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Registration number: 08154360

Penarth Property Maintenance Limited

trading as Cardiff Granite

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Penarth Property Maintenance Limited

trading as Cardiff Granite

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Penarth Property Maintenance Limited

trading as Cardiff Granite

Company Information

Director

Christopher Cuddihy

Registered office

Holly Tree House
Cardiff Road
Creigiau
Cardiff
CF15 9NL

Accountants

AIMS Accountants for Business
 
C12
12 Cathedral Road
Cardiff
CF11 9LJ

 

Penarth Property Maintenance Limited

trading as Cardiff Granite

(Registration number: 08154360)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

23,580

31,440

Current assets

 

Cash at bank and in hand

 

20,389

33,040

Creditors: Amounts falling due within one year

5

(10,002)

(55,780)

Net current assets/(liabilities)

 

10,387

(22,740)

Total assets less current liabilities

 

33,967

8,700

Creditors: Amounts falling due after more than one year

5

(7,082)

(14,696)

Net assets/(liabilities)

 

26,885

(5,996)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

26,884

(5,997)

Shareholders' funds/(deficit)

 

26,885

(5,996)

For the financial year ending 31 December 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 5 September 2024
 

 

Penarth Property Maintenance Limited

trading as Cardiff Granite

(Registration number: 08154360)
Balance Sheet as at 31 December 2023

.........................................
Christopher Cuddihy
Director

 

Penarth Property Maintenance Limited

trading as Cardiff Granite

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in the UK.

The address of its registered office is:
Holly Tree House
Cardiff Road
Creigiau
Cardiff
CF15 9NL

These financial statements were authorised for issue by the director on 5 September 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.

 

Penarth Property Maintenance Limited

trading as Cardiff Granite

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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

Motor vehicles

25% reducing balance basis

Plant and Machinery

25% reducing balance basis

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 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

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.

 

Penarth Property Maintenance Limited

trading as Cardiff Granite

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 5).

 

Penarth Property Maintenance Limited

trading as Cardiff Granite

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

17,000

45,609

62,609

At 31 December 2023

17,000

45,609

62,609

Depreciation

At 1 January 2023

9,828

21,341

31,169

Charge for the year

1,793

6,067

7,860

At 31 December 2023

11,621

27,408

39,029

Carrying amount

At 31 December 2023

5,379

18,201

23,580

At 31 December 2022

7,172

24,268

31,440

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

6

7,614

9,167

Taxation and social security

 

2,382

38,639

Other creditors

 

6

7,974

 

10,002

55,780

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

6

7,082

14,696

 

Penarth Property Maintenance Limited

trading as Cardiff Granite

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

7,082

12,083

Finance lease liabilities

-

2,613

7,082

14,696

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,000

5,000

Finance lease liabilities

2,614

4,167

7,614

9,167