Registered number
04540525
Pyke Smith & Cutler Limited
Unaudited Filleted Accounts
31 August 2024
Pyke Smith & Cutler Limited
Registered number: 04540525
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 1,523 2,030
Current assets
Debtors 5 70,724 60,059
Investments held as current assets 7 175,000 100,000
Cash at bank and in hand 290,733 336,391
536,457 496,450
Creditors: amounts falling due within one year 8 (162,635) (141,231)
Net current assets 373,822 355,219
Total assets less current liabilities 375,345 357,249
Creditors: amounts falling due after more than one year 9 (10,000) (20,000)
Provisions for liabilities (381) (508)
Net assets 364,964 336,741
Capital and reserves
Called up share capital 10,300 10,300
Share premium 109,800 109,800
Profit and loss account 244,864 216,641
Shareholders' funds 364,964 336,741
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.
P A Cutler
Director
Approved by the board on 4 September 2024
Pyke Smith & Cutler Limited
Notes to the Accounts
for the year ended 31 August 2024
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 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Fixtures, fittings and equipment 25% per annum reducing balance
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets Goodwill
£
Cost
At 1 September 2023 240,000
At 31 August 2024 240,000
Amortisation
At 1 September 2023 240,000
At 31 August 2024 240,000
Net book value
At 31 August 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023 21,481
At 31 August 2024 21,481
Depreciation
At 1 September 2023 19,451
Charge for the year 507
At 31 August 2024 19,958
Net book value
At 31 August 2024 1,523
At 31 August 2023 2,030
5 Debtors 2024 2023
£ £
Trade debtors 58,613 46,483
Other debtors 12,111 13,576
70,724 60,059
Amounts due after more than one year included above - -
6 Cash at bank 2024 2023
£ £
Cash at bank and in hand 465,733 436,391
465,733 436,391
The company is regulated by the Financial Conduct Authority (FCA). As required by the FCA, client monies are held in a non-statutory trust client bank account. The use and governance of the balances held within this account is determined by a trust deed and by the FCA's client asset rules book (CASS). The cash at bank and in hand as at 31 August 2024 includes £94,598 (2023 £89,257) of client monies held in a non-statutory trust client bank account. At the year end the company's insurance broking assets and liabilities were as follows:
2024 2023
£ £
Cash at bank and in hand 94,598 89,257
Insurance debtors 58,613 46,483
Insurance creditors (135,190) (114,252)
Excess of insurance broking assets over liabilities 18,021 21,488
7 Investments held as current assets 2024 2023
£ £
Fair value
Unlisted investments 175,000 100,000
8 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 135,190 114,252
Taxation and social security costs 22,038 24,918
Other creditors 5,407 2,061
162,635 141,231
9 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 10,000 20,000
10 Other information
Pyke Smith & Cutler Limited is a private company limited by shares and incorporated in England. Its registered office is:
328 Wellingborough Road
Northampton
Northamptonshire
NN1 4EP
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