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Registered number: 3593446
Dave Peat Waste Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
PJM Accountancy
Chartered Accountants
Grovetown Barn
Yeolmbridge
Launceston
Cornwall
PL15 8NH
Contents
Page
Company Information 1
Accountants' Report 2
Balance Sheet 3—4
Statement of Changes in Equity 5
Notes to the Financial Statements 6—8
Page 1
Company Information
Directors Mr David Peat
Mrs Victoria Peat
Mr Thomas Peat
Secretary Mr Peter McAughey
Company Number 3593446
Registered Office The Old Station Yard
Doublebois
Liskeard
Cornwall
PL14 6LE
Accountants PJM Accountancy
Chartered Accountants
Grovetown Barn
Yeolmbridge
Launceston
Cornwall
PL15 8NH
Page 1
Page 2
Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of Dave Peat Waste Limited For The Year Ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Dave Peat Waste Limited For The Year Ended 31 August 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Dave Peat Waste Limited , as a body, in accordance with the terms of our engagement letter dated 08 January 2024. Our work has been undertaken solely to prepare for your approval the accounts of Dave Peat Waste Limited and state those matters that we have agreed to state to the directors of Dave Peat Waste Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dave Peat Waste Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that Dave Peat Waste Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Dave Peat Waste Limited . You consider that Dave Peat Waste Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Dave Peat Waste Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
18 October 2024
PJM Accountancy
Chartered Accountants
Grovetown Barn
Yeolmbridge
Launceston
Cornwall
PL15 8NH
Page 2
Page 3
Balance Sheet
Registered number: 3593446
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 407,098 423,470
407,098 423,470
CURRENT ASSETS
Debtors 5 185,222 132,224
Cash at bank and in hand 408,561 358,992
593,783 491,216
Creditors: Amounts Falling Due Within One Year 6 (196,019 ) (130,041 )
NET CURRENT ASSETS (LIABILITIES) 397,764 361,175
TOTAL ASSETS LESS CURRENT LIABILITIES 804,862 784,645
PROVISIONS FOR LIABILITIES
Deferred Taxation 7 (99,830 ) (103,860 )
NET ASSETS 705,032 680,785
CAPITAL AND RESERVES
Called up share capital 8 102 102
Profit and Loss Account 704,930 680,683
SHAREHOLDERS' FUNDS 705,032 680,785
Page 3
Page 4
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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
Mrs Victoria Peat
Director
18 October 2024
The notes on pages 6 to 8 form part of these financial statements.
Page 4
Page 5
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 September 2022 102 634,338 634,440
Profit for the year and total comprehensive income - 129,254 129,254
Dividends paid - (82,909) (82,909)
As at 31 August 2023 and 1 September 2023 102 680,683 680,785
Profit for the year and total comprehensive income - 111,114 111,114
Dividends paid - (86,867) (86,867)
As at 31 August 2024 102 704,930 705,032
Page 5
Page 6
Notes to the Financial Statements
1. General Information
Dave Peat Waste Limited is a private company, limited by shares, incorporated in England & Wales, registered number 3593446 . The registered office is The Old Station Yard, Doublebois, Liskeard, Cornwall, PL14 6LE.
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 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:
Freehold over 25 years
Plant & Machinery over 5-10 years
Motor Vehicles over 5 years
Fixtures & Fittings over 3-5 years
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. 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 year 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 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.
2.5. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 16 (2023: 16)
16 16
Page 6
Page 7
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 September 2023 40,790 576,338 426,294 1,043,422
Additions - 44,430 76,000 120,430
Disposals - - (49,003 ) (49,003 )
As at 31 August 2024 40,790 620,768 453,291 1,114,849
Depreciation
As at 1 September 2023 7,949 359,289 252,714 619,952
Provided during the period 3,633 59,994 65,796 129,423
Disposals - - (41,624 ) (41,624 )
As at 31 August 2024 11,582 419,283 276,886 707,751
Net Book Value
As at 31 August 2024 29,208 201,485 176,405 407,098
As at 1 September 2023 32,841 217,049 173,580 423,470
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 134,847 105,508
Other debtors 50,375 26,716
185,222 132,224
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 100,664 54,326
Corporation tax 39,369 37,691
Other taxes and social security 45,771 28,576
Other creditors 10,215 9,192
Directors' loan accounts - 256
196,019 130,041
7. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances charged at 25%.
2024 2023
£ £
Accelerated capital allowances 99,830 103,860
Page 7
Page 8
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 102 102
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 24,432 27,840
Later than one year and not later than five years 20,788 45,220
45,220 73,060
The above totals include a total commitment of £26,250 (PY: £41,250) to the Dave Peat Waste Pension Scheme.
10. Pension Commitments
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £1,534 (PY: £586) were due to the fund. They are included in Other Creditors.
11. Related Party Transactions
At the year end the company was owed £5,320 (PY: £2,743) by the Dave Peat Waste Pension Scheme.  This is included within other debtors.
Page 8