PASCOE & WAITE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
Company Registration Number: 05323549
PASCOE & WAITE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 7
PASCOE & WAITE LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023
DIRECTORS
Christopher Pascoe
Martin Waite
SECRETARY
Martin Waite
REGISTERED OFFICE
48 Crawley Road
Witney
Oxfordshire
OX28 1HT
COMPANY REGISTRATION NUMBER
05323549 England and Wales
PASCOE & WAITE LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
Notes 2023 2022
£ £
FIXED ASSETS
Tangible assets 5 35,657 35,513
CURRENT ASSETS
Stock and work in progress 12,313 2,530
Debtors 6 21,721 21,981
Cash at bank and in hand - 348
34,034 24,859
CREDITORS: Amounts falling due within one year 7 48,950 33,052
NET CURRENT LIABILITIES (14,916) (8,193)
TOTAL ASSETS LESS CURRENT LIABILITIES 20,741 27,320
CREDITORS: Amounts falling due after more than one year 8 7,830 12,890
Provisions for liabilities and charges 351 324
NET ASSETS 12,560 14,106
CAPITAL AND RESERVES
Called up share capital 2 2
Distributable profit and loss account 12,558 14,104
SHAREHOLDERS' FUNDS 12,560 14,106
PASCOE & WAITE LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
Martin Waite Christopher Pascoe
Director Director
Date approved by the board: 24 September 2024
PASCOE & WAITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1 GENERAL INFORMATION
Pascoe & Waite Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
48 Crawley Road
Witney
Oxfordshire
OX28 1HT
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of electrical services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Buildings Not provided
Motor vehicles 25% reducing balance
Office equipment 25% reducing balance
Depreciation has not been provided in respect of land and buildings. The company adopts a policy of fully maintaining these and as such the residual value is so high, and the expected useful life is so long, that the depreciation charge would be immaterial, both in terms of the depreciation charged for the period and the cumulative charge to the balance sheet.
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
PASCOE & WAITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Work in progress
Work in progress has been valued at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises the cost of materials and direct labour relevant to the stage of construction.
Debtors
Short term debtors are measured at transaction price, less any impairment.
PASCOE & WAITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. 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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2023 2022
Average number of employees 3 3
PASCOE & WAITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
5 TANGIBLE ASSETS
Buildings Motor vehicles Office equipment Total
£ £ £ £
Cost
At 1 January 2023 33,808 46,163 6,480 86,451
Additions - - 636 636
At 31 December 2023 33,808 46,163 7,116 87,087
Accumulated depreciation
At 1 January 2023 - 44,458 6,480 50,938
Charge for year - 426 66 492
At 31 December 2023 - 44,884 6,546 51,430
Net book value
At 1 January 2023 33,808 1,705 - 35,513
At 31 December 2023 33,808 1,279 570 35,657
6 DEBTORS
2023 2022
£ £
Trade debtors 16,111 18,494
Prepayments and accrued income 1,059 1,461
Other debtors 4,551 2,026
21,721 21,981
7 CREDITORS: Amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 23,052 4,936
Trade creditors - 4,477
Taxation and social security 13,713 18,676
Accruals and deferred income 10,747 3,329
Other creditors 1,438 1,634
48,950 33,052
8 CREDITORS: Amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 7,830 12,890
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