Papaya Trading Limited

	Page
Statement of Financial Position	1—2
Notes to the Financial Statements	3—5

1. General Information

Papaya Trading Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08640415 . The registered office is Belle Vue Barn, Mansergh, Carnforth, Lancashire, LA6 2EJ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

The financial statements are prepared under the historical cost basis.

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

2.2. Turnover

Turnover is measured at the fair value of the consideration receivable for goods supplied, net of Value Added Tax.

Turnover from the sale of goods is recognised on dispatch of goods sold.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	15% reducing balance
Motor Vehicles	25% reducing balance
Fixtures & Fittings	25% straight line

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement as incurred.

2.5. Stocks and Work in Progress

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

2.6. Financial Instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transactions 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.

2.7. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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Papaya Trading Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

2.8. 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.

2.9. 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.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

2.10. 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 is arises.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2024: 2)

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£
Cost
As at 1 May 2024	23,895	50,000	12,563	86,458
Additions	-	80,908	2,422	83,330

As at 30 April 2025	23,895	130,908	14,985	169,788

Depreciation
As at 1 May 2024	14,050	29,390	12,522	55,962
Provided during the period	1,477	9,956	338	11,771

As at 30 April 2025	15,527	39,346	12,860	67,733

Net Book Value
As at 30 April 2025	8,368	91,562	2,125	102,055

As at 1 May 2024	9,845	20,610	41	30,496

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Papaya Trading Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	426,358	300,364
Prepayments and accrued income	3,465	3,484
VAT	1,384	-

	431,207	303,848

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	15,046	-
Trade creditors	313,579	174,642
Bank loans and overdrafts	51,840	43,783
Corporation tax	37,658	29,335
Other taxes and social security	241	-
VAT	-	8,473
Other creditors	45,463	30,667
Accruals and deferred income	1,800	1,800
Directors' loan accounts	243,954	166,428

	709,581	455,128

Included in creditors: amounts falling due within one year, are net obligations under hire purchase contracts of £15,046 (2024 - £nil) which are secured against the assets to which they relate.

7. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	30,092	-
Bank loans	45,188	75,567

	75,280	75,567

Included in creditors: amounts falling due after more than one year, are net obligations under hire purchase contracts of £30,092 (2024 - £nil) which are secured against the assets to which they relate.

8. Related Party Transactions

Included in creditors: amounts falling due within one year, is a directors loan account balance of £243,954 (2024 - £166,428).

The balance is interest free and repayable on demand.

9. Ultimate Controlling Party

The company is a wholly owned subsidiary undertaking of Crombie (Holdings) Ltd.

The registered office of Crombie (Holdings) Ltd is Belle Vue Barn, Mansergh, Carnforth, Lancashire, LA6 2EJ.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		102,055		30,496

			102,055		30,496
CURRENT ASSETS
Stocks		414,389		324,215
Debtors	5	431,207		303,848
Cash at bank and in hand		145,727		122,501

		991,323		750,564
Creditors: Amounts Falling Due Within One Year	6	(709,581 )		(455,128 )

NET CURRENT ASSETS (LIABILITIES)			281,742		295,436

TOTAL ASSETS LESS CURRENT LIABILITIES			383,797		325,932

Creditors: Amounts Falling Due After More Than One Year	7		(75,280 )		(75,567 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(20,544 )		(2,336 )

NET ASSETS			287,973		248,029

CAPITAL AND RESERVES
Called up share capital			100		100
Income Statement			287,873		247,929

SHAREHOLDERS' FUNDS			287,973		248,029