Registered number
04540525
Pyke Smith & Cutler Limited
Unaudited Filleted Accounts
31 August 2023
Pyke Smith & Cutler Limited
Registered number: 04540525
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 2,030 2,711
Current assets
Debtors 5 60,059 57,735
Investments held as current assets 7 100,000 -
Cash at bank and in hand 336,391 375,162
496,450 432,897
Creditors: amounts falling due within one year 8 (141,231) (126,556)
Net current assets 355,219 306,341
Total assets less current liabilities 357,249 309,052
Creditors: amounts falling due after more than one year 9 (20,000) (20,000)
Provisions for liabilities (508) (515)
Net assets 336,741 288,537
Capital and reserves
Called up share capital 10,300 10,300
Share premium 109,800 109,800
Profit and loss account 216,641 168,437
Shareholders' funds 336,741 288,537
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P A Cutler
Director
Approved by the board on 15 September 2023
Pyke Smith & Cutler Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
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).
Turnover
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% per annum reducing balance
Investments
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.
Debtors
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.
Creditors
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.
Taxation
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets Goodwill
£
Cost
At 1 September 2022 240,000
At 31 August 2023 240,000
Amortisation
At 1 September 2022 240,000
At 31 August 2023 240,000
Net book value
At 31 August 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022 21,481
At 31 August 2023 21,481
Depreciation
At 1 September 2022 18,770
Charge for the year 681
At 31 August 2023 19,451
Net book value
At 31 August 2023 2,030
At 31 August 2022 2,711
5 Debtors 2023 2022
£ £
Trade debtors 46,483 48,398
Other debtors 13,576 9,337
60,059 57,735
6 Cash at bank 2023 2022
£ £
Cash at bank and in hand 336,391 375,162
336,391 375,162
The company is regulated by the Financial Conduct Authority (FCA). As required by the FCA, client monies are held in a non-statutory trust client bank account. The use and governance of the balances held within this account is determined by a trust deed and by the FCA's client asset rules book (CASS). The cash at bank and in hand as at 31 August 2023 includes £68,137 (2022 £68,137) of client monies held in a non-statutory trust client bank account. At the year end the company's insurance broking assets and liabilities were as follows:
2023 2022
£ £
Cash at bank and in hand 89,257 68,137
Insurance debtors 46,483 48,398
Insurance creditors (114,252) (97,210)
Excess of insurance broking assets over liabilities 21,488 19,325
7 Investments held as current assets 2023 2022
£ £
Fair value
Unlisted investments 100,000 -
8 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 114,252 97,210
Taxation and social security costs 24,918 22,121
Other creditors 2,061 7,225
141,231 126,556
9 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 20,000 20,000
10 Other information
Pyke Smith & Cutler Limited is a private company limited by shares and incorporated in England. Its registered office is:
328 Wellingborough Road
Northampton
Northamptonshire
NN1 4EP
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