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28/02/2023
2023-02-28
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No description of principal activities is disclosed
2022-03-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
04155681
2022-03-01
2023-02-28
04155681
2023-02-28
04155681
2022-02-28
04155681
2021-03-01
2022-02-28
04155681
2022-02-28
04155681
core:PlantMachinery
2022-03-01
2023-02-28
04155681
core:FurnitureFittingsToolsEquipment
2022-03-01
2023-02-28
04155681
core:MotorVehicles
2022-03-01
2023-02-28
04155681
bus:Director1
2022-03-01
2023-02-28
04155681
core:PlantMachinery
2022-02-28
04155681
core:FurnitureFittingsToolsEquipment
2022-02-28
04155681
core:MotorVehicles
2022-02-28
04155681
core:PlantMachinery
2023-02-28
04155681
core:FurnitureFittingsToolsEquipment
2023-02-28
04155681
core:MotorVehicles
2023-02-28
04155681
core:DeferredTaxation
2022-03-01
2023-02-28
04155681
core:WithinOneYear
2023-02-28
04155681
core:WithinOneYear
2022-02-28
04155681
core:AfterOneYear
2023-02-28
04155681
core:ShareCapital
2023-02-28
04155681
core:ShareCapital
2022-02-28
04155681
core:RetainedEarningsAccumulatedLosses
2023-02-28
04155681
core:RetainedEarningsAccumulatedLosses
2022-02-28
04155681
core:PlantMachinery
2022-02-28
04155681
core:FurnitureFittingsToolsEquipment
2022-02-28
04155681
core:MotorVehicles
2022-02-28
04155681
core:DeferredTaxation
2022-02-28
04155681
core:DeferredTaxation
2023-02-28
04155681
bus:SmallEntities
2022-03-01
2023-02-28
04155681
bus:AuditExempt-NoAccountantsReport
2022-03-01
2023-02-28
04155681
bus:FullAccounts
2022-03-01
2023-02-28
04155681
bus:SmallCompaniesRegimeForAccounts
2022-03-01
2023-02-28
04155681
bus:PrivateLimitedCompanyLtd
2022-03-01
2023-02-28
04155681
core:AllAssociates
2022-03-01
2023-02-28
Company registration number:
04155681
P A Edwards Surfacing Limited
Unaudited filleted financial statements
28 February 2023
P A Edwards Surfacing Limited
Contents
Statement of financial position
Notes to the financial statements
P A Edwards Surfacing Limited
Statement of financial position
28 February 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
6 |
169,350 |
|
|
|
145,713 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
169,350 |
|
|
|
145,713 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
4,562 |
|
|
|
2,050 |
|
|
Debtors |
|
7 |
27,436 |
|
|
|
29,546 |
|
|
Cash at bank and in hand |
|
|
101,484 |
|
|
|
13,473 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
133,482 |
|
|
|
45,069 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
142,180) |
|
|
|
(
112,189) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
8,698) |
|
|
|
(
67,120) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
160,652 |
|
|
|
78,593 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
9 |
|
|
(
27,385) |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
10 |
|
|
(
32,971) |
|
|
|
(
27,345) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
100,296 |
|
|
|
51,248 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
100 |
|
|
|
100 |
Profit and loss account |
|
|
|
|
100,196 |
|
|
|
51,148 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
100,296 |
|
|
|
51,248 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
09 October 2023
, and are signed on behalf of the board by:
Mr Paul Anthony Edwards
Director
Company registration number:
04155681
P A Edwards Surfacing Limited
Notes to the financial statements
Year ended 28 February 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 98 Lancaster Road, Newcastle Under Lyme, Staffordshire, ST5 1DS.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 ismeasured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Plant and machinery |
- |
20 % |
reducing balance |
|
Fittings fixtures and equipment |
- |
20 % |
reducing balance |
|
Motor vehicles |
- |
20 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to theamounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised infinance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1).
5.
Profit before taxation
Profit before taxation is stated after charging/(crediting):
|
|
|
|
2023 |
2022 |
|
|
|
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
43,383 |
36,431 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
6.
Tangible assets
|
|
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 March 2022 |
172,254 |
1,299 |
145,055 |
318,608 |
|
|
|
|
Additions |
- |
- |
111,820 |
111,820 |
|
|
|
|
Disposals |
(
70,000) |
- |
- |
(
70,000) |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 28 February 2023 |
102,254 |
1,299 |
256,875 |
360,428 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 March 2022 |
75,753 |
1,283 |
95,859 |
172,895 |
|
|
|
|
Charge for the year |
10,340 |
4 |
33,039 |
43,383 |
|
|
|
|
Disposals |
(
25,200) |
- |
- |
(
25,200) |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 28 February 2023 |
60,893 |
1,287 |
128,898 |
191,078 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 28 February 2023 |
41,361 |
12 |
127,977 |
169,350 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 28 February 2022 |
96,501 |
16 |
49,196 |
145,713 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
21,562 |
16,357 |
|
Amounts owed by group undertakings |
|
237 |
- |
|
VAT recoverable |
|
3,841 |
12,719 |
|
Prepayments |
|
1,796 |
470 |
|
|
|
_______ |
_______ |
|
|
|
27,436 |
29,546 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade creditors |
|
4,710 |
563 |
|
Amounts owed to group undertakings |
|
75,269 |
75,269 |
|
Corporation tax |
|
- |
6,634 |
|
Social security and other taxes |
|
2,783 |
4,637 |
|
Obligations under hire purchase contracts |
|
22,735 |
- |
|
Director loan account |
|
33,842 |
23,801 |
|
Other creditors |
|
2,841 |
1,285 |
|
|
|
_______ |
_______ |
|
|
|
142,180 |
112,189 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The hire purchase liabilities are secured against the assets to which it relates.
9.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Obligations under finance leases |
|
27,385 |
- |
|
|
|
_______ |
_______ |
|
|
|
|
|
The hire purchase liabilities are secured against the assets to which it relates.
10.
Provisions
|
|
Deferred tax (note 11) |
Total |
|
|
|
|
|
£ |
£ |
|
|
|
|
At 1 March 2022 |
27,345 |
27,345 |
|
|
|
|
Additions |
5,626 |
5,626 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
At 28 February 2023 |
32,971 |
32,971 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
11.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Included in provisions (note 10) |
|
32,971 |
27,345 |
|
|
|
_______ |
_______ |
|
|
|
|
|
12.
Related party transactions
The following companies are considered to be related parties by virtue of their common control by the director, Paul Anthony Edwards:P.A.E Properties LimitedP.A.E Investments LimitedDuring the year the company paid net dividends to P.A.E Investments Limited in the sum of £20,000 (2022 : £20,000). At the balance sheet date, the company owed £75,269 to P.A.E Investments Limited. (2022 : £75,269)Paul Anthony Edwards is considered to be a related party by virtue of his shareholding and directorship within the company. As at the balance sheet date the amount owed to Paul Anthony Edwards was £33,842 (2022 : £23,801).
13.
Ultimate parent undertaking
The ultimate parent undertaking is P.A.E Investments Limited; the registered office address of the company is Deansfield House, 98 Lancaster Road, Newcastle Under Lyme, Staffordshire, ST5 1DS.