Piffs Elm Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03260214

Piffs Elm Limited

Filleted Unaudited Financial Statements

28 February 2025

Piffs Elm Limited

Financial Statements

Year ended 28 February 2025

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Piffs Elm Limited

Statement of Financial Position

28 February 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	5	2,842,815	2,848,554

Current assets

Debtors	6	428,548	441,400
Cash at bank and in hand		6,772	48,040
		---------	---------
		435,320	489,440

Creditors: amounts falling due within one year	7	2,801,304	2,861,376
		------------	------------
Net current liabilities		2,365,984	2,371,936
		------------	------------
Total assets less current liabilities		476,831	476,618

Creditors: amounts falling due after more than one year	8	79,908	116,233
		---------	---------
Net assets		396,923	360,385
		---------	---------

Capital and reserves

Called up share capital	800	800
Capital redemption reserve	200	200
Profit and loss account	395,923	359,385
	---------	---------
Shareholders funds	396,923	360,385
	---------	---------

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 income and retained earnings has not been delivered.

For the year ending 28 February 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 .

Piffs Elm Limited

Statement of Financial Position (continued)

28 February 2025

These financial statements were approved by the board of directors and authorised for issue on 25 November 2025 , and are signed on behalf of the board by:

P Cassidy Director

Company registration number: 03260214

Piffs Elm Limited

Notes to the Financial Statements

Year ended 28 February 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 Phoenix House, Stoke Road, Elmstone Hardwicke, Cheltenham, Gloucestershire, GL51 9SY.

2. Statement of compliance

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

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Goodwill

Goodwill represents the excess of cost of acquisition over the fair value of the separable net assets of businesses acquired. Goodwill is amortised to the profit and loss account in equal instalments over its estimated useful life.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor Vehicles	-	25% straight line
Plant and equipment	-	25% straight line

Investment property

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 of fixed assets

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. For the purposes of impairment testing, 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 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.

4. Intangible assets

	Goodwill
	£
Cost
At 1 March 2024 and 28 February 2025	201,700
	---------
Amortisation
At 1 March 2024 and 28 February 2025	201,700
	---------
Carrying amount
At 28 February 2025	–
	---------
At 29 February 2024	–
	---------

5. Tangible assets

	Freehold property	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 March 2024 and 28 February 2025	2,828,599	2,017	58,683	2,889,299
	------------	-------	--------	------------
Depreciation
At 1 March 2024	–	378	40,367	40,745
Charge for the year	–	505	5,234	5,739
	------------	-------	--------	------------
At 28 February 2025	–	883	45,601	46,484
	------------	-------	--------	------------
Carrying amount
At 28 February 2025	2,828,599	1,134	13,082	2,842,815
	------------	-------	--------	------------
At 29 February 2024	2,828,599	1,639	18,316	2,848,554
	------------	-------	--------	------------

The freehold property was reclassified as an investment property during the year and revalued as at 29 february 2020 by the directors. The corresponding adjustments are included in these financial statements.

6. Debtors

	2025	2024
	£	£
Trade debtors	–	13,200
Amounts owed by group undertakings and undertakings in which the company has a participating interest	383,100	383,100
Other debtors	45,448	45,100
	---------	---------
	428,548	441,400
	---------	---------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	48,086	59,847
Trade creditors	1,308	( 54,171)
Corporation tax	789	4,413
Social security and other taxes	–	4,938
Other creditors	2,751,121	2,846,349
	------------	------------
	2,801,304	2,861,376
	------------	------------

The bank overdraft is secured by a floating charge over the assets of the company.

8. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	79,908	116,233
	--------	---------

Obligations under bank loans are secured on the freehold property.

9. Directors' advances, credits and guarantees

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

	Balance brought forward and outstanding
	2025	2024
	£	£

10. Related party transactions

The company was under the control of Pricenex Limited (a company registered in England and Wales)throughout the current and previous year by virtue of it's 100% shareholding. At the balance sheet date the company was owed £383,100 (2022 £383,100) by Pricenex Limited, a company associated by virtue of being the parent company. Rent of £48,000 (2022 £136,250) was paid to Piffs Elm Ltd from In2Print part of Commercial Limited through the period, £nil (2022 £nil) was outstanding at the Balance Sheet date. Rent of £65,000 (2022 £nil) was paid to Piffs Elm Ltd from Cellar Supplies Limited through the period, £nil (2022 £nil) was outstanding at the Balance Sheet dat