0 false false false false false false false false false false true false false true true true true No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 10290862 2023-01-01 2023-12-31 10290862 2023-12-31 10290862 2022-12-31 10290862 2022-01-01 2022-12-31 10290862 2022-12-31 10290862 2021-12-31 10290862 core:PlantMachinery 2023-01-01 2023-12-31 10290862 core:MotorVehicles 2023-01-01 2023-12-31 10290862 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 10290862 bus:Director1 2023-01-01 2023-12-31 10290862 core:PlantMachinery 2022-12-31 10290862 core:MotorVehicles 2022-12-31 10290862 core:PlantMachinery 2023-12-31 10290862 core:MotorVehicles 2023-12-31 10290862 core:WithinOneYear 2023-12-31 10290862 core:WithinOneYear 2022-12-31 10290862 core:AfterOneYear 2023-12-31 10290862 core:AfterOneYear 2022-12-31 10290862 core:ShareCapital 2023-12-31 10290862 core:ShareCapital 2022-12-31 10290862 core:RetainedEarningsAccumulatedLosses 2023-12-31 10290862 core:RetainedEarningsAccumulatedLosses 2022-12-31 10290862 bus:OrdinaryShareClass1 2022-12-31 10290862 bus:OrdinaryShareClass1 2023-12-31 10290862 core:PlantMachinery 2022-12-31 10290862 core:MotorVehicles 2022-12-31 10290862 bus:SmallEntities 2023-01-01 2023-12-31 10290862 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 10290862 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10290862 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10290862 bus:FullAccounts 2023-01-01 2023-12-31 10290862 bus:OrdinaryShareClass1 2022-12-31
COMPANY REGISTRATION NUMBER: 10290862
Paddle West Ltd
Filleted Unaudited Financial Statements
31 December 2023
Paddle West Ltd
Financial Statements
Year ended 31 December 2023
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 5
Paddle West Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
20,098
23,236
Current assets
Debtors
6
5,187
8,057
Creditors: amounts falling due within one year
7
( 68,795)
( 58,553)
--------
--------
Net current liabilities
( 63,608)
( 50,496)
--------
--------
Total assets less current liabilities
( 43,510)
( 27,260)
Creditors: amounts falling due after more than one year
8
( 2,130)
( 6,176)
--------
--------
Net liabilities
( 45,640)
( 33,436)
--------
--------
Capital and reserves
Called up share capital
9
4
3
Profit and loss account
( 45,644)
( 33,439)
--------
--------
Shareholders deficit
( 45,640)
( 33,436)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
Mr SR Booth
Director
Company registration number: 10290862
Paddle West Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 51 Glebelands, Hakin, Milford Haven, Pembrokeshire, SA73 3QX.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25 % reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: 5 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
42,089
11,225
167
53,481
Additions
3,561
3,561
--------
--------
----
--------
At 31 December 2023
45,650
11,225
167
57,042
--------
--------
----
--------
Depreciation
At 1 January 2023
25,196
4,911
138
30,245
Charge for the year
5,114
1,578
7
6,699
--------
--------
----
--------
At 31 December 2023
30,310
6,489
145
36,944
--------
--------
----
--------
Carrying amount
At 31 December 2023
15,340
4,736
22
20,098
--------
--------
----
--------
At 31 December 2022
16,893
6,314
29
23,236
--------
--------
----
--------
6. Debtors
2023
2022
£
£
Trade debtors
5,075
7,945
Other debtors
112
112
-------
-------
5,187
8,057
-------
-------
Other debtors include an amount of £nil (2022 - £nil) falling due after more than one year.
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts (secured)
5,277
4,792
Trade creditors
7,073
2,474
Social security and other taxes
1,412
684
Other creditors
55,033
50,603
--------
--------
68,795
58,553
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts (secured)
2,130
6,176
-------
-------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
4
4
3
3
----
----
----
----
Share movements
No.
£
Ordinary
At 1 January 2023
3
3
Issue of shares
1
1
----
----
At 31 December 2023
4
4
----
----
10. Related party transactions
The company was under the control of Mr SR Booth , the managing director up until the 27 June 2023, thereafter there was no control. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.