Pippins Denim Ltd - Accounts

Pippins Denim Ltd - Accounts

PIPPINS DENIM LTD - Company Information

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Registered Number: 12507942
England and Wales

 

 

 

PIPPINS DENIM LTD


Abridged Accounts
 


Period of accounts

Start date: 01 April 2021

End date: 31 March 2022

Pippins Denim Ltd
Contents Page
For the year ended 31 March 2022
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts Pippins Denim Ltd for the year ended 31 March 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Pippins Denim Ltd for the year ended 31 March 2022 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.
This report is made solely to the Board of Directors of Pippins Denim Ltd , as a body, in accordance with the terms of our engagement letter dated 20 May 2022. Our work has been undertaken solely to prepare for your approval the accounts of Pippins Denim Ltd and state those matters that we have agreed to state to the Board of Directors of Pippins Denim Ltd, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pippins Denim Ltd and its Board of Directors as a body for our work or for this report
It is your duty to ensure that Pippins Denim Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit Pippins Denim Ltd. You consider that Pippins Denim Ltd is exempt from the statutory audit requirement for the year
We have not been instructed to carry out an audit or a review of the accounts of Pippins Denim Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



....................................................
Rivington Accounts Ltd
Bank House
6-8 Church Street
Adlington
Lancashire
PR7 4EX
20 May 2022
1
 
 		 Notes
 		 2022
£		   2021
£
Fixed assets      
Tangible fixed assets 12,754    522 
12,754    522 
Current assets      
Stocks 15,220    0 
Debtors 29,851    0 
Cash at bank and in hand 21,952    13,483 
67,023    13,483 
Creditors: amount falling due within one year (46,968)   (5,561)
Net current assets 20,055    7,922 
 
Total assets less current liabilities 32,809    8,444 
Creditors: amount falling due after more than one year (27,870)   10,000 
Provisions for liabilities (2,523)   0 
Net assets 2,416    18,444 
 

Capital and reserves 		     
Called up share capital 1    1 
Profit and loss account 2,415    18,443 
Shareholder's funds 2,416    18,444 
 


For the year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 20 May 2022 and were signed by:


--------------------------------
Kaye Leanne Stanton
Director
2
General Information
Pippins Denim Ltd is a private company, limited by shares, registered in England and Wales, registration number 12507942, registration address Carver House, 4 Carver Street, Sheffield, S1 4FS.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 33% Reducing Balance
Plant and Machinery 10% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 4 (2021 : 3).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Total
  £   £   £
At 01 April 2021 580    -    580 
Additions 198    18,069    18,267 
Disposals -    -    - 
At 31 March 2022 778    18,069    18,847 
Depreciation
At 01 April 2021 58    -    58 
Charge for year 72    5,963    6,035 
On disposals -    -    - 
At 31 March 2022 130    5,963    6,093 
Net book values
Closing balance as at 31 March 2022 648    12,106    12,754 
Opening balance as at 01 April 2021 522    -    522 


4.

Share Capital

Allotted, called up and fully paid
2022
£		   2021
£
1 Class A share of £1.00 each 1    1 
1    1 

3