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Registrar

Registration number: 01185406

P.G. Bones Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

P.G. Bones Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

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

39 Blackwell Drive
Springwood Industrial Estate
Braintree
Essex
CM7 2PU

Solicitors

Holmes & Hills LLP
Bocking End
Braintree
Essex
CM7 9AJ

Bankers

HSBC Plc
Great Square
Braintree
Essex
CM7 7UE

Accountants

Lambert Chapman LLP
Chartered accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

P.G. Bones Limited

(Registration number: 01185406)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

253,285

212,066

Current assets

 

Stocks

6

109,800

101,900

Debtors

7

1,062,849

1,090,709

Other financial assets

5

220,216

197,612

Cash at bank and in hand

 

1,095,292

971,641

 

2,488,157

2,361,862

Creditors: Amounts falling due within one year

8

(382,552)

(315,988)

Net current assets

 

2,105,605

2,045,874

Net assets

 

2,358,890

2,257,940

Capital and reserves

 

Called up share capital

9,002

9,002

Capital redemption reserve

998

998

Revaluation reserve

29,466

29,466

Retained earnings

2,319,424

2,218,474

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:

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 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 Board on 5 March 2024 and signed on its behalf by:
 

S J Bones
Company secretary and director

 

P.G. Bones Limited

Notes to the Unaudited 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: 39 Blackwell Drive, Springwood Industrial Estate, Braintree, Essex, CM7 2PU.

These financial statements were authorised for issue by the Board on 5 March 2024.

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).

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 36 (2022 - 36).

 

P.G. Bones Limited

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

4

Tangible assets

           

Improvements to property
£

Motor vehicles
 £

Office equipment/Fixtures and fittings
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 January 2023

120,000

280,786

37,628

300

438,714

Additions

-

115,259

281

-

115,540

Disposals

-

(70,512)

-

-

(70,512)

At 31 December 2023

120,000

325,533

37,909

300

483,742

Depreciation

At 1 January 2023

6,091

191,408

28,910

238

226,647

Charge for the year

2,400

44,870

1,879

15

49,164

Eliminated on disposal

-

(45,354)

-

-

(45,354)

At 31 December 2023

8,491

190,924

30,789

253

230,457

Carrying amount

At 31 December 2023

111,509

134,609

7,120

47

253,285

At 31 December 2022

113,909

89,377

8,718

62

212,066

 

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 1 January 2020. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £82,412 (2022 - £84,442).

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Current financial assets

Cost or valuation

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

At 31 December 2023

220,216

220,216

6

Stocks

2023
£

2022
£

Raw materials and consumables

109,800

101,900

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

283,311

164,417

Amounts owed by related parties

9

-

115,630

Other debtors

 

15,327

18,419

Directors loan

 

21,441

-

Prepayments

 

85,766

23,431

Amounts recoverable on long term contracts

 

657,004

768,812

 

1,062,849

1,090,709

 

P.G. Bones Limited

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

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

154,744

193,907

Taxation and social security

24,826

39,346

Accruals and deferred income

27,010

6,150

Other creditors

175,972

76,585

382,552

315,988

9

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

At 31 December 2023
£

-

21,441

21,441

       
     

 

10

Parent and ultimate parent undertaking

The company's immediate parent is P G Bones (Holdings) Ltd, incorporated in England and Wales.