Pia Pressure Limited
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Notes to the Accounts |
for the year ended 31 December 2019
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1 |
Accounting policies |
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Basis of preparation |
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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).
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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2 |
Employees |
2019 |
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2018 |
Number |
Number |
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Average number of persons employed by the company |
0 |
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0 |
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3 |
Investments |
Investments in |
subsidiary |
undertakings |
£ |
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Cost |
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At 1 January 2019 |
151,545 |
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At 31 December 2019 |
151,545 |
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4 |
Debtors |
2019 |
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2018 |
£ |
£ |
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Other debtors |
471,146 |
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216 |
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5 |
Creditors: amounts falling due within one year |
2019 |
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2018 |
£ |
£ |
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Trade creditors |
6,858 |
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15,253 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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2,413,600 |
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1,821,200 |
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Other creditors |
23,624 |
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10,612 |
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2,444,082 |
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1,847,065 |
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6 |
Events after the reporting date |
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The World Health Organization declared the outbreak of the coronavirus pandemic in March 2020. As we progress through 2020, more information is becoming known about the scale and impact of the coronavirus. The pandemic might have a financial effect on the company and its operations. This may included changes to project implementation plans and alterations to ways of working.
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7 |
Related party transactions |
2019 |
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2018 |
£ |
£ |
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Malton Group Limited |
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Parent company |
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Interest-free loan from Malton Group Limited |
2,225,256 |
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1,667,559 |
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Pia Pressure LLC |
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Amounts owed to/(by) subsidiary company |
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36,875 |
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2,172 |
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8 |
Subsidiary undertakings |
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The company owns 100% of Pia Pressure LLC which is incorporated in the USA. |
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Pia Pressure LLC |
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251 Little Falls Drive |
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Wilmington, DE |
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19808 |
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USA |
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Capital |
$100 |
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Reserves |
$58,124 |
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Profit for the year ended 31 December 2019 |
$31,874 |
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The accounts present information about the parent undertaking as an individual and not about its group. Pia Pressure Limited is not required to prepare group accounts as it is the parent of a small group. |
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9 |
Going concern |
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The financial statements have been prepared on a going concern basis for the year ended 31 December 2019 despite the company making a loss of £175,502 (2018: £158,176) and having net liabilities of £1,804,110 (2018: £1,628,608). The company is reliant on the continued support of the directors and shareholder. |
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10 |
Controlling party |
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The immediate parent company is Malton Group Limited. The ultimate controlling party is The Mountain Trust.
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11 |
Other information |
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Pia Pressure Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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One Wood Street |
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London |
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EC2V 7WS |