Company registration number 09125739 (England and Wales)
PGA CONSTRUCTION SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
PGA CONSTRUCTION SERVICES LIMITED
COMPANY INFORMATION
Directors
Mr P G Albon
Mrs J F Albon
Company number
09125739
Registered office
Evolution House
Iceni Court
Delft Way
Norwich
Norfolk
England
NR6 6BB
Accountants
Farnell Clarke Limited
Evolution House
Iceni Court
Delft Way
Norwich
Norfolk
England
NR6 6BB
PGA CONSTRUCTION SERVICES LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
PGA CONSTRUCTION SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,200
3,300
Tangible assets
4
75,184
46,239
77,384
49,539
Current assets
Stocks
-
4,000
Debtors
5
11,771
34,942
Cash at bank and in hand
39,235
21,323
51,006
60,265
Creditors: amounts falling due within one year
Loans and overdrafts
7,843
7,754
Obligations under finance leases
8,485
Taxation and social security
12,470
2,918
Other creditors
22,264
1,200
51,062
11,872
Net current (liabilities)/assets
(56)
48,393
Total assets less current liabilities
77,328
97,932
Creditors: amounts falling due after more than one year
Loans and overdrafts
73,779
101,692
Obligations under finance leases
24,767
(98,546)
(101,692)
Provisions for liabilities
7
(8,884)
Net liabilities
(21,218)
(12,644)
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
(21,220)
(12,646)
Total equity
(21,218)
(12,644)
PGA CONSTRUCTION SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
- 2 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
..............................................
Mr P G Albon
Director
Company registration number 09125739 (England and Wales)
PGA CONSTRUCTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information
Pga Construction Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Evolution House, Iceni Court, Delft Way, Norwich, Norfolk, England, NR6 6BB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The accompanying financial statements have been prepared under the assumption that the company will continue as a going concern for a period in excess of 12 months from the date of these reports.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
PGA CONSTRUCTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on cost
Fixtures and fittings
25% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PGA CONSTRUCTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons employed by the company during the year was:
2023
2022
Number
Number
Total
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
11,000
Amortisation and impairment
At 1 August 2022
7,700
Amortisation charged for the year
1,100
At 31 July 2023
8,800
Carrying amount
At 31 July 2023
2,200
At 31 July 2022
3,300
PGA CONSTRUCTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2022
63,291
1,510
2,610
38,347
105,758
Additions
1,142
1,763
44,074
46,979
At 31 July 2023
64,433
1,510
4,373
82,421
152,737
Depreciation and impairment
At 1 August 2022
26,212
1,220
1,661
30,426
59,519
Depreciation charged in the year
13,581
72
565
3,816
18,034
At 31 July 2023
39,793
1,292
2,226
34,242
77,553
Carrying amount
At 31 July 2023
24,640
218
2,147
48,179
75,184
At 31 July 2022
37,079
290
949
7,921
46,239
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
84
26,906
Other debtors
11,687
6,381
Prepayments and accrued income
1,655
11,771
34,942
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
7,843
7,754
Hire purchase loan
8,485
Trade creditors
200
1,200
Taxation and social security
12,470
2,918
Other creditors
22,064
51,062
11,872
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
8,884
PGA CONSTRUCTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Odrinary shares of £1 each
2
2
2
2
9
Ultimate controlling party
By way of the equal shareholdings Mr P G Albon and Mrs J F J Albon share ultimate control of the company.
PGA CONSTRUCTION SERVICES LIMITED
DETAILED STATEMENT OF FINANCIAL POSITION
- 8 -
2023
2022
£
£
£
£
Fixed assets
Goodwill
2,200
3,300
Tangible assets
75,184
46,239
77,384
49,539
Current assets
Stocks
-
4,000
Debtors
11,771
33,287
Prepayments and accrued income
1,655
Cash at bank and in hand
39,235
21,323
51,006
60,265
Creditors: amounts falling due within one year
Loans and overdrafts
7,843
7,754
Obligations under finance leases
8,485
Taxation and social security
12,470
2,918
Other creditors
22,264
1,200
51,062
11,872
Net current (liabilities)/assets
(56)
48,393
Total assets less current liabilities
77,328
97,932
Creditors: amounts falling due after more than one year
Loans and overdrafts
73,779
101,692
Obligations under finance leases
24,767
(98,546)
(101,692)
Provisions for liabilities
Deferred tax liability
8,884
-
(8,884)
Net liabilities
(21,218)
(12,644)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(21,220)
(12,646)
Total equity
(21,218)
(12,644)
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