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Company registration number: 01294856
PAG Limited
Unaudited filleted financial statements
31 January 2024
PAG Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
PAG Limited
Directors and other information
Directors A.H. Lavender
N. Gardiner
J.P. Lavender
Secretary R. Coulthard
Company number 01294856
Registered office Units 9 & 10 Epsom Downs Metro Centre
Waterfield
Tadworth, Epsom
Surrey
KT20 5LR
Business address Units 9 & 10 Epsom Downs Metro Centre
Waterfield
Tadworth, Epsom
Surrey
KT20 5LR
Accountants Redford & Co Limited
Chartered Accountants
64 Baker Street
London
W1U 7GB
PAG Limited
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 1,402,246 1,684,229
_______ _______
1,402,246 1,684,229
Current assets
Stocks 202,873 242,992
Debtors 7 250,513 188,323
Cash at bank and in hand 72,437 166,534
_______ _______
525,823 597,849
Creditors: amounts falling due
within one year 8 ( 69,585) ( 104,110)
_______ _______
Net current assets 456,238 493,739
_______ _______
Total assets less current liabilities 1,858,484 2,177,968
_______ _______
Net assets 1,858,484 2,177,968
_______ _______
Capital and reserves
Called up share capital 1,900 1,900
Share premium account 12,400 12,400
Profit and loss account 1,844,184 2,163,668
_______ _______
Shareholders funds 1,858,484 2,177,968
_______ _______
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 02 October 2024 , and are signed on behalf of the board by:
J.P. Lavender
Director
Company registration number: 01294856
PAG Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Units 9 & 10 Epsom Downs Metro Centre, Waterfield, Tadworth, Epsom, Surrey, KT20 5LR.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have prepared the financial statements on a going concern basis as the company will have adequate financial resources to meet its future obligations as they fall due and the company will be able to settle all liabilities within the agreed terms.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
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 land & buildings - Buildings : straight line over 50 years
Plant and machinery - Between 15% - 25% on cost
Fittings fixtures and equipment - 10% on cost
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition. Provision is made for obsolete, damaged and slow-moving stock items.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.Debt instruments are subsequently measured at amortised cost.Other financial instruments are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
The pension costs charged in the financial statements represent the contribution payable by the company during the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2023: 16 ).
5. Loss before taxation
Loss before taxation is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 18,427 9,891
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 February 2023 1,678,208 9,123 9,548 1,696,879
Disposals ( 266,667) - - ( 266,667)
_______ _______ _______ _______
At 31 January 2024 1,411,541 9,123 9,548 1,430,212
_______ _______ _______ _______
Depreciation
At 1 February 2023 8,391 4,087 172 12,650
Charge for the year 15,893 1,579 955 18,427
Disposals - - ( 3,111) ( 3,111)
_______ _______ _______ _______
At 31 January 2024 24,284 5,666 ( 1,984) 27,966
_______ _______ _______ _______
Carrying amount
At 31 January 2024 1,387,257 3,457 11,532 1,402,246
_______ _______ _______ _______
At 31 January 2023 1,669,817 5,036 9,376 1,684,229
_______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 190,790 102,495
Other debtors 59,723 85,828
_______ _______
250,513 188,323
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 16,955 18,639
Social security and other taxes 31,281 15,377
Other creditors 21,349 70,094
_______ _______
69,585 104,110
_______ _______
9. Contingent assets and liabilities
The company is subject to periodic warranty claims in the ordinary course of business. However, the obligations outstanding at 31 January 2024 are not expected to have a significant impact on the company's financial position and no provision has been made in the financial statements for these obligations.