Paglets Ltd 31/07/2025 iXBRL

Company registration number: 13497512

Paglets Ltd

Unaudited filleted financial statements

31 July 2025

Paglets Ltd

Contents

Directors and other information

Accountants report

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Paglets Ltd

Directors and other information


	Directors	Mrs A Livesey
		Mr P Livesey


	Company number	13497512


	Registered office	33 Haddon Court
		Milton Road
		Harpenden
		AL5 5NA


	Accountants	Hicks and Company
		Chartered Accountants
		Vaughan Chambers
		Vaughan Road
		Harpenden
		AL5 4EE

Paglets Ltd

Chartered accountants report to the board of directors on the preparation of the

unaudited statutory financial statements of Paglets Ltd

Year ended 31 July 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Paglets Ltd for the year ended 31 July 2025 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.

This report is made solely to the board of directors of Paglets Ltd, as a body, in accordance with the terms of our engagement letter dated 22 November 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Paglets Ltd and state those matters that we have agreed to state to the board of directors of Paglets Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Paglets Ltd and its board of directors as a body for our work or for this report.

It is your duty to ensure that Paglets Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Paglets Ltd. You consider that Paglets Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Paglets Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hicks and Company

Chartered Accountants

Vaughan Chambers

Vaughan Road

Harpenden

AL5 4EE

13 October 2025

Paglets Ltd

Statement of financial position

31 July 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Tangible assets	5	310,000		278,635
		_______		_______
			310,000		278,635

Current assets
Debtors	6	1,154		134
Cash at bank and in hand		12,100		15,507
		_______		_______
		13,254		15,641
Creditors: amounts falling due
within one year	7	( 279,511)		( 290,582)
		_______		_______
Net current liabilities			( 266,257)		( 274,941)
			_______		_______
Total assets less current liabilities			43,743		3,694


Provisions for liabilities			( 7,840)		-

			_______		_______
Net assets			35,903		3,694
			_______		_______

Capital and reserves
Called up share capital			100		100
Non-distributable revaluation reserve			23,525		-
Profit and loss account			12,278		3,594
			_______		_______
Shareholders funds			35,903		3,694
			_______		_______

For the year ending 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- 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 Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 13 October 2025 , and are signed on behalf of the board by:

Mrs A Livesey Mr P Livesey

Director Director

Company registration number: 13497512

Paglets Ltd

Statement of changes in equity

Year ended 31 July 2025

	Called up share capital	Non-distributable revaluation reserve	Profit and loss account	Total
	£	£	£	£


At 1 August 2023	100	-	( 5,383)	( 5,283)

Profit for the year			8,977	8,977
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	8,977	8,977

	_______	_______	_______	_______
At 31 July 2024 and 1 August 2024	100	-	3,594	3,694

Profit for the year			32,209	32,209
Other comprehensive income for the year:
Reclassification to revaluation reserve from profit and loss account		23,525	( 23,525)	-
	_______	_______	_______	_______
Total comprehensive income for the year	-	23,525	8,684	32,209

	_______	_______	_______	_______
At 31 July 2025	100	23,525	12,278	35,903
	_______	_______	_______	_______

Paglets Ltd

Notes to the financial statements

Year ended 31 July 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 33 Haddon Court, Milton Road, Harpenden, AL5 5NA.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover represents the total rental income receivable during the year.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2024: 2 ).

5. Tangible assets

	Freehold property	Total
	£	£
Cost or valuation
At 1 August 2024	278,635	278,635
Revaluation	31,365	31,365
	_______	_______
At 31 July 2025	310,000	310,000
	_______	_______
Depreciation
At 1 August 2024 and 31 July 2025	-	-
	_______	_______
Carrying amount
At 31 July 2025	310,000	310,000
	_______	_______
At 31 July 2024	278,635	278,635
	_______	_______

The freehold investment property has been valued by the directors at the fair value at 31 July 2025. The historical cost of the freehold property included above at a value of £310,000 was £278,635.

6. Debtors

	2025	2024
	£	£
Trade debtors	1,020	-
Other debtors	134	134
	_______	_______
	1,154	134
	_______	_______

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Corporation tax	2,037	898
Other creditors	277,474	289,684
	_______	_______
	279,511	290,582
	_______	_______

8. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2025
		Balance brought forward	Amounts repaid	Balance o/standing
		£	£	£
	Mrs A Livesey	( 164,067)	6,120	( 157,947)
	Mr P Livesey	( 124,067)	6,120	( 117,947)
		_______	_______	_______
		( 288,134)	12,240	( 275,894)
		_______	_______	_______

2024
		Balance brought forward	Amounts repaid	Balance o/standing
		£	£	£
	Mrs A Livesey	( 170,067)	6,000	( 164,067)
	Mr P Livesey	( 130,067)	6,000	( 124,067)
		_______	_______	_______
		( 300,134)	12,000	( 288,134)
		_______	_______	_______