|
Registered number: 11258512
PP Graphics Limited (Formerly known as Psycho Peacock Limited)
Financial statements
Information for filing with the registrar
For the year ended 30 November 2025
|
|
PP Graphics Limited (Formerly known as Psycho Peacock Limited)
Registered number: 11258512
Balance Sheet
As at 30 November 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 August 2026.
The notes on pages 2 to 7 form part of these financial statements.
|
|
PP Graphics Limited (Formerly known as Psycho Peacock Limited)
Notes to the Financial Statements
For the year ended 30 November 2025
PP Graphics Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is Engels House Victoria Mills,Weaste Trading Estate, Liverpool Street, United Kingdom, M5 5HD.
The nature of the Company's operation and principal activity is that of the supply of large-format specialist graphics for retail, events, museums, construction and visitor attractions.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods
have passed to the buyer (usually on delivery to the customer), the amount of revenue can be measured
reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the
cost incurred or to be incurred in respect of the transaction can be measured reliably.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
|
|
PP Graphics Limited (Formerly known as Psycho Peacock Limited)
Notes to the Financial Statements
For the year ended 30 November 2025
2.Accounting policies (continued)
|
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
|
|
PP Graphics Limited (Formerly known as Psycho Peacock Limited)
Notes to the Financial Statements
For the year ended 30 November 2025
2.Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
|
|
|
Provisions for liabilities
|
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
|
|
The average monthly number of employees, including directors, during the year was 29 (2024 -25).
|
|
|
PP Graphics Limited (Formerly known as Psycho Peacock Limited)
Notes to the Financial Statements
For the year ended 30 November 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 December 2024 (as previously stated)
|
|
|
|
|
|
|
|
|
|
At 1 December 2024 (as restated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 December 2024 (as previously stated)
|
|
|
|
|
|
|
|
|
|
At 1 December 2024 (as restated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 November 2024 (as restated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts due from group undertakings are repayable on demand, unsecured and bear no interest.
|
|
|
PP Graphics Limited (Formerly known as Psycho Peacock Limited)
Notes to the Financial Statements
For the year ended 30 November 2025
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
Obligations under finance lease and hire purchase contracts
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net obligations under finance leases and hire purchase contracts
|
|
|
|
|
|
|
|
|
|
Hire purchase and finance leases
|
|
|
Minimum lease payments under hire purchase fall due as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PP Graphics Limited (Formerly known as Psycho Peacock Limited)
Notes to the Financial Statements
For the year ended 30 November 2025
Fixed asset adjustment
During the period ended 30 November 2025, management identified that certain fixed assets with a carrying value of £82,798, relating to purchases made prior to 2020, were no longer in use by the Company and had no recoverable value. Management has concluded that these assets should have been impaired in a prior period and that the matter represents a material prior period error. Accordingly, the comparative amounts have been restated by way of a prior year adjustment.
The effect of the adjustment is to reduce previously reported tangible fixed assets by £82,798 and increase previously reported administrative expenses by £82,798, resulting in a reduction in previously reported shareholders’ funds of £82,798. The adjustment has no impact on the tax charge or on the Company’s cash flows.
Finance lease adjustment
During the period, management identified that a lease had previously been incorrectly accounted for as an operating lease. Following a review of the lease terms, management concluded that the lease transferred substantially all of the risks and rewards of ownership to the Company and should therefore have been accounted for as a finance lease from inception.
The comparative figures have therefore been restated to correct this prior period error. The effect of the restatement is to recognise a finance lease asset of £702,746 at inception, together with the associated finance lease liability. In the prior period income statement, amounts previously recognised as operating lease rentals within administrative expenses have been reversed, reducing administrative expenses by £100,608. Depreciation of £78,082 and finance costs of £24,322 have been recognised in respect of the finance lease.
The net effect of the adjustment is to decrease previously reported net assets by £1,796. There is no impact on the Company’s cash flows, although the classification of cash flows may be affected where lease payments have been reanalysed between repayment of finance lease obligations and interest paid.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from
those of the Company in an independently administered fund. Contributions totalling £17,605 (2024: £6,664) were
payable to the fund at the reporting date and are included in creditors.
The parent undertaking is Livexpo Holdings Limited, a company registered in England. The consolidated
financial statements of this group are available to the public and may be obtained from the Registrar of
Companies, Companies House, Crown Way, Maindy, Cardiff, CF4 3UZ.
There is no ultimate controlling party.
The auditors' report on the financial statements for the year ended 30 November 2025 was unqualified.
The audit report was signed on 25 August 2026 by Mike Jackson (Senior statutory auditor) on behalf of Hurst Accountants Limited.
|
|
|