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Registered number: 11594748
Paul Wallace Consultancy Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Tony R Pomfret & Associates
37a High Street
Hoddesdon
EN11 8TA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11594748
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 225 262
225 262
CURRENT ASSETS
Stocks 5 17,400 9,500
Cash at bank and in hand 135 7,320
17,535 16,820
Creditors: Amounts Falling Due Within One Year 7 (3,963 ) (3,126 )
NET CURRENT ASSETS (LIABILITIES) 13,572 13,694
TOTAL ASSETS LESS CURRENT LIABILITIES 13,797 13,956
NET ASSETS 13,797 13,956
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 13,697 13,856
SHAREHOLDERS' FUNDS 13,797 13,956
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For the year ending 31 March 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 Peter Haynes
Director
30/09/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Paul Wallace Consultancy Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11594748 . The registered office is 37a High Street , Hoddesdon, Herts, EN11 8TA.
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. 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:
Fixtures & Fittings 10% Straight Line
Computer Equipment 25% per annum straight line
2.3. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.4. 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. 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 asset reflects 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 375 999 1,374
As at 31 March 2024 375 999 1,374
Depreciation
As at 1 April 2023 113 999 1,112
Provided during the period 37 - 37
As at 31 March 2024 150 999 1,149
Net Book Value
As at 31 March 2024 225 - 225
As at 1 April 2023 262 - 262
5. Stocks
2024 2023
£ £
Work in progress 17,400 9,500
6. Debtors
2024 2023
£ £
Due within one year
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors - 1,132
Accruals and deferred income 1,020 1,499
Director's loan account 2,943 495
3,963 3,126
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8. Share Capital
2024 2023
Allotted, called up and fully paid £ £
99 Ordinary A shares of £ 1 each 99 99
1 Ordinary B shares of £ 1 each 1 1
100 100
9. Ultimate Controlling Party
The company's ultimate controlling party is Mr Peter W Haynes by virtue of his ownership of 99% of the issued share capital in the company.
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