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Registration number: NI642006

Pumphaul Ltd

Filleted Financial Statements

for the Year Ended 30 November 2021

 

Pumphaul Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Pumphaul Ltd

Company Information

Directors

Mr Desmond Nixon

Mr James Nixon

Registered office

44 Wateresk Road
Dundrum
Newcastle
Co Down
BT33 0NW

 

Pumphaul Ltd

(Registration number: NI642006)
Balance Sheet as at 30 November 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

178,991

240,276

Current assets

 

Debtors

5

109,567

185,019

Cash at bank and in hand

 

203,376

139,826

 

312,943

324,845

Creditors: Amounts falling due within one year

(214,261)

(236,098)

Net current assets

 

98,682

88,747

Total assets less current liabilities

 

277,673

329,023

Creditors: Amounts falling due after more than one year

-

(23,248)

Net assets

 

277,673

305,775

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

277,573

305,675

Shareholders' funds

 

277,673

305,775

For the financial year ending 30 November 2021 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 September 2022 and signed on its behalf by:
 

.........................................
Mr Desmond Nixon
Director

 

Pumphaul Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
44 Wateresk Road
Dundrum
Newcastle
Co Down
BT33 0NW

These financial statements were authorised for issue by the Board on 12 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Pumphaul Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

20% on cost

Fixtures & Fittings

20% on cost

Motor Vehicles

20% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Pumphaul Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2020 - 10).

 

Pumphaul Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2020

1,677

393,317

34,798

429,792

Additions

-

23,500

7,700

31,200

Disposals

-

(28,000)

-

(28,000)

At 30 November 2021

1,677

388,817

42,498

432,992

Depreciation

At 1 December 2020

1,342

171,444

16,730

189,516

Charge for the year

335

73,064

7,986

81,385

Eliminated on disposal

-

(16,900)

-

(16,900)

At 30 November 2021

1,677

227,608

24,716

254,001

Carrying amount

At 30 November 2021

-

161,209

17,782

178,991

At 30 November 2020

335

221,873

18,068

240,276

5

Debtors

2021
£

2020
£

Trade debtors

101,702

178,134

Other debtors

7,865

6,885

109,567

185,019

 

Pumphaul Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

6

Creditors

Note

2021
£

2020
£

Due within one year

 

Bank loans and overdrafts

7

83,020

95,286

Trade creditors

 

64,213

25,833

Taxation and social security

 

31,221

73,937

Income tax liability

 

28,940

32,889

Other creditors

 

6,867

8,153

 

214,261

236,098

Due after one year

 

Loans and borrowings

7

-

23,248

7

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Hire purchase contracts

-

23,248

2021
£

2020
£

Current loans and borrowings

Hire purchase contracts

9,918

24,528

Other borrowings

73,102

70,758

83,020

95,286

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary Share of £1 each

100

100

100

100