Peerless Fencing Limited 01260855 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of fencing contractors Digita Accounts Production Advanced 6.30.9574.0 true true 01260855 2022-04-01 2023-03-31 01260855 2023-03-31 01260855 bus:Director2 1 2023-03-31 01260855 2 2023-03-31 01260855 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 01260855 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 01260855 core:CurrentFinancialInstruments 2023-03-31 01260855 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 01260855 core:Non-currentFinancialInstruments 2023-03-31 01260855 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 01260855 core:MotorVehicles 2023-03-31 01260855 core:OfficeEquipment 2023-03-31 01260855 core:PlantMachinery 2023-03-31 01260855 core:OtherRelatedParties 2023-03-31 01260855 bus:SmallEntities 2022-04-01 2023-03-31 01260855 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 01260855 bus:FullAccounts 2022-04-01 2023-03-31 01260855 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 01260855 bus:RegisteredOffice 2022-04-01 2023-03-31 01260855 bus:CompanySecretary1 2022-04-01 2023-03-31 01260855 bus:Director2 2022-04-01 2023-03-31 01260855 bus:Director2 1 2022-04-01 2023-03-31 01260855 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 01260855 bus:Agent1 2022-04-01 2023-03-31 01260855 core:MotorVehicles 2022-04-01 2023-03-31 01260855 core:OfficeEquipment 2022-04-01 2023-03-31 01260855 core:PlantMachinery 2022-04-01 2023-03-31 01260855 core:OtherRelatedParties 2022-04-01 2023-03-31 01260855 countries:EnglandWales 2022-04-01 2023-03-31 01260855 2022-03-31 01260855 bus:Director2 1 2022-03-31 01260855 core:MotorVehicles 2022-03-31 01260855 core:OfficeEquipment 2022-03-31 01260855 core:PlantMachinery 2022-03-31 01260855 core:OtherRelatedParties 2022-03-31 01260855 2021-04-01 2022-03-31 01260855 2022-03-31 01260855 bus:Director2 1 2022-03-31 01260855 2 2022-03-31 01260855 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-03-31 01260855 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-03-31 01260855 core:CurrentFinancialInstruments 2022-03-31 01260855 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 01260855 core:Non-currentFinancialInstruments 2022-03-31 01260855 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 01260855 core:MotorVehicles 2022-03-31 01260855 core:OfficeEquipment 2022-03-31 01260855 core:PlantMachinery 2022-03-31 01260855 core:OtherRelatedParties 2022-03-31 01260855 bus:Director2 1 2021-04-01 2022-03-31 01260855 core:OtherRelatedParties 2021-04-01 2022-03-31 01260855 bus:Director2 1 2021-03-31 iso4217:GBP xbrli:pure

Registration number: 01260855

Peerless Fencing Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

image-name
 

Peerless Fencing Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Peerless Fencing Limited

Company Information

Director

Mr C J Haigh

Company secretary

Miss H M E Haigh

Registered office

129 Woodplumpton Road
Fulwood
Preston
Lancashire
PR2 3LF

Bankers

NatWest Bank plc
Preston Branch
35 Fishergate
Preston
Lancashire
PR1 2AD

Accountants

MJH Accountants Limited
129 Woodplumpton Road
Fulwood
Preston
Lancashire
PR2 3LF

 

Peerless Fencing Limited

(Registration number: 01260855)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

57,755

39,884

Current assets

 

Stocks

5

52,688

32,665

Debtors

6

101,657

68,011

Cash at bank and in hand

 

122,507

72,634

 

276,852

173,310

Creditors: Amounts falling due within one year

7

(246,256)

(165,150)

Net current assets

 

30,596

8,160

Total assets less current liabilities

 

88,351

48,044

Creditors: Amounts falling due after more than one year

7

(24,130)

(38,855)

Provisions for liabilities

(10,761)

(3,694)

Net assets

 

53,460

5,495

Capital and reserves

 

Called up share capital

2,500

2,500

Capital redemption reserve

2,500

2,500

Retained earnings

48,460

495

Shareholders' funds

 

53,460

5,495

 

Peerless Fencing Limited

(Registration number: 01260855)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 3 November 2023
 

.........................................
Mr C J Haigh
Director

 

Peerless Fencing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
129 Woodplumpton Road
Fulwood
Preston
Lancashire
PR2 3LF

The principal place of business is:
Cottam Nurseries
Cottam Lane
Ingol
Preston
Lancashire
PR2 3XW

These financial statements were authorised for issue by the director on 3 November 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Government grants are credited to the profit and loss account in the period to which they relate.

 

Peerless Fencing Limited

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

Tax

The tax expense for the period comprises current and 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.

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.

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.

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 and machinery

20% on written down value

Office equipment

25% on written down value and 33.3% on cost

Motor vehicles

25% on written down value

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.

 

Peerless Fencing Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

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.

 

Peerless Fencing Limited

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

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 the director) during the year, was 8 (2022 - 6).

 

Peerless Fencing Limited

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

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

101,797

20,648

87,049

209,494

Additions

3,755

1,400

23,977

29,132

At 31 March 2023

105,552

22,048

111,026

238,626

Depreciation

At 1 April 2022

93,265

16,320

60,025

169,610

Charge for the year

2,351

1,653

7,257

11,261

At 31 March 2023

95,616

17,973

67,282

180,871

Carrying amount

At 31 March 2023

9,936

4,075

43,744

57,755

At 31 March 2022

8,532

4,328

27,024

39,884

5

Stocks

2023
£

2022
£

Work in progress

30,546

6,758

Other inventories

22,142

25,907

52,688

32,665

6

Debtors

Note

2023
£

2022
£

Trade Debtors

 

88,854

56,316

Other debtors

 

1,548

1,548

Prepayments

 

11,255

1,862

Income tax asset

-

8,285

 

101,657

68,011

 

Peerless Fencing Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

14,725

16,121

Trade Creditors

 

167,233

102,081

Other taxation and social security

 

5,840

6,206

Corporation tax

 

8,552

-

Accruals and deferred income

 

290

290

Other creditors

 

49,616

40,452

 

246,256

165,150

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

24,130

38,855

 

Peerless Fencing Limited

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

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,435

32,387

Hire purchase contracts

1,695

6,468

24,130

38,855

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,952

9,706

Hire purchase contracts

4,773

6,415

14,725

16,121



 

National Westminster Bank PLC hold a specific equitable charge over all freehold and leasehold properties and/or the proceeds of the sale thereof. Fixed & floating charges over the undertaking and all property and assets present and future including goodwill, book debts and uncalled capital.

The net obligations under finance leases and hire purchase contracts are secured on the assets concerned.

 

Peerless Fencing Limited

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

9

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

Amounts Drawn
£

Amounts Introduced
£

Interest
£

At 31 March 2023
£

Mr C J Haigh

Director's current account

22,243

(21,693)

18,515

1,652

20,717

           
         

 

2022

At 1 April 2021
£

Amounts Drawn
£

Amounts Introduced
£

Interest
£

At 31 March 2022
£

Mr C J Haigh

Director's current account

17,755

(5,353)

8,303

1,538

22,243

           
         

 

Directors' remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

20,667

17,977

Summary of transactions with other related parties

Peerless Groundworks Limited is a related party by virtue of the fact it is under the common control of Peerless Fencing Limited. Below is a summary of the transactions with these companies throughout the 2023 accounting period.
 

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

1,548

1,548

At end of period

1,548

1,548

2022

Other related parties
£

Total
£

Advanced

1,548

1,548

At end of period

1,548

1,548