ACCOUNTS - Final Accounts

PIPA SOLUTIONS LIMITED - Company Information

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Registered number: 06788808

PIPA SOLUTIONS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

PIPA SOLUTIONS LIMITED

REGISTERED NUMBER: 06788808

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2019

		2019		2018
Note		£		£

Fixed assets
Tangible assets	4		-		555
			-		555
Current assets
Debtors: amounts falling due within one year	5	43,504		858
Cash at bank and in hand	6	31		767
		43,535		1,625
Creditors: amounts falling due within one year	7	(659,437)		(589,419)
Net current liabilities			(615,902)		(587,794)
Total assets less current liabilities			(615,902)		(587,239)

Net liabilities			(615,902)		(587,239)

Capital and reserves
Called up share capital	511	511
Share premium account	160,283	160,283
Profit and loss account	(776,696)	(748,033)
	(615,902)	(587,239)

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 comprehensive income 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 26 March 2020.

S Khan

Director

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PIPA SOLUTIONS LIMITED

REGISTERED NUMBER: 06788808

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 JUNE 2019

The notes on pages 3 to 6 form part of these financial statements.

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PIPA SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

1.	General information

Pipa Solutions Limited is a private company, limited by shares, registered in England and Wales, registration number 06788808. The registered office is 10 Queen Street Place, London, EC4R 1AG.

2.Accounting policies

2.1

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

During the year the company incurred a loss of £28,663 and had net liabilities of £615,902 as at the year end. The financial statements have been prepared on a going concern basis, the applicability of which is dependent on the continuous support from the company director.

2.3

Tangible fixed assets

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:

Computer software

33%

straight line

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 the Statement of Comprehensive Income.

2.4

Debtors

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.

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PIPA SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

2.Accounting policies (continued)

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.7

Creditors

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.

2.8

Taxation

Tax is recognised in the Statement of Comprehensive Income, 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 reporting date in the countries where the Company operates and generates income.

Employees

The average monthly number of employees, including directors, during the year was 2 (2018 - 2).

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PIPA SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

4.	Tangible fixed assets

		Computer software
		£
	Cost or valuation
	At 1 July 2018	220,230
	At 30 June 2019	220,230
	Depreciation
	At 1 July 2018	219,675
	Charge for the year on owned assets	555
	At 30 June 2019	220,230
	Net book value
	At 30 June 2019	-
	At 30 June 2018	555

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PIPA SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

Debtors

					2019	2018
					£	£


Other debtors	607	754
Called up share capital not paid	104	104
R&D Tax recoverable	42,793	-
	43,504	858

6.	Cash and cash equivalents
		2019	2018
		£	£

	Cash at bank and in hand	31	767

7.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Other creditors	651,718	588,119
Accruals and deferred income	7,719	1,300
	659,437	589,419

8.	Related party transactions
	Included within creditors is a loan from S Khan, a director of the company, totalling £648,618 (2018 - £585,018). The loan is interest free and repayable on demand.

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