

DEPRECIATION

At 1 January 2024

2,810

26,336

922

Charge for year

5,237

5,521

1,006

At 31 December 2024

8,047

31,857

1,928

NET BOOK VALUE

At 31 December 2024

18,140

15,793

3,102

At 31 December 2023

23,377

21,189

4,108

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

-

1,012

79,754

Additions

2,800

-

2,925

At 31 December 2024

2,800

1,012

82,679

DEPRECIATION

At 1 January 2024

-

488

30,556

Charge for year

58

131

11,953

At 31 December 2024

58

619

42,509

NET BOOK VALUE

At 31 December 2024

2,742

393

40,170

At 31 December 2023

-

524

49,198

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

4,187

1,573

Other debtors

17,359

922

21,546

2,495

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

6,983

14,038

Trade creditors

6,382

6,724

Taxation and social security

22,777

9,447

Other creditors

25,204

20,818

61,346

51,027

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

25,997

30,141

8.	TRANSACTIONS WITH DIRECTORS

During the year advances totalling £21,518 (2023: £nil) were made to the company's director. Repayments of £16,200 (2023: £nil) were made during the year. At the year-end the amount owed by the director to the company was £5,318 (2023: £nil). The loan is repayable on demand.