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Registration number: 01399372

P J Saunders Builders Ltd

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2023

 

P J Saunders Builders Ltd

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

P J Saunders Builders Ltd

(Registration number: 01399372)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

11,307

15,406

Investment property

1,960,000

1,960,000

Investments

5

80

80

 

1,971,387

1,975,486

Current assets

 

Debtors

434,063

508,314

Cash at bank and in hand

 

650,242

646,009

 

1,084,305

1,154,323

Creditors: Amounts falling due within one year

(17,940)

(44,471)

Net current assets

 

1,066,365

1,109,852

Total assets less current liabilities

 

3,037,752

3,085,338

Provisions for liabilities

(102,527)

(103,476)

Net assets

 

2,935,225

2,981,862

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

660,933

660,933

Profit and loss account

2,274,192

2,320,829

Total equity

 

2,935,225

2,981,862

 

P J Saunders Builders Ltd

(Registration number: 01399372)
Abridged Balance Sheet as at 31 December 2023

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.

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 and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 16 April 2024
 

Mr P J Saunders

Director

 

P J Saunders Builders Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 9 The Beeches
Coedcae Lane
Talbot Green
Rhondda Cynon Taff
CF72 9DY

These financial statements were authorised for issue by the director on 16 April 2024.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged 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 the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

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 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 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

P J Saunders Builders Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses or under the revaluation model. Where the revaluation model is selected, this shall be applied to all items in the same class.

Under the revaluation model, items of the assets class whose fair value can be measured reliably shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated depreciation and impairment losses. Revaluation shall be made with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

If an asset’s carrying amount is increased as a result of a revaluation, the increase shall be recognised in other comprehensive income and accumulated in equity. However, the increase shall be recognised in profit and loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss.

The decrease of an asset’s carrying amount as a result of revaluation shall be recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity, in respect of that asset. If 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 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

25% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in the profit or loss account. Investments in equity shares where fair value cannot be measured reliably are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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 stocks 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.

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 J Saunders Builders Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Total
£

Cost or valuation

At 1 January 2023

185,247

Disposals

(7,850)

At 31 December 2023

177,397

Depreciation

At 1 January 2023

169,841

Charge for the year

3,768

Eliminated on disposal

(7,519)

At 31 December 2023

166,090

Carrying amount

At 31 December 2023

11,307

At 31 December 2022

15,406

Investment properties

2023
£

At 1 January

1,960,000

The property has been revalued by the director as at 31 December 2022.

5

Investments

Total
£

Cost or valuation

At 1 January 2023

80

Provision

Carrying amount

At 31 December 2023

80

At 31 December 2022

80

 

P J Saunders Builders Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

6

Related party transactions

Advances to directors


Mr P J Saunders

During the period Mr P J Saunders went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £22,731 (2022 - £19,288). At the year end the amount outstanding from Mr P J Saunders was £3,422 (2022 - £12,975). Interest has been charged at the commercial rate.