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Registered number: 06780019
Paul Sellars Limited
Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 06780019
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 11,875 16,066
11,875 16,066
CURRENT ASSETS
Stocks 5 100 100
Debtors 6 23,546 5,640
Cash at bank and in hand 15,742 44,733
39,388 50,473
Creditors: Amounts Falling Due Within One Year 7 (10,435 ) (10,383 )
NET CURRENT ASSETS (LIABILITIES) 28,953 40,090
TOTAL ASSETS LESS CURRENT LIABILITIES 40,828 56,156
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,250 ) (3,050 )
NET ASSETS 38,578 53,106
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 38,478 53,006
SHAREHOLDERS' FUNDS 38,578 53,106
Page 1
Page 2
For the 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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Sellars
Director
15th April 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Paul Sellars Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06780019 . The registered office is 13 Anglian Way, Market Rasen, Lincs, LN8 3RP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on cost
Motor Vehicles 20% on cost
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 1 2
1 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 January 2023 152 20,957 21,109
As at 31 December 2023 152 20,957 21,109
Depreciation
As at 1 January 2023 152 4,891 5,043
Provided during the period - 4,191 4,191
As at 31 December 2023 152 9,082 9,234
...CONTINUED
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Net Book Value
As at 31 December 2023 - 11,875 11,875
As at 1 January 2023 - 16,066 16,066
5. Stocks
2023 2022
£ £
Stock 100 100
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 23,546 5,640
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - 1
Corporation tax 3,604 1,104
VAT 6,150 2,316
Accruals and deferred income 615 615
Director's loan account 66 6,347
10,435 10,383
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
9. Directors Advances, Credits and Guarantees
Dividends paid to directors
10. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 26,500 10,000
11. Ultimate Controlling Party
The company's ultimate controlling party is P Sellars by virtue of his ownership of 100% of the issued share capital in the company.
Page 4