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COMPANY REGISTRATION NUMBER: 11095708
Paul B Halsall Limited
Filleted Unaudited Financial Statements
For the Year Ended
31 December 2023
Paul B Halsall Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
583,867
628,703
Current Assets
Stocks
21,000
21,000
Debtors
6
21,333
24,490
Cash at bank and in hand
24,849
30,000
---------
---------
67,182
75,490
Creditors: amounts falling due within one year
7
334,083
359,052
-----------
-----------
Net Current Liabilities
266,901
283,562
-----------
-----------
Total Assets Less Current Liabilities
316,966
345,141
Creditors: amounts falling due after more than one year
8
44,870
92,405
Provisions
56,713
48,518
-----------
-----------
Net Assets
215,383
204,218
-----------
-----------
Paul B Halsall Limited
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and Reserves
Called up share capital
100
100
Revaluation reserve
214,748
222,251
Profit and loss account
535
( 18,133)
-----------
-----------
Shareholders Funds
215,383
204,218
-----------
-----------
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 31st 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 24 September 2024 , and are signed on behalf of the board by:
P Halsall
Director
Company registration number: 11095708
Paul B Halsall Limited
Notes to the Financial Statements
Year Ended 31st 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 Middleborough House, 16 Middleborough, Colchester, Essex, CO1 1QT.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis.
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.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating Leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property
-
10-30 years straight line
Plant and machinery
-
15% reducing balance
Motor vehicles
-
20% reducing balance
Equipment
-
20% 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible Assets
Freehold property
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 1st January 2023
384,217
371,734
4,692
760,643
Additions
13,009
13,009
-----------
-----------
--------
-----------
At 31st December 2023
384,217
384,743
4,692
773,652
-----------
-----------
--------
-----------
Depreciation
At 1st January 2023
34,217
95,189
2,534
131,940
Charge for the year
14,604
42,806
435
57,845
-----------
-----------
--------
-----------
At 31st December 2023
48,821
137,995
2,969
189,785
-----------
-----------
--------
-----------
Carrying amount
At 31st December 2023
335,396
246,748
1,723
583,867
-----------
-----------
--------
-----------
At 31st December 2022
350,000
276,545
2,158
628,703
-----------
-----------
--------
-----------
6. Debtors
2023
2022
£
£
Trade debtors
19,951
23,720
Other debtors
1,382
770
---------
---------
21,333
24,490
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,000
6,000
Trade creditors
6,735
6,128
Social security and other taxes
4,933
4,439
Other creditors
316,415
342,485
-----------
-----------
334,083
359,052
-----------
-----------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
9,000
15,000
Other creditors
35,870
77,405
---------
---------
44,870
92,405
---------
---------