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 | |||||||||||
SECRETARY | |||||||||||
REGISTERED OFFICE | |||||||||||
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 | ||||||||||
CURRENT ASSETS | |||||||||||
Stock and work in progress | |||||||||||
Debtors | 6 | ||||||||||
Cash at bank and in hand | - | ||||||||||
CREDITORS: Amounts falling due within one year | 7 | ||||||||||
NET CURRENT LIABILITIES | ( |
( |
|||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | |||||||||||
CREDITORS: Amounts falling due after more than one year | 8 | ||||||||||
Provisions for liabilities and charges | |||||||||||
NET ASSETS | |||||||||||
CAPITAL AND RESERVES | |||||||||||
Called up share capital | |||||||||||
Distributable profit and loss account | |||||||||||
SHAREHOLDERS' FUNDS | |||||||||||
PASCOE & WAITE LIMITED | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 DECEMBER 2023 | |||||||||||
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: |
|||||||||||
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 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Basis of preparation of financial statements | |||||||||||
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 | |||||||||||
Motor vehicles | |||||||||||
Office equipment | |||||||||||
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 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 | |||||||||||
Taxation | |||||||||||
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. | |||||||||||
Pensions | |||||||||||
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 | |||||||||||
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 | |||||||||||
Additions | - | - | |||||||||
At 31 December 2023 | |||||||||||
Accumulated depreciation | |||||||||||
At 1 January 2023 | - | ||||||||||
Charge for year | - | ||||||||||
At 31 December 2023 | - | ||||||||||
Net book value | |||||||||||
At 1 January 2023 | - | ||||||||||
At 31 December 2023 | |||||||||||
6 | DEBTORS | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Trade debtors | |||||||||||
Prepayments and accrued income | |||||||||||
Other debtors | |||||||||||
21,721 | 21,981 | ||||||||||
7 | CREDITORS: Amounts falling due within one year | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Bank loans and overdrafts | |||||||||||
Trade creditors | - | ||||||||||
Taxation and social security | |||||||||||
Accruals and deferred income | |||||||||||
Other creditors | |||||||||||
48,950 | 33,052 | ||||||||||
8 | CREDITORS: Amounts falling due after more than one year | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Bank loans and overdrafts | |||||||||||