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Registered number: NI658755
P & E Contracts Ltd
Unaudited Financial Statements
For The Year Ended 28 February 2024
O'Hagan McGlinchey & Co
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: NI658755
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 10,324 13,766
10,324 13,766
CURRENT ASSETS
Stocks 5 3,500 20,300
Debtors 6 4,676 28,222
Cash at bank and in hand 20 106
8,196 48,628
Creditors: Amounts Falling Due Within One Year 7 (39,395 ) (56,627 )
NET CURRENT ASSETS (LIABILITIES) (31,199 ) (7,999 )
TOTAL ASSETS LESS CURRENT LIABILITIES (20,875 ) 5,767
NET (LIABILITIES)/ASSETS (20,875 ) 5,767
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account (20,876 ) 5,766
SHAREHOLDERS' FUNDS (20,875) 5,767
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For the year ending 28 February 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 P Gribben
Director
7th October 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
P & E Contracts Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number NI658755 . The registered office is Enterprise House, 25 Kilmorey Street, Newry, Down, BT34 2DF.
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. 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 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
2.4. 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.
2.5. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 March 2023 34,440 1,745 36,185
As at 28 February 2024 34,440 1,745 36,185
Depreciation
As at 1 March 2023 21,294 1,125 22,419
Provided during the period 3,287 155 3,442
As at 28 February 2024 24,581 1,280 25,861
Net Book Value
As at 28 February 2024 9,859 465 10,324
As at 1 March 2023 13,146 620 13,766
5. Stocks
2024 2023
£ £
Stock 3,500 -
Work in progress - 20,300
3,500 20,300
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 4,378 1,984
Other debtors - 25,589
VAT 298 649
4,676 28,222
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 2,600 5,000
Trade creditors 832 1,687
Bank loans and overdrafts 33,070 38,692
Other taxes and social security 1,958 -
Net wages - 7,172
Accruals and deferred income 934 858
Director's loan account 1 3,218
39,395 56,627
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8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 2,600 5,000
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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