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Unaudited Financial Statements for the Year Ended 31st December 2016 |
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PI Labs Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31st December 2016 |
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PI Labs Limited |
PI Labs Limited (Registered number: 09150085) |
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Contents of the Financial Statements |
for the Year Ended 31st December 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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PI Labs Limited |
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Company Information |
for the Year Ended 31st December 2016 |
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Directors: |
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Registered office: |
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Registered number: |
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Accountants: |
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Chartered Accountants |
Anova House |
Wickhurst Lane |
Broadbridge Heath |
Horsham |
West Sussex |
RH12 3LZ |
PI Labs Limited (Registered number: 09150085) |
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Balance Sheet |
31st December 2016 |
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2016 | 2015 |
Notes | £ | £ |
Current assets |
Debtors | 4 |
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Creditors |
Amounts falling due within one year | 5 |
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Net current liabilities | ( |
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Total assets less current liabilities | ( |
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Capital and reserves |
Called up share capital | 7 |
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Retained earnings | 8 | ( |
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Shareholders' funds | ( |
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The directors acknowledge their responsibilities for: |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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PI Labs Limited (Registered number: 09150085) |
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Notes to the Financial Statements |
for the Year Ended 31st December 2016 |
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1. | Statutory information |
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PI Labs Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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- Going concern |
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As disclosed in note 10 the directors are engaged on investment projects and business developments in order to |
turn the business around and have confirmed their commitment to make sufficient funds available to meet |
obligations as and when they fall due. The overall deficit as at 31st December 2016 is anticipated to be |
eliminated in the next 12 months. |
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For these reasons the directors consider the Going concern basis of accounting appropriate. |
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Turnover |
Turnover represents the net invoiced value of fees charged for services provided, excluding value added tax. |
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3. | Employees and directors |
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The average number of employees during the year was
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4. | Debtors: amounts falling due within one year |
2016 | 2015 |
£ | £ |
Trade debtors |
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Amounts owed by participating interests | 792 | 42 |
Other debtors |
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VAT |
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5. | Creditors: amounts falling due within one year |
2016 | 2015 |
£ | £ |
Bank loans and overdrafts (see note 6) |
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Other loans (see note 6) |
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Trade creditors |
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Amounts owed to participating interests | 168 | - |
Social security and other taxes |
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Directors' current accounts | 51,524 | - |
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PI Labs Limited (Registered number: 09150085) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st December 2016 |
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6. | Loans |
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An analysis of the maturity of loans is given below: |
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2016 | 2015 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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Other loans |
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7. | Called up share capital |
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On 16 July 2015 by way of a shareholders resolution, the ordinary share capital was amended as follows: |
- the nominal value per share was reduced from £1 per share to £.0001 per share |
- The issued shares were increased to 10,000 shares. |
There was no change in the overall total share capital as a result of this subdivision. |
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At the same time the shareholdings were adjusted to: |
4,250 shares of £.0001 to Faisal Butt |
4,250 shares of £.0001 to James Caan |
1,500 shares of £.0001 to Muhannad Abulhasan |
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8. | Reserves |
Retained |
earnings |
£ |
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At 1st January 2016 | ( |
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Deficit for the year | ( |
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At 31st December 2016 | ( |
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9. | Post balance sheet events |
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In June 2017 the company has negotiated an arrangement with a client that is expected to result in a management |
fee income of £300,000 per annum; in addition external investments of £1,250,000 are anticipated. |