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REGISTERED NUMBER: 08819823 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 December 2023

for

Paines Construction Limited

Paines Construction Limited (Registered number: 08819823)






Contents of the Financial Statements
for the Year Ended 30 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 6

Paines Construction Limited

Company Information
for the Year Ended 30 December 2023







DIRECTORS: Mr O Paine
Miss C Paine





REGISTERED OFFICE: Ashton Barn
Cross Lane
Bishops Waltham
Southampton
Hampshire
SO32 1FL





REGISTERED NUMBER: 08819823 (England and Wales)





ACCOUNTANTS: Henry Thomas Advisory
Chartered Certified Accountants
Unit 6
St Georges Square
Portsmouth
Hampshire
PO1 3EY

Paines Construction Limited (Registered number: 08819823)

Balance Sheet
30 December 2023

30.12.23 30.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 96,396 100,375

CURRENT ASSETS
Debtors 5 626,294 873,265
Cash at bank 20,296 42,137
646,590 915,402
CREDITORS
Amounts falling due within one year 6 254,063 486,050
NET CURRENT ASSETS 392,527 429,352
TOTAL ASSETS LESS CURRENT LIABILITIES 488,923 529,727

PROVISIONS FOR LIABILITIES 63,000 63,000
NET ASSETS 425,923 466,727

CAPITAL AND RESERVES
Called up share capital 102 102
Retained earnings 425,821 466,625
425,923 466,727

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2024 and were signed on its behalf by:





Miss C Paine - Director


Paines Construction Limited (Registered number: 08819823)

Notes to the Financial Statements
for the Year Ended 30 December 2023

1. STATUTORY INFORMATION

Paines Construction Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the amount derived from ordinary activities, stated after discounts, value added tax and any other sales taxes, where applicable. Turnover is the value of work performed during the year with respect to services.

Tangible fixed assets
Items or property, plant and equipment are stated at cost of acquisition less accumulated depreciation.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. The estimated useful lives range as follows:

Plant & Machinery - 20% on straight line method.
Fixtures & Fittings - 20% on straight line method.
Motor Vehicles - 25% on straight line method.

The gain or loss arising from the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is credited or charged to profit or loss.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and subsequently measured at amortised cost using the effective interest
method. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.


Paines Construction Limited (Registered number: 08819823)

Notes to the Financial Statements - continued
for the Year Ended 30 December 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern
The directors note that the company is trading adequately and has sufficiently working capital and other finance available to continue trading for a period of not less than 12 months from the date of signing these financial statements. There are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 31 December 2022 331,931
Additions 41,208
At 30 December 2023 373,139
DEPRECIATION
At 31 December 2022 231,556
Charge for year 45,187
At 30 December 2023 276,743
NET BOOK VALUE
At 30 December 2023 96,396
At 30 December 2022 100,375

Paines Construction Limited (Registered number: 08819823)

Notes to the Financial Statements - continued
for the Year Ended 30 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.12.23 30.12.22
£    £   
Trade debtors 24,300 300,000
Amounts owed by group undertakings 66,173 66,173
Other debtors 535,821 507,092
626,294 873,265

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.12.23 30.12.22
£    £   
Bank loans and overdrafts 3,617 2,035
Trade creditors - 53,518
Taxation and social security 25,498 58,368
Other creditors 224,948 372,129
254,063 486,050

7. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

8. POST BALANCE SHEET EVENTS

There are no reportable events between the date of the Financial Statements and the date of the signing these Financial Statements.

9. ULTIMATE CONTROLLING PARTY

The Company is controlled by Paines Group Limited, a company registered in England and Wales, by virtue of its 100% holding in the company's issued share capital. The ultimate controlling party is Richard Paine by virtue of their shareholding in the parent company, Paines Group Limited.

Chartered Certified Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Paines Construction Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Paines Construction Limited for the year ended 30 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Paines Construction Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Paines Construction Limited and state those matters that we have agreed to state to the Board of Directors of Paines Construction Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Paines Construction Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Paines Construction Limited. You consider that Paines Construction Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Paines Construction Limited. 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 financial statements.






Henry Thomas Advisory
Chartered Certified Accountants
Unit 6
St Georges Square
Portsmouth
Hampshire
PO1 3EY


29 August 2024