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Registration number: 06592368

P D Moden Ltd
Unaudited Filleted Financial Statements
for the Year Ended 31 May 2023

P D Moden Ltd

Contents

Company Information | 1
Statement of financial position | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 9

P D Moden Ltd

Company Information

Directors | Mr P Moden Mrs M Moden

Registered office | 19 King Street King's Lynn Norfolk PE30 1HB

Accountants | Hayhow & Co. Chartered Certified Accountants & Business Advisers 19 King Street King's Lynn Norfolk PE30 1HB

P D Moden Ltd

(Registration number: 06592368)
Statement of financial position as at 31 May 2023

| Note | 2023 £ | 2022 £
Fixed assets |  |  |
Tangible assets | 4 | 219,875 | 149,835
Current assets |  |  |
Debtors | 5 | 80,352 | 83,980
Cash at bank and in hand |  | 42,371 | 80,527
|  | 122,723 | 164,507
Creditors: Amounts falling due within one year | 6 | (98,052) | (82,345)
Net current assets |  | 24,671 | 82,162
Total assets less current liabilities |  | 244,546 | 231,997
Creditors: Amounts falling due after more than one year | 6 | (129,064) | (100,503)
Provisions for liabilities |  | (1,531) | (28,469)
Net assets |  | 113,951 | 103,025
Capital and reserves |  |  |
Called up share capital | 7 | 1,000 | 1,000
Retained earnings |  | 112,951 | 102,025
Shareholders' funds |  | 113,951 | 103,025

For the financial year ending 31 May 2023 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of comprehensive income.

Approved and authorised by the Board on 28 September 2023 and signed on its behalf by:

P D Moden Ltd

(Registration number: 06592368)
Statement of financial position as at 31 May 2023

......................................... Mr P Moden Director

P D Moden Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
19 King Street
King's Lynn
Norfolk
PE30 1HB

These financial statements were authorised for issue by the Board on 28 September 2023.

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 deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.

P D Moden Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Tangible assets

Tangible assets are stated in the statement of financial position 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 and Machinery | 15% Reducing balance
Motor Vehicles | 25% Reducing balance
Lorry Parking | 10% Reducing balance
FF and Equipment | 15% Reducing balance

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

P D Moden Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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 9 (2022 - 9).

4 | Tangible assets

| Fixtures and fittings £ | Plant and machinery £ | Lorry parking £ | Motor vehicles £
Cost or valuation
At 1 June 2022 | 3,963 | 3,567 | 5,741 | 312,955
Additions | - | - | - | 120,500
Disposals | - | - | - | (36,480)
At 31 May 2023 | 3,963 | 3,567 | 5,741 | 396,975
Depreciation
At 1 June 2022 | 3,082 | 2,256 | 5,741 | 165,312
Charge for the year | 132 | 197 | - | 49,296
Eliminated on disposal | - | - | - | (35,645)
At 31 May 2023 | 3,214 | 2,453 | 5,741 | 178,963
Carrying amount
At 31 May 2023 | 749 | 1,114 | - | 218,012
At 31 May 2022 | 881 | 1,311 | - | 147,643

P D Moden Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

| Total £
Cost or valuation
At 1 June 2022 | 326,226
Additions | 120,500
Disposals | (36,480)
At 31 May 2023 | 410,246
Depreciation
At 1 June 2022 | 176,391
Charge for the year | 49,625
Eliminated on disposal | (35,645)
At 31 May 2023 | 190,371
Carrying amount
At 31 May 2023 | 219,875
At 31 May 2022 | 149,835

Obligations under HP Agreements
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor Vehicles £209,296 (2022: £135,185)

5 | Debtors

Current | 2023 £ | 2022 £
Trade debtors | 65,768 | 67,023
Prepayments | 14,584 | 16,957
| 80,352 | 83,980

P D Moden Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6 | Creditors

Creditors: amounts falling due within one year

| 2023 £ | 2022 £
Due within one year |  |
Trade Creditors | 14,504 | 8,337
Taxation and social security | 12,055 | 25,579
Accruals and deferred income | 1,470 | 1,470
Other creditors | 70,023 | 46,959
| 98,052 | 82,345

Creditors include net obligations under hire purchase contracts which are secured of £56,859 (2022 - £32,927).

Creditors: amounts falling due after more than one year

| 2023 £ | 2022 £
Due after one year |  |
Other non-current financial liabilities | 129,064 | 100,503

Creditors include net obligations under hire purchase contracts which are secured of £129,064 (2022 - £100,503).

P D Moden Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

7 | Share capital

Allotted, called up and fully paid shares

| 2023 | 2022
| No. | £ | No. | £
Ordinary A of £1 each | 500 | 500 | 500 | 500
Ordinary B of £1 each | 500 | 500 | 500 | 500
| 1,000 | 1,000 | 1,000 | 1,000

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.