Registrar
Registration number:
P.G. Bones Limited
for the Year Ended 31 December 2023
P.G. Bones Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
P.G. Bones Limited
Company Information
Directors |
S J Bones P G Bones J A Bones L A Bones K Baker D M Railton |
Company secretary |
S J Bones |
Registered office |
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Solicitors |
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Bankers |
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Accountants |
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P.G. Bones Limited
(Registration number: 01185406)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Other financial assets |
220,216 |
197,612 |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
9,002 |
9,002 |
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Capital redemption reserve |
998 |
998 |
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Revaluation reserve |
29,466 |
29,466 |
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Retained earnings |
2,319,424 |
2,218,474 |
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Shareholders' funds |
2,358,890 |
2,257,940 |
For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Company secretary and director
P.G. Bones Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
These financial statements are presented in Sterling (£), which is the company's functional currency.
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 provision of services for plumbing and heating engineering in the ordinary course of the company’s activities. Turnover is shown net of 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.
Tax
Current Tax is recognised in the profit and loss account, 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.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Depreciation
Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:
P.G. Bones Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Asset class |
Depreciation method and rate |
Plant and equipment |
15% reducing balance |
Improvements to property |
2% reducing balance |
Motor vehicles |
25% reducing balance |
Computer equipment |
33% straight line |
Office equipment |
15% reducing balance |
Fixtures and fittings |
No depreciation |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments are basic financial instruments which are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss account.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
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.
Share capital
Ordinary shares are classified as equity.
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.
P.G. Bones Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
P.G. Bones Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Improvements to property |
Motor vehicles |
Office equipment/Fixtures and fittings |
Plant & machinery |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
- |
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- |
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Disposals |
- |
( |
- |
- |
( |
At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
- |
- |
( |
At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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P.G. Bones Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Revaluation
The fair value of the company's improvements to property was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Current financial assets |
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Cost or valuation |
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At 1 January 2023 |
197,612 |
197,612 |
Revaluations |
25,308 |
25,308 |
Disposals |
(2,704) |
(2,704) |
At 31 December 2023 |
220,216 |
220,216 |
Carrying amount |
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At 31 December 2023 |
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220,216 |
Stocks |
2023 |
2022 |
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Raw materials and consumables |
109,800 |
101,900 |
Debtors |
Note |
2023 |
2022 |
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Trade debtors |
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Amounts owed by related parties |
- |
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Other debtors |
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Directors loan |
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- |
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Prepayments |
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Amounts recoverable on long term contracts |
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P.G. Bones Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Related party transactions |
Transactions with directors |
2023 |
At 1 January 2023 |
Advances to director |
At 31 December 2023 |
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- |
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Parent and ultimate parent undertaking |
The company's immediate parent is