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COMPANY REGISTRATION NUMBER: 00805758
Paul Electrical Company Limited
Filleted Unaudited Financial Statements
31 May 2023
Paul Electrical Company Limited
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Paul Electrical Company Limited
Year ended 31 May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Paul Electrical Company Limited for the year ended 31 May 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of Paul Electrical Company Limited, as a body, in accordance with the terms of our engagement letter dated 15 February 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Paul Electrical Company Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Paul Electrical Company Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Paul Electrical Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Paul Electrical Company Limited. You consider that Paul Electrical Company Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Paul Electrical Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
TURPIN BARKER ARMSTRONG Chartered Certified Accountants
Allen House 1 Westmead Road Sutton Surrey SM1 4LA
21 February 2024
Paul Electrical Company Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
2,156,605
2,178,755
Current assets
Stocks
10,000
10,000
Debtors
6
20,710
12,950
Cash at bank and in hand
357,957
329,093
---------
---------
388,667
352,043
Creditors: amounts falling due within one year
7
68,293
66,866
---------
---------
Net current assets
320,374
285,177
------------
------------
Total assets less current liabilities
2,476,979
2,463,932
Provisions
Taxation including deferred tax
301,285
301,285
------------
------------
Net assets
2,175,694
2,162,647
------------
------------
Paul Electrical Company Limited
Statement of Financial Position (continued)
31 May 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
4,000
4,000
Other reserves
1,913,564
1,913,564
Profit and loss account
258,130
245,083
------------
------------
Shareholders funds
2,175,694
2,162,647
------------
------------
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.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 February 2024 , and are signed on behalf of the board by:
P J Leiberman
Director
Company registration number: 00805758
Paul Electrical Company Limited
Notes to the Financial Statements
Year ended 31 May 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 250/252 Grand Drive, Raynes Park, London, SW20 9NE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 is measured 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 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property
-
1% straight line
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its 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 the amounts 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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2022 and 31 May 2023
2,200,000
57,041
8,510
2,265,551
------------
--------
-------
------------
Depreciation
At 1 June 2022
22,000
56,645
8,151
86,796
Charge for the year
22,000
60
90
22,150
------------
--------
-------
------------
At 31 May 2023
44,000
56,705
8,241
108,946
------------
--------
-------
------------
Carrying amount
At 31 May 2023
2,156,000
336
269
2,156,605
------------
--------
-------
------------
At 31 May 2022
2,178,000
396
359
2,178,755
------------
--------
-------
------------
Tangible assets held at valuation
The Freehold Property owned by the Company was revalued upwards in May 2021 following on from previous revaluations in 1989, 2004 and 2011. The revaluation was based upon a valuation by Chartered Surveyors, Stiles Harold Williams, based on RICS Valuation Standards. The directors believe that this valuation is still indicative of the current market value of the properties. The historical cost of the Freehold Property is £242,347.
6. Debtors
2023
2022
£
£
Trade debtors
20,710
12,950
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,151
53
Corporation tax
11,358
14,357
Social security and other taxes
2,314
1,644
Other creditors
52,470
50,812
--------
--------
68,293
66,866
--------
--------
8. Directors' advances, credits and guarantees
At no point during the year did advances/credits to the Directors Loan Account result in an overdrawn position.