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Registration number: 06695826

Powys Funeral Services Limited

trading as Leach & Son

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Powys Funeral Services Limited

trading as Leach & Son

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Powys Funeral Services Limited

trading as Leach & Son

Company Information

Directors

S J Williams

S J Tranter

W A Willis

R Parkes

Company secretary

S J Williams

Registered office

Argyll House
Dawley Bank
Telford
Shropshire
TF4 2BD

Accountants

CBSL Accountants Limited
Chartered Accountants
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 

Powys Funeral Services Limited

trading as Leach & Son

(Registration number: 06695826)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

30,792

36,960

Tangible assets

5

581,230

514,721

 

612,022

551,681

Current assets

 

Stocks

6

52,135

36,108

Debtors

7

106,004

92,247

Cash at bank and in hand

 

73,398

36,121

 

231,537

164,476

Creditors: Amounts falling due within one year

8

(160,721)

(368,108)

Net current assets/(liabilities)

 

70,816

(203,632)

Total assets less current liabilities

 

682,838

348,049

Creditors: Amounts falling due after more than one year

8

(289,475)

(42,788)

Net assets

 

393,363

305,261

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

393,263

305,161

Shareholders' funds

 

393,363

305,261

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.

 

Powys Funeral Services Limited

trading as Leach & Son

(Registration number: 06695826)
Balance Sheet as at 31 October 2023

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 13 June 2024 and signed on its behalf by:
 

S J Williams
Company secretary and director

W A Willis
Director

 
     
 

Powys Funeral Services Limited

trading as Leach & Son

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 England and Wales.

The address of its registered office is:
Argyll House
Dawley Bank
Telford
Shropshire
TF4 2BD

The principal place of business is:
Highfields
Llanidloes Road
Powys
Newtown
SY16 1EU

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.

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

 

Powys Funeral Services Limited

trading as Leach & Son

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

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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Land and buildings

Not depreciated

Tenants additions

15% reducing balance

Equipment

20% reducing balance

Office furnishings

20% reducing balance

Motor vehicles

25% reducing balance

Land is not depreciated. The building will be depreciated based on its useful life and residual value once it is brought into use in the company's trade.

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

5% straight line

 

Powys Funeral Services Limited

trading as Leach & Son

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

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 9).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

123,311

123,311

At 31 October 2023

123,311

123,311

Amortisation

At 1 November 2022

86,351

86,351

Amortisation charge

6,168

6,168

At 31 October 2023

92,519

92,519

Carrying amount

At 31 October 2023

30,792

30,792

At 31 October 2022

36,960

36,960

 

Powys Funeral Services Limited

trading as Leach & Son

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

426,207

24,876

181,708

36,653

669,444

Additions

80,948

2,955

-

5,600

89,503

At 31 October 2023

507,155

27,831

181,708

42,253

758,947

Depreciation

At 1 November 2022

-

18,616

104,619

31,488

154,723

Charge for the year

-

1,757

19,271

1,966

22,994

At 31 October 2023

-

20,373

123,890

33,454

177,717

Carrying amount

At 31 October 2023

507,155

7,458

57,818

8,799

581,230

At 31 October 2022

426,207

6,260

77,089

5,165

514,721

 

Powys Funeral Services Limited

trading as Leach & Son

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

Included within the net book value of £581,230 is £19,913 (2022 - £26,550) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £6,637 (2022 - £1,770).

Included within the net book value of land and buildings above is £507,155 (2022 - £426,207) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other inventories

52,135

36,108

7

Debtors

2023
£

2022
£

Trade debtors

74,669

74,571

Prepayments

7,335

12,219

Other debtors

24,000

5,457

106,004

92,247

 

Powys Funeral Services Limited

trading as Leach & Son

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

15,733

15,733

Trade creditors

 

22,208

41,382

Taxation and social security

 

41,630

28,026

Accruals and deferred income

 

81,150

25,725

Other creditors

 

-

257,242

 

160,721

368,108

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

289,475

42,788

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

Powys Funeral Services Limited

trading as Leach & Son

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

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

279,920

27,500

Finance lease liabilities

9,555

15,288

289,475

42,788

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Finance lease liabilities

5,733

5,733

15,733

15,733

Monies due under finance leases are secured against the asset to which they relate.

Bank borrowings are secured against a fixed and floating charge over the assets of the company.

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £538,829 (2022 - £54,000).

The total amount of contingencies not included in the balance sheet is £16,328 (2022 - £15,471).

12

Related party transactions

At 31 October 2023 there is a balance of £24,000 (2022 - (£244,022)) due from / (to) some of the directors which is included in other debtors (2022 - creditors). This balance is unsecured interest free and has no fixed terms of repayment.