Registered number
06444952
Paul Bros Limited
Filleted Accounts
31 December 2023
Paul Bros Limited
Registered number: 06444952
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 29,600 31,600
Tangible assets 4 20,244 8,152
49,844 39,752
Current assets
Stocks 5,000 5,000
Debtors 5 9,148 9,853
Cash at bank and in hand 17,393 21,819
31,541 36,672
Creditors: amounts falling due within one year 6 (58,934) (46,203)
Net current liabilities (27,393) (9,531)
Total assets less current liabilities 22,451 30,221
Creditors: amounts falling due after more than one year 7 (19,375) (25,000)
Provisions for liabilities (3,716) (1,366)
Net (liabilities)/assets (640) 3,855
Capital and reserves
Called up share capital 2 2
Profit and loss account (642) 3,853
Shareholders' funds (640) 3,855
The director is 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 director acknowledges his 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.
Mr A Paul
Director
Approved by the board on 13 September 2024
Paul Bros Limited
Notes to the Accounts
for the year ended 31 December 2023
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 sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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:
Freehold buildings over 50 years
Computers 25% reducing balance
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Pension
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 50,000
At 31 December 2023 50,000
Amortisation
At 1 January 2023 18,400
Provided during the year 2,000
At 31 December 2023 20,400
Net book value
At 31 December 2023 29,600
At 31 December 2022 31,600
Goodwill is being written off over its estimated economic life of 25 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 1,173 26,674 3,510 31,357
Additions - 6,100 13,900 20,000
Disposals - - (2,750) (2,750)
At 31 December 2023 1,173 32,774 14,660 48,607
Depreciation
At 1 January 2023 897 20,177 2,131 23,205
Charge for the year 69 3,149 3,530 6,748
On disposals - - (1,590) (1,590)
At 31 December 2023 966 23,326 4,071 28,363
Net book value
At 31 December 2023 207 9,448 10,589 20,244
At 31 December 2022 276 6,497 1,379 8,152
5 Debtors 2023 2022
£ £
Trade debtors 3,087 3,104
Other debtors 6,061 6,749
9,148 9,853
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 7,500 -
Trade creditors 34,529 12,815
Taxation and social security costs 5,908 19,316
Other creditors 997 4,072
58,934 46,203
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 15,000 25,000
Obligations under finance lease and hire purchase contracts 4,375 -
19,375 25,000
8 Controlling party
Controlling parties are Mr A Paul and Mrs N Paul.
9 Other information
Paul Bros Limited is a private company limited by shares and incorporated in England. Its registered office is:
76-80 Spencer Street
Bognor Regis
West Sussex
PO21 1AN
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