Pablo Picasso's Limited - Filleted accounts

Registered number

03023185

Pablo Picasso's Limited

Filleted Accounts

31 July 2025

Pablo Picasso's Limited
Registered number:		03023185
Balance Sheet
as at 31 July 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		262,124			203,404

Current assets
Stocks		17,000			30,700
Debtors	5	386,954			482,044
Cash at bank and in hand	4	210,496			91,715
		614,450			604,459

Creditors: amounts falling due within one year	6	(623,158)			(536,235)

Net current (liabilities)/assets			(8,708)			68,224

Total assets less current liabilities			253,416			271,628

Creditors: amounts falling due after more than one year	7		-			(8,666)



Net assets			253,416			262,962

Capital and reserves
Called up share capital			2			2
Profit and loss account			253,414			262,960

Shareholders' funds			253,416			262,962

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Mr. S.O. Daramola
Director
Approved by the board on 28 April 2026

Pablo Picasso's Limited
Notes to the Accounts
for the year ended 31 July 2025


1	Accounting policies

	Basis of preparation
	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).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the sale of food and drink. Turnover from the sale of food and drink is recognised when the food and drink has been consumed by the customer.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery			over 5 years
	Furniture and equipment			over 5 years

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.


	Debtors
	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.

	Creditors
	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.











	Taxation
	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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.


2	Employees					2025		2024
Number							Number

	Average number of persons employed by the company					42		26


3	Tangible fixed assets
		Land and buildings		Furniture and equipment		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 August 2024	228,054		186,162		5,000		419,216
	Additions	29,083		77,076		-		106,159
	At 31 July 2025	257,137		263,238		5,000		525,375

	Depreciation
	At 1 August 2024	40,262		172,550		3,000		215,812
	Charge for the year	23,767		22,672		1,000		47,439
	At 31 July 2025	64,029		195,222		4,000		263,251

	Net book value
	At 31 July 2025	193,108		68,016		1,000		262,124
	At 31 July 2024	187,792		13,612		2,000		203,404


4	Cash at bank and in hand					2025		2024
£							£

	Cash at bank and in hand					210,496		91,715

						210,496		91,715




5	Debtors					2025		2024
£							£

	Other debtors					386,954		482,044


6	Creditors: amounts falling due within one year					2025		2024
£							£

	Bank loans and overdrafts					8,657		10,298
	Trade creditors					73,874		92,994
	Taxation and social security costs					124,977		65,911
	Other creditors					415,650		367,032
						623,158		536,235


7	Creditors: amounts falling due after one year					2025		2024
£							£

	Bank loans					-		8,666


8	Other information

	Pablo Picasso's Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Unit 6 The Waterfront
	Sovereign Harbour
	Eastbourne
	East Sussex
	BN23 5UZ