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COMPANY REGISTRATION NUMBER: 04701182
Paddock Properties (Wressle) Limited
Filleted Unaudited Financial Statements
Period from 30 May 2022 to
29 May 2023
Paddock Properties (Wressle) Limited
Financial Statements
Period ended 29 May 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Paddock Properties (Wressle) Limited
Statement of Financial Position
29 May 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
8,500
12,750
Current assets
Stocks
60,000
Debtors
6
86,400
175,200
Cash at bank and in hand
82
67
--------
----------
86,482
235,267
Creditors: amounts falling due within one year
7
31,792
135,948
--------
----------
Net current assets
54,690
99,319
--------
----------
Total assets less current liabilities
63,190
112,069
Creditors: amounts falling due after more than one year
8
75,269
74,726
--------
----------
Net (liabilities)/assets
( 12,079)
37,343
--------
----------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 12,179)
37,243
--------
--------
Shareholders funds
( 12,079)
37,343
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the period ending 29 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Paddock Properties (Wressle) Limited
Statement of Financial Position (continued)
29 May 2023
These financial statements were approved by the board of directors and authorised for issue on 21 August 2024 , and are signed on behalf of the board by:
Mr M O Simpson
Director
Company registration number: 04701182
Paddock Properties (Wressle) Limited
Notes to the Financial Statements
Period ended 29 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Mole End, Wressle, Selby, North Yorkshire, Y08 6ET.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
Following the challenges arising as a consequence of the Covid-19 pandemic in 2020/21, more latterly the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the director has considered the effect of these matters on the company with the information available to it, and does not believe that it it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the director has prepared these financial statements on a going concern basis. The company's balance sheet shows net liabilities of £12,079 and a trading loss after tax of £49,422 arose during the year. The Director will continue to support the company. The going concern basis is therefore appropriate.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
(d) Current & deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
(f) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
-
25% reducing balance
(g) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(h) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(i) Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(j) Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
(k) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2022: 2 ).
5. Tangible assets
Motor vehicles
Total
£
£
Cost
At 30 May 2022 and 29 May 2023
17,000
17,000
--------
--------
Depreciation
At 30 May 2022
4,250
4,250
Charge for the period
4,250
4,250
--------
--------
At 29 May 2023
8,500
8,500
--------
--------
Carrying amount
At 29 May 2023
8,500
8,500
--------
--------
At 29 May 2022
12,750
12,750
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
86,400
175,200
--------
----------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,600
3,600
Trade creditors
2,470
1,099
Corporation tax
1,068
1,013
Social security and other taxes
18,756
7,709
Obligations under finance leases and hire purchase contracts
4,250
4,250
Directors loan account
1,648
118,277
--------
----------
31,792
135,948
--------
----------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
73,498
72,955
Other creditors
1,771
1,771
--------
--------
75,269
74,726
--------
--------
9. Related party transactions
During the year the director had a current account with the company and the balance owing to the director at 30 May 2023 was £ 1,648 , (2022 £118,277). The loan is interest free.