Registration number:
P&G Home Improvements Limited
for the Year Ended 31 October 2023
P&G Home Improvements Limited
Contents
Directors' Report |
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Accountants' Report |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
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:
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
.........................................
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.
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Dundee
DD1 3DG
P&G Home Improvements Limited
(Registration number: SC434658)
Statement of Financial Position as at 31 October 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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Debtors |
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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 liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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:
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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 Income Statement.
P&G Home Improvements Limited
(Registration number: SC434658)
Statement of Financial Position as at 31 October 2023
Approved and authorised by the
......................................... |
P&G Home Improvements Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
General information |
The Company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
Scotland
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
P&G Home Improvements Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Staff numbers |
The average number of persons employed by the Company (including Directors) during the year, was
P&G Home Improvements Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 November 2022 |
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At 31 October 2023 |
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Amortisation |
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At 1 November 2022 |
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At 31 October 2023 |
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Carrying amount |
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At 31 October 2023 |
- |
- |
Tangible assets |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 November 2022 |
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Additions |
- |
- |
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Disposals |
( |
- |
( |
( |
At 31 October 2023 |
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Depreciation |
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At 1 November 2022 |
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Charge for the year |
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Eliminated on disposal |
( |
- |
( |
( |
Impairment |
- |
- |
( |
( |
At 31 October 2023 |
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Carrying amount |
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At 31 October 2023 |
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At 31 October 2022 |
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P&G Home Improvements Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Debtors |
Current |
2023 |
2022 |
Trade debtors |
- |
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Prepayments |
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Other debtors |
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P&G Home Improvements Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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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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- |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Related party transactions |
2023 |
At 1 November 2022 |
Repayments by Director |
At 31 October 2023 |
Mr P Creamer |
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Director's Loan Account |
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( |
- |
Mrs G Creamer |
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Director's Loan Account |
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( |
- |
2022 |
At 1 November 2021 |
Advances to Director |
At 31 October 2022 |
Mr P Creamer |
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Director's Loan Account |
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Mrs G Creamer |
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Director's Loan Account |
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