Party Wishes Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08880940 (England and Wales)

Financial Statements for the Year Ended 31 January 2023

for

Party Wishes Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Miss S J Hussein

SECRETARY:

Miss S J Hussein

REGISTERED OFFICE:

72 Wembley Park Drive

Wembley

Middlesex

HA9 8HB

REGISTERED NUMBER:

08880940 (England and Wales)

ACCOUNTANTS:

KD Associates

72 Wembley Park Drive

Wembley

Middlesex

HA9 8HB

FIXED ASSETS

Tangible assets

4

1,706

2,133

CURRENT ASSETS

Stocks

55,777

35,000

Debtors

5

11,450

14,800

Cash at bank and in hand

1,975

1,177

69,202

50,977

CREDITORS

Amounts falling due within one year

6

22,315

12,831

NET CURRENT ASSETS

46,887

38,146

TOTAL ASSETS LESS CURRENT LIABILITIES

48,593

40,279

CREDITORS

Amounts falling due after more than one year

7

82,548

78,738

NET LIABILITIES

(33,955

)

(38,459

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(34,055

)

(38,559

)

SHAREHOLDERS' FUNDS

(33,955

)

(38,459

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 October 2023 and were signed by:

Miss S J Hussein - Director

1.	STATUTORY INFORMATION

Party Wishes Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2022

and 31 January 2023

4,328

DEPRECIATION

At 1 February 2022

2,195

Charge for year

427

At 31 January 2023

2,622

NET BOOK VALUE

At 31 January 2023

1,706

At 31 January 2022

2,133

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.23

31.1.22

£

£

Other debtors

11,450

14,800

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.23

31.1.22

£

£

Trade creditors

-

(1

)

Taxation and social security

18,465

5,212

Other creditors

3,850

7,620

22,315

12,831

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.23

31.1.22

£

£

Bank loans

54,478

47,365

Other creditors

28,070

31,373

82,548

78,738