Registered number
07847469
P J Loghades & Grandson Ltd
Filleted Accounts
31 October 2023
P J Loghades & Grandson Ltd
Registered number: 07847469
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 79,016 40,169
Current assets
Debtors 4 95,145 91,548
Cash at bank and in hand 413,082 303,473
508,227 395,021
Creditors: amounts falling due within one year 5 (172,115) (107,547)
Net current assets 336,112 287,474
Net assets 375,855 327,643
Capital and reserves
Called up share capital 100 100
Profit and loss account 375,755 327,543
Shareholders' funds 375,855 327,643
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
S Gregory
Director
Approved by the board on 30 July 2024
P J Loghades & Grandson Ltd
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 evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2022 36,209 132,645 168,854
Additions 1,322 77,879 79,201
At 31 October 2023 37,240 137,228 174,468
Depreciation
At 1 November 2022 32,193 96,492 128,685
Charge for the year 1,406 33,421 34,827
At 31 October 2023 33,309 62,143 95,452
Net book value
At 31 October 2023 3,931 75,085 79,016
At 31 October 2022 4,016 36,153 40,169
4 Debtors 2023 2022
£ £
Trade debtors 91,155 90,495
Other debtors 3,990 1,053
95,145 91,548
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 4,119 929
Trade creditors 41,806 6,337
Directors loan account - 38,763
Taxation and social security costs 122,996 60,312
Other creditors 3,194 1,206
172,115 107,547
6 Other information
P J Loghades & Grandson Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Hurker Hall
Bowler Lane
Matlock
Derbyshire
DE4 5LS
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