Party Accessories Limited 30/06/2022 iXBRL

Party Accessories Limited 30/06/2022 iXBRL

PARTY ACCESSORIES LIMITED - Company Information

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Company registration number: 06301250
Party Accessories Limited
Unaudited financial statements
30 June 2022
Party Accessories Limited
Contents
Directors and other information
Directors report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Party Accessories Limited
Directors and other information
Directors Mr Pradip Shah
Mrs Jayshree Shah
Secretary Pradip Shah
Company number 06301250
Registered office 10 Bouverie Gardens
Harrow
Middlesex
HA3 0RQ
Business address 10 Bouverie Gardens
Harrow
Middlesex
HA3 0RQ
Party Accessories Limited
Directors report
Year ended 30 June 2022
The directors present their report and the unaudited financial statements of the company for the year ended 30 June 2022.
The company has been dormant as defined in section 1169 of the Companies Act 2006 throughout the year and preceding financial year. It is anticipated that the company will remain dormant for the foreseeable future.
Directors
The directors who served the company during the year were as follows:
Mr Pradip Shah
Mrs Jayshree Shah
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 01 March 2023 and signed on behalf of the board by:
Mr Pradip Shah
Director
Party Accessories Limited
Statement of financial position
30 June 2022
2022 2021
Note £ £ £ £
Creditors: amounts falling due
within one year 4 ( 6,593) ( 6,593)
_______ _______
Net current liabilities ( 6,593) ( 6,593)
_______ _______
Total assets less current liabilities ( 6,593) ( 6,593)
_______ _______
Net liabilities ( 6,593) ( 6,593)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 6,693) ( 6,693)
_______ _______
Shareholders deficit ( 6,593) ( 6,593)
_______ _______
For the year ending 30 June 2022 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.
These financial statements have been prepared 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'.
These financial statements were approved by the board of directors and authorised for issue on 01 March 2023 , and are signed on behalf of the board by:
Mr Pradip Shah
Director
Company registration number: 06301250
Party Accessories Limited
Statement of changes in equity
Year ended 30 June 2022
Called up share capital Profit and loss account Total
£ £ £
At 1 July 2020 100 ( 6,693) ( 6,593)
Profit for the year - -
_______ _______ _______
Total comprehensive income for the year - - -
_______ _______ _______
At 30 June 2021 and 1 July 2021 100 ( 6,693) ( 6,593)
Profit for the year - -
_______ _______ _______
Total comprehensive income for the year - - -
_______ _______ _______
At 30 June 2022 100 ( 6,693) ( 6,593)
_______ _______ _______
Party Accessories Limited
Notes to the financial statements
Year ended 30 June 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Party Accessories Limited, 10 Bouverie Gardens, Harrow, Middlesex, HA3 0RQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 711 711
Other creditors 5,882 5,882
_______ _______
6,593 6,593
_______ _______