ACCOUNTS - Final Accounts preparation

Caseware UK (AP4) 2023.0.135 2023.0.135 2023-05-312023-05-312024-05-312022-06-01falseThe principal activity of the company continued to be that of sound recording, music publishing and live performance activities.11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11984228 2022-06-01 2023-05-31 11984228 2021-06-01 2022-05-31 11984228 2023-05-31 11984228 2022-05-31 11984228 c:Director1 2022-06-01 2023-05-31 11984228 d:FurnitureFittings 2022-06-01 2023-05-31 11984228 d:FurnitureFittings 2023-05-31 11984228 d:FurnitureFittings 2022-05-31 11984228 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 11984228 d:CurrentFinancialInstruments 2023-05-31 11984228 d:CurrentFinancialInstruments 2022-05-31 11984228 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 11984228 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 11984228 d:ShareCapital 2023-05-31 11984228 d:ShareCapital 2022-05-31 11984228 d:RetainedEarningsAccumulatedLosses 2023-05-31 11984228 d:RetainedEarningsAccumulatedLosses 2022-05-31 11984228 c:OrdinaryShareClass1 2022-06-01 2023-05-31 11984228 c:OrdinaryShareClass1 2023-05-31 11984228 c:OrdinaryShareClass1 2022-05-31 11984228 c:FRS102 2022-06-01 2023-05-31 11984228 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 11984228 c:FullAccounts 2022-06-01 2023-05-31 11984228 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 11984228 2 2022-06-01 2023-05-31 11984228 e:PoundSterling 2022-06-01 2023-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11984228

PIIGS LTD

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023


PIIGS LTD REGISTERED NUMBER:11984228

BALANCE SHEET

AS AT 31 MAY 2023

		2023		2022
Note		£		£

Fixed assets
Tangible assets	4		2,136		1,440
			2,136		1,440
Current assets
Debtors: amounts falling due within one year	5	53,962		22,560
Cash at bank	6	65,942		633
		119,904		23,193
Creditors: amounts falling due within one year	7	(84,292)		(11,876)
Net current assets			35,612		11,317
Total assets less current liabilities			37,748		12,757

Net assets			37,748		12,757

Capital and reserves
Called up share capital	8	1	1
Profit and loss account		37,747	12,756
		37,748	12,757

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PIIGS LTD REGISTERED NUMBER:11984228

BALANCE SHEET (CONTINUED)

AS AT 31 MAY 2023

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 her 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 profit and loss account 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 by:

J N Smyth

Director

Date: 31 May 2024

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

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PIIGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

1.	General information

Piigs Ltd is a private company, limited by shares, registered in England and Wales, registration number 11984228. During the year the company change its registered office address from First Floor, 17-19 Foley Street, London, W1W 6DW to Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.

The principal activity of the company continued to be that of sound recording, music publishing and live performance activities.

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

2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash are presented in the profit and loss account within 'administration expenses'. All other foreign exchange gains and losses are presented in profit or loss.

2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from sound recording, music publishing and live performance activities are recognised when it is probable the company will receive the rights to the consideration due under the contract.

Merchandise income is recognised when the significant risks and rewards of ownership have been transferred to the buyer.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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PIIGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

2.6

Taxation

Tax is recognised in profit or loss 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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

2.7

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:

Fixtures and fittings

20%

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 profit or loss.

2.8

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.

2.9

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.10

Creditors

Short-term creditors are measured at the transaction price.

2.11

Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors, trade and other creditors and loans to related parties.

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PIIGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including the director, during the year was 1 (2022 - 1).

4.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost
	At 1 June 2022	2,328
	Additions	1,452
	At 31 May 2023	3,780
	Depreciation
	At 1 June 2022	888
	Charge for the year	756
	At 31 May 2023	1,644
	Net book value
	At 31 May 2023	2,136
	At 31 May 2022	1,440

Debtors

					2023	2022
					£	£


Trade debtors	7,399	12,171
Other debtors	2,446	4,547
Prepayments and accrued income	20,069	4,893
Tax recoverable	24,048	949
	53,962	22,560

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PIIGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

6.	Cash
		2023	2022
		£	£

	Cash at bank	65,942	633

7.	Creditors: amounts falling due within one year
		2023	2022
		£	£

Trade creditors	23,827	-
Corporation tax	8,851	7,620
Other taxation and social security	21,948	517
Other creditors	6,967	566
Accruals	22,699	3,173
	84,292	11,876

8.	Share capital
		2023	2022
		£	£

Allotted, called up and fully paid

1 (2022 - 1) ordinary share of £1.00	1	1

9.	Related party transactions
	During the year the director advanced £182,143 (2022 - £390,197) to the company of which £179,086 (2022 - £402,775) was repaid to the director. At the year end the company owed £3,524 (2022 - £467) to the director. The loan is interest free, unsecured and repayable on demand. During the year, dividends of £17,000 (2022 - £51,000) was paid to the director.

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