Registration number:
Pauls Parcels Ltd.
for the Period from 1 May 2023 to 30 June 2024
Pauls Parcels Ltd.
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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Accountants' Report |
Pauls Parcels Ltd.
Company Information
Director |
Mr Paul Robertson |
Registered office |
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Accountants |
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Pauls Parcels Ltd.
(Registration number: SC398386)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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For the financial period ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Pauls Parcels Ltd.
(Registration number: SC398386)
Balance Sheet as at 30 June 2024
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Pauls Parcels Ltd.
Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in Scotland.
Accounting policies |
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.
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.
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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Pauls Parcels Ltd.
Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 30 June 2024
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 |
Office Equipment |
Straight Line at 33% |
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.
Pauls Parcels Ltd.
Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 30 June 2024
Financial instruments
Classification
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Employees and Directors |
The average number of persons employed by the company (including the director) during the period, was
Pauls Parcels Ltd.
Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 30 June 2024
Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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At 1 May 2023 |
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Disposals |
( |
( |
At 30 June 2024 |
- |
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Depreciation |
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At 1 May 2023 |
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Eliminated on disposal |
( |
( |
At 30 June 2024 |
- |
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Carrying amount |
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At 30 June 2024 |
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At 30 April 2023 |
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Stocks |
2024 |
2023 |
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Work in progress |
- |
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Debtors |
Current |
2024 |
2023 |
Other debtors |
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- |
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- |
Pauls Parcels Ltd.
Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 30 June 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Taxation and social security |
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Other creditors |
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Related party transactions |
2024 |
At 1 May 2023 |
Advances to director |
At 30 June 2024 |
Mr Paul Robertson |
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Loan |
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Creditors include the following amounts which are owed to individuals who were directors of the company during the year:
1 May 2023 to 30 June 2024 |
Year ended 30 April 2023 |
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Paul Robertson |
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1,642 |
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1,642 |
The maximum balance outstanding during the year amounted to £1,642.
The directors current account is repayable on demand.
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Pauls Parcels Ltd.
for the Period Ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Pauls Parcels Ltd. for the period ended 30 June 2024 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the Board of Directors of Pauls Parcels Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Pauls Parcels Ltd. and state those matters that we have agreed to state to the Board of Directors of Pauls Parcels Ltd., as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pauls Parcels Ltd. and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Pauls Parcels Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Pauls Parcels Ltd.. You consider that Pauls Parcels Ltd. is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Pauls Parcels Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Unit 4B, Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX