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Registration number: SC434658

P&G Home Improvements Limited

Unaudited Financial Statements

for the Year Ended 31 October 2023

 

P&G Home Improvements Limited

Contents

Directors' Report

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

P&G Home Improvements Limited

Directors' Report for the Year Ended 31 October 2023

The Directors present their report and the financial statements for the year ended 31 October 2023.

Directors of the Company

The Directors who held office during the year were as follows:

Mrs G Creamer

Mr P Creamer

Principal activity

The principal activity of the company during the year was home improvements.

Small companies provision statement

This report has 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.

Approved by the Board on 11 April 2024 and signed on its behalf by:

.........................................
Mr P Creamer
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
P&G Home Improvements Limited
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of P&G Home Improvements Limited for the year ended 31 October 2023 as set out on pages 3 to 11 from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/ accountspreparationguidance.

This report is made solely to the Board of Directors of P&G Home Improvements Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of P&G Home Improvements Limited and state those matters that we have agreed to state to the Board of Directors of P&G Home Improvements Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants for Scotland as detailed at www.icas.com/ accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P&G Home Improvements Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that P&G Home Improvements Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of P&G Home Improvements Limited. You consider that P&G Home Improvements 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 accounts of P&G Home Improvements 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 accounts.

......................................

Walker Dunnett & Co
29 Commercial Street
Dundee
DD1 3DG

11 April 2024

 

P&G Home Improvements Limited

(Registration number: SC434658)
Statement of Financial Position as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

60,505

40,942

Current assets

 

Debtors

6

397

33,641

Cash at bank and in hand

 

4

4

 

401

33,645

Creditors: Amounts falling due within one year

7

(38,605)

(58,461)

Net current liabilities

 

(38,204)

(24,816)

Total assets less current liabilities

 

22,301

16,126

Creditors: Amounts falling due after more than one year

7

(19,041)

(15,813)

Net assets

 

3,260

313

Capital and reserves

 

Called up share capital

100

100

Retained earnings

3,160

213

Shareholders' funds

 

3,260

313

For the financial year ending 31 October 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 Income Statement.

 

P&G Home Improvements Limited

(Registration number: SC434658)
Statement of Financial Position as at 31 October 2023

Approved and authorised by the Board on 11 April 2024 and signed on its behalf by:
 

.........................................
Mr P Creamer
Director

 

P&G Home Improvements Limited

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

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
12 Scottsdale
Melrose
Roxburghshire
TD6 9QE
Scotland

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 except that as disclosed in the accounting policies certain items are shown at fair value.

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 that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current 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 income 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.

 

P&G Home Improvements Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

15% Reducing Balance

Furniture and Equipment

15% Reducing Balance

Motor Vehicles

25% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 Home Improvements Limited

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

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, 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.
 

 

P&G Home Improvements Limited

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

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 3 (2022 - 2).

 

P&G Home Improvements Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

11,399

11,399

At 31 October 2023

11,399

11,399

Amortisation

At 1 November 2022

11,399

11,399

At 31 October 2023

11,399

11,399

Carrying amount

At 31 October 2023

-

-

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

8,745

2,053

68,046

78,844

Additions

-

-

8,300

8,300

Disposals

(2,300)

-

(5,560)

(7,860)

At 31 October 2023

6,445

2,053

70,786

79,284

Depreciation

At 1 November 2022

2,478

1,380

34,044

37,902

Charge for the year

701

101

5,048

5,850

Eliminated on disposal

(419)

-

(1,911)

(2,330)

Impairment

-

-

(22,643)

(22,643)

At 31 October 2023

2,760

1,481

14,538

18,779

Carrying amount

At 31 October 2023

3,685

572

56,248

60,505

At 31 October 2022

6,267

673

34,002

40,942

 

P&G Home Improvements Limited

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

-

4,890

Prepayments

154

143

Other debtors

243

28,608

 

397

33,641

 

P&G Home Improvements Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

17,242

16,056

Trade creditors

 

2,991

14,483

Taxation and social security

 

13,719

26,097

Accruals and deferred income

 

1,875

1,825

Other creditors

 

2,778

-

 

38,605

58,461

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

19,041

15,813

8

Related party transactions

2023

At 1 November 2022
£

Repayments by Director
£

At 31 October 2023
£

Mr P Creamer

Director's Loan Account

14,303

(14,303)

-

       
     

Mrs G Creamer

Director's Loan Account

14,303

(14,303)

-

       
     

 

2022

At 1 November 2021
£

Advances to Director
£

At 31 October 2022
£

Mr P Creamer

Director's Loan Account

5,729

8,574

14,303

       
     

Mrs G Creamer

Director's Loan Account

5,729

8,574

14,303