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Registered number: 12648806
Payne Civil Engineering Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
McLen & Co Accountancy Ltd
AAT
19 Jolly Avenue
Waverley
Rotherham
South Yorkshire
S60 8BF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 12648806
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 48,000 -
Tangible Assets 5 712,978 658,316
Investments 6 41,500 -
802,478 658,316
CURRENT ASSETS
Debtors 7 120,084 157,236
Cash at bank and in hand 54,949 209,006
175,033 366,242
Creditors: Amounts Falling Due Within One Year 8 (736,072 ) (603,441 )
NET CURRENT ASSETS (LIABILITIES) (561,039 ) (237,199 )
TOTAL ASSETS LESS CURRENT LIABILITIES 241,439 421,117
PROVISIONS FOR LIABILITIES
Deferred Taxation - (30,926 )
NET ASSETS 241,439 390,191
CAPITAL AND RESERVES
Called up share capital 10 105 105
Profit and Loss Account 241,334 390,086
SHAREHOLDERS' FUNDS 241,439 390,191
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jason Payne
Director
21/08/2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Payne Civil Engineering Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12648806 . The registered office is 14 Heron Drive, Mexborough, Doncaster, S64 0AF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Straight Line
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 20% Straight Line
Computer Equipment 33% Straight Line
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
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4. Intangible Assets
Goodwill
£
Cost
As at 1 July 2023 -
Additions 48,000
As at 30 June 2024 48,000
Net Book Value
As at 30 June 2024 48,000
As at 1 July 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2023 664,865 194,867 2,081 3,114 864,927
Additions 376,685 162,629 3,687 1,287 544,288
Disposals (332,400 ) (38,490 ) - - (370,890 )
As at 30 June 2024 709,150 319,006 5,768 4,401 1,038,325
Depreciation
As at 1 July 2023 155,719 48,717 416 1,759 206,611
Provided during the period 141,830 69,978 1,154 1,167 214,129
Disposals (85,770 ) (9,623 ) - - (95,393 )
As at 30 June 2024 211,779 109,072 1,570 2,926 325,347
Net Book Value
As at 30 June 2024 497,371 209,934 4,198 1,475 712,978
As at 1 July 2023 509,146 146,150 1,665 1,355 658,316
6. Investments
Unlisted
£
Cost
As at 1 July 2023 -
Additions 41,500
As at 30 June 2024 41,500
...CONTINUED
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Page 6
Provision
As at 1 July 2023 -
As at 30 June 2024 -
Net Book Value
As at 30 June 2024 41,500
As at 1 July 2023 -
7. Debtors
2024 2023
£ £
Due within one year
Other debtors 6,921 6,921
Payne Developments Ltd 99,098 100,000
VAT 14,065 50,315
120,084 157,236
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 708,148 592,253
Trade creditors 2 1
Other taxes and social security 23,783 7,052
Capital on Tap 3,506 4,005
Director's loan account 633 130
736,072 603,441
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 708,148 592,253
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 105 105
11. Directors Advances, Credits and Guarantees
Dividends paid to directors
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Page 7
2024 2023
£ £
Mr Jason Payne - 39,000
12. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 77,000 78,000
Jason Payne £39000
Hayley Brunt £39000
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