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Registration number: 7832300

Paul Dennis Metalworks Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Paul Dennis Metalworks Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Paul Dennis Metalworks Limited

Company Information

Director

Mr Thomas Pinhorn

Registered office

Kings Arms Vaults
Watton
Brecon
Powys
LD3 7EF

Accountants

King Morter Proud & Co Limited
Chartered Accountants
Kings Arms Vaults
Watton
Brecon
Powys
LD3 7EF

 

Paul Dennis Metalworks Limited

(Registration number: 7832300)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Current assets

 

Stocks

5

7,500

15,000

Debtors

6

42,844

111,196

 

50,344

126,196

Creditors: Amounts falling due within one year

7

(52,157)

(81,207)

Total assets less current liabilities

 

(1,813)

44,989

Creditors: Amounts falling due after more than one year

7

(53,934)

(37,706)

Net (liabilities)/assets

 

(55,747)

7,283

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

(55,748)

7,282

Shareholders' (deficit)/funds

 

(55,747)

7,283

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

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 director on 22 August 2024
 

.........................................
Mr Thomas Pinhorn
Director

 

Paul Dennis Metalworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Kings Arms Vaults
Watton
Brecon
Powys
LD3 7EF

These financial statements were authorised for issue by the director on 22 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

 

Paul Dennis Metalworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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

Plant & machinery

20% per annum on cost

Fixtures & fittings

20% per annum on cost

Motor vehicles

15% per annum on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Borrowings

 

Paul Dennis Metalworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 2).

 

Paul Dennis Metalworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

1,887

28,398

10,000

40,285

At 30 November 2023

1,887

28,398

10,000

40,285

Depreciation

At 1 December 2022

1,887

28,398

10,000

40,285

At 30 November 2023

1,887

28,398

10,000

40,285

Carrying amount

At 30 November 2023

-

-

-

-

5

Stocks

2023
£

2022
£

Work in progress

7,500

15,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

16,268

71,090

Other debtors

26,576

40,106

 

42,844

111,196

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

24,876

11,786

Trade creditors

 

12,827

68,228

Taxation and social security

 

-

1,193

Accruals and deferred income

 

14,454

-

 

52,157

81,207

Creditors: amounts falling due after more than one year

 

Paul Dennis Metalworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

53,934

37,706

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

26,769

37,626

Other borrowings

27,165

80

53,934

37,706

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

24,876

11,786

10

Dividends

2023

2022

£

£

Interim dividend of £Nil (2022 - £9,400.00) per ordinary share

-

9,400

 

 

11

Related party transactions

 

Paul Dennis Metalworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,096

9,008