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Registration number: 08757039

P & H Fabrications Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

P & H Fabrications Limited

Contents

Company Information

1

Directors' Report

2

Statement of Comprehensive Income

3

Balance Sheet

4 to 5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 12

 

P & H Fabrications Limited

Company Information

Directors

Miss L T Anderson

Mr R L Ward

Mr T Bowater

Registered office

Sarai House
Albion Road
West Bromwich
West Midlands
B70 8AX

Accountants

KJW Accountancy
1492 Pershore Road
Stirchley
Birmingham
B30 2NT

 

P & H Fabrications 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:

Miss L T Anderson

Mr R L Ward

Mr T Bowater

Principal activity

The principal activity of the company is manufacture of aluminium architectural products.

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 and authorised by the Board on 26 July 2024 and signed on its behalf by:
 

.........................................
Miss L T Anderson
Director

 

P & H Fabrications Limited

Statement of Comprehensive Income for the Year Ended 31 October 2023

2023
£

2022
£

Profit for the year

170,466

55,345

Total comprehensive income for the year

170,466

55,345

 

P & H Fabrications Limited

(Registration number: 08757039)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

356,805

399,964

Current assets

 

Stocks

6

-

11,600

Debtors

7

454,394

246,917

Cash at bank and in hand

 

67,383

52,322

 

521,777

310,839

Creditors: Amounts falling due within one year

8

(194,780)

(167,466)

Net current assets

 

326,997

143,373

Total assets less current liabilities

 

683,802

543,337

Creditors: Amounts falling due after more than one year

8

(25,386)

(55,387)

Net assets

 

658,416

487,950

Capital and reserves

 

Called up share capital

100

100

Retained earnings

658,316

487,850

Shareholders' funds

 

658,416

487,950

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 Profit and Loss Account.

 

P & H Fabrications Limited

(Registration number: 08757039)
Balance Sheet as at 31 October 2023

Approved and authorised by the Board on 26 July 2024 and signed on its behalf by:
 

.........................................
Miss L T Anderson
Director

 

P & H Fabrications Limited

Statement of Changes in Equity for the Year Ended 31 October 2023

Share capital
£

Retained earnings
£

Total
£

At 1 November 2022

100

487,850

487,950

Profit for the year

-

170,466

170,466

At 31 October 2023

100

658,316

658,416

Share capital
£

Retained earnings
£

Total
£

At 1 November 2021

100

432,505

432,605

Profit for the year

-

55,345

55,345

At 31 October 2022

100

487,850

487,950

 

P & H Fabrications 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 England.

The address of its registered office is:
Sarai House
Albion Road
West Bromwich
West Midlands
B70 8AX

These financial statements were authorised for issue by the Board on 26 July 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 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.

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.

 

P & H Fabrications Limited

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

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

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

P & H Fabrications Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 11).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

59,488

57,856

 

P & H Fabrications Limited

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

5

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

578,809

578,809

Additions

16,330

16,330

At 31 October 2023

595,139

595,139

Depreciation

At 1 November 2022

178,845

178,845

Charge for the year

59,489

59,489

At 31 October 2023

238,334

238,334

Carrying amount

At 31 October 2023

356,805

356,805

At 31 October 2022

399,964

399,964

6

Stocks

2023
£

2022
£

Other inventories

-

11,600

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

356,484

184,525

Amounts owed by related parties

10

40,000

40,500

Prepayments

 

18,438

12,667

Other debtors

 

39,472

9,225

   

454,394

246,917

 

P & H Fabrications Limited

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

29,882

37,227

Trade creditors

 

79,752

107,334

Taxation and social security

 

74,930

13,608

Accruals and deferred income

 

3,666

4,372

Other creditors

 

6,550

4,925

 

194,780

167,466

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £29,882 (2022 - £37,227).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

25,386

55,387

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £25,469 (2022 - £55,387).

Bank borrowings

Bank Loan is denominated in £ with a nominal interest rate of 2%, and the final instalment is due on 30 September 2026. The carrying amount at year end is £29,602 (2022 - £39,364).

The bank loan is repayable in installments and is unsecured.

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

-

3,549

The amount of non-cancellable operating lease payments recognised as an expense during the year was £5,040 (2022 - £6,092).

 

P & H Fabrications Limited

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

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

88,498

60,500

Contributions paid to money purchase schemes

10,421

2,221

98,919

62,721

Controlling parties

The company is controlled by the directors who own 100% of the issued share capital.

Summary of transactions with other related parties


The company has transacted during the year with another company controlled by two of the directors, L Anderson and R Ward.

 
The companies traded at commercial rates during the year. Sales of £1,297,183 (2022 - £1,312,699) were made to the related party and costs of £nil (2022 - £nil) were incurred.

At the balance sheet date £305,919 (2022 - £140,308) was outstanding and is included in 'Trade debtors'.

At the balance sheet date total sums payable by the related party were £305,919 (2021 - £140,308).

 
The company also extended an unsecured, interest free loan of £40,000 to another company controlled by two of the directors, L Anderson and L Ward on 31st May 2022. This was still outstanding at the balance sheet date.