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Registration number: 05715083

P R B Plastering Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

P R B Plastering Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

P R B Plastering Limited

(Registration number: 05715083)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

-

Tangible assets

5

14,464

19,285

 

14,464

19,285

Current assets

 

Debtors

6

481,414

342,705

Cash at bank and in hand

 

615,237

704,704

 

1,096,651

1,047,409

Creditors: Amounts falling due within one year

7

(74,652)

(88,835)

Net current assets

 

1,021,999

958,574

Total assets less current liabilities

 

1,036,463

977,859

Creditors: Amounts falling due after more than one year

7

(24,112)

(35,460)

Provisions for liabilities

(3,594)

(4,821)

Net assets

 

1,008,757

937,578

Capital and reserves

 

Called up share capital

2

2

Retained earnings

1,008,755

937,576

Shareholders' funds

 

1,008,757

937,578

 

P R B Plastering Limited

(Registration number: 05715083)
Balance Sheet as at 28 February 2023

For the financial 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 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 27 November 2023
 

Mr P R Bragg
Director

   
     
 

P R B Plastering Limited

Notes to the Financial Statements for the Year Ended 28 February 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:
Freshford House
Redcliffe Way
Bristol
BS1 6NL

These financial statements were authorised for issue by the director on 27 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).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

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 entity has transferred to the buyer the significant risks and rewards of ownership of the goods;
the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Government grants

Government grants are recognised using the accrual model. Where the costs have already been incurred then the grant is credited to the profit and loss account.

 

P R B Plastering Limited

Notes to the Financial Statements for the Year Ended 28 February 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

Fixtures, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

 

P R B Plastering Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

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.

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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 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.

 

P R B Plastering Limited

Notes to the Financial Statements for the Year Ended 28 February 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 2 (2022 - 2).

 

P R B Plastering Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 March 2022

30,000

30,000

At 28 February 2023

30,000

30,000

Amortisation

At 1 March 2022

30,000

30,000

At 28 February 2023

30,000

30,000

Carrying amount

At 28 February 2023

-

-

At 28 February 2022

-

-

5

Tangible assets

Furniture, fittings and equipment
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost

At 1 March 2022

4,275

10,396

59,759

74,430

At 28 February 2023

4,275

10,396

59,759

74,430

Depreciation

At 1 March 2022

3,664

9,371

42,110

55,145

Charge for the year

153

256

4,412

4,821

At 28 February 2023

3,817

9,627

46,522

59,966

Carrying amount

At 28 February 2023

458

769

13,237

14,464

At 28 February 2022

611

1,025

17,649

19,285

 

P R B Plastering Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

6

Debtors

2023
£

2022
£

Trade debtors

66,810

14,081

Other debtors

412,864

327,170

Prepayments and accrued income

1,740

1,454

 

481,414

342,705

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

11,348

17,170

Trade creditors

 

17,984

13,091

Taxation and social security

 

20,194

43,324

Other creditors

 

86

-

Accruals and deferred income

 

25,040

15,250

 

74,652

88,835

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

24,112

35,460

 

P R B Plastering Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

24,112

34,023

Hire purchase contracts

-

1,437

24,112

35,460

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,911

9,472

Hire purchase contracts

1,437

7,698

11,348

17,170

The hire purchase liabilities are secured against the assets in which the borrowings relates to.

9

Related party transactions

Transactions with the director

2023

At 1 March 2022
£

Advances to director
£

At 28 February 2023
£

Mr P R Bragg

Interest free loan to director

-

3,359

3,359

       
     

 

2022

At 1 March 2021
£

Repayments by director
£

At 28 February 2022
£

Mr P R Bragg

Interest free loan to director

564

(564)

-