Registered number
01760866
P.A. Foods Limited
Filleted Accounts
31 October 2023
P.A. Foods Limited
Registered number: 01760866
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 28,377 42,131
Current assets
Stocks 45,632 55,440
Debtors 4 115,855 152,342
Cash at bank and in hand 208,283 154,576
369,770 362,358
Creditors: amounts falling due within one year 5 (86,493) (131,390)
Net current assets 283,277 230,968
Total assets less current liabilities 311,654 273,099
Creditors: amounts falling due after more than one year 6 (2,447) (8,502)
Net assets 309,207 264,597
Capital and reserves
Called up share capital 100 100
Profit and loss account 309,107 264,497
Shareholder's funds 309,207 264,597
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Paul Dron
Director
Approved by the board on 31 July 2024
P.A. Foods Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Plant and machinery 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 8
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 6,055 156,337 47,286 209,678
Additions - 562 - 562
Disposals - (59,500) - (59,500)
At 31 October 2023 6,055 97,399 47,286 150,740
Depreciation
At 1 November 2022 6,055 134,652 26,840 167,547
Charge for the year - 4,347 5,112 9,459
On disposals - (54,643) - (54,643)
At 31 October 2023 6,055 84,356 31,952 122,363
Net book value
At 31 October 2023 - 13,043 15,334 28,377
At 31 October 2022 - 21,685 20,446 42,131
4 Debtors 2023 2022
£ £
Trade debtors 76,788 122,182
Other debtors 39,067 30,160
115,855 152,342
Amounts due after more than one year included above 2,922 3,585
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,648 4,794
Trade creditors 61,206 106,813
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 2,260
Taxation and social security costs 13,630 9,405
Other creditors 6,009 8,118
86,493 131,390
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 2,447 8,502
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 68,421 53,684
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr P Dron
Loan to director - interest 2.5% 11,030 - (2,040) 8,990
11,030 - (2,040) 8,990
9 Other information
P.A. Foods Limited is a private company limited by shares and incorporated in England. Its registered office is:
255 Poulton Road
Wallasey
Wirral
CH44 4BT
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