REGISTERED NUMBER: 10595089 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Paul Thraxton Consultancy Services

Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr Paul Leonard Russell Thraxton

Mrs Alison Thraxton

REGISTERED OFFICE:

Unit 3 Bergen Way

North Lynn Industrial Estate

Kings Lynn

PE30 2JG

BUSINESS ADDRESS:

1A Hilly Plantation

Thorpe St Andrew

Norwich

Norfolk

NR7 0JL

REGISTERED NUMBER:

10595089 (England and Wales)

ACCOUNTANTS:

Steve Pye & Co.

Chartered Certified Accountants

Unit 8

Home Farm

Norwich Road

Norwich

Norfolk

NR10 5PQ

FIXED ASSETS

Tangible assets

5

17,327

4,452

Investment property

6

710,000

710,000

727,327

714,452

CURRENT ASSETS

Debtors

7

1,616

1,041

Cash at bank

362

50,558

1,978

51,599

CREDITORS

Amounts falling due within one year

8

1,272

4,542

NET CURRENT ASSETS

706

47,057

TOTAL ASSETS LESS CURRENT LIABILITIES

728,033

761,509

CREDITORS

Amounts falling due after more than one year

9

(640,829

)

(637,829

)

PROVISIONS FOR LIABILITIES

(19,413

)

(16,833

)

NET ASSETS

67,791

106,847

CAPITAL AND RESERVES

Called up share capital

3

3

Fair value reserve

10

68,153

68,153

Retained earnings

(365

)

38,691

SHAREHOLDERS' FUNDS

67,791

106,847

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by:

Mr Paul Leonard Russell Thraxton - Director

1.	STATUTORY INFORMATION

Paul Thraxton Consultancy Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors

Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

7,557

Additions

19,154

At 31 March 2023

26,711

DEPRECIATION

At 1 April 2022

3,105

Charge for year

6,279

At 31 March 2023

9,384

NET BOOK VALUE

At 31 March 2023

17,327

At 31 March 2022

4,452

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

and 31 March 2023

710,000

NET BOOK VALUE

At 31 March 2023

710,000

At 31 March 2022

710,000

Fair value at 31 March 2023 is represented by:

£

Valuation in 2021

84,140

Cost

625,860

710,000

If investment properties had not been revalued they would have been included at the following historical cost:

2023

2022

£

£

Cost

625,860

625,860

The investment properties were valued on an open market basis on 31 March 2022 by the directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

1,616

1,041

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other creditors

1,272

4,542

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Other creditors

640,829

637,829

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

640,829

637,829

10.

RESERVES

Fair

value

reserve

£

At 1 April 2022

and 31 March 2023

68,153