Registered number
06076061
Pete Allibone Limited
Filleted Accounts
31 January 2024
Pete Allibone Limited
Registered number: 06076061
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 286,785 297,817
Investments 4 1 1
286,786 297,818
Current assets
Debtors 5 13,565 28,532
Cash at bank and in hand 90,631 138,683
104,196 167,215
Creditors: amounts falling due within one year 6 (79,246) (130,168)
Net current assets 24,950 37,047
Total assets less current liabilities 311,736 334,865
Provisions for liabilities (16,573) (22,187)
Net assets 295,163 312,678
Capital and reserves
Called up share capital 1 1
Profit and loss account 295,162 312,677
Shareholder's funds 295,163 312,678
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P J Allibone
Director
Approved by the board on 22 October 2024
Pete Allibone Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 2,384 563,609 41,104 607,097
Additions - 93,946 - 93,946
At 31 January 2024 2,384 657,555 41,104 701,043
Depreciation
At 1 February 2023 238 299,013 10,029 309,280
Charge for the year 143 94,825 10,010 104,978
At 31 January 2024 381 393,838 20,039 414,258
Net book value
At 31 January 2024 2,003 263,717 21,065 286,785
At 31 January 2023 2,146 264,596 31,075 297,817
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 February 2023 1
At 31 January 2024 1
5 Debtors 2024 2023
£ £
Trade debtors - 12,455
Amounts owed by group undertakings and undertakings in which the company has a participating interest 8,690 9,805
Other debtors 4,875 6,272
13,565 28,532
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 1,269 38,492
Other creditors 77,977 91,676
79,246 130,168
7 Controlling party
The company considers the director to be its controlling party.
8 Other information
Pete Allibone Limited is a private company limited by shares and incorporated in England. Its registered office is:
81 Hyperion Walk
Horley
Surrey
RH6 7DB
Pete Allibone Limited 06076061 false 2023-02-01 2024-01-31 2024-01-31 VT Final Accounts July 2024 P J Allibone No description of principal activity 06076061 2022-02-01 2023-01-31 06076061 core:WithinOneYear 2023-01-31 06076061 core:ShareCapital 2023-01-31 06076061 core:RetainedEarningsAccumulatedLosses 2023-01-31 06076061 2023-02-01 2024-01-31 06076061 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 06076061 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 06076061 bus:Director40 2023-02-01 2024-01-31 06076061 1 2023-02-01 2024-01-31 06076061 2 2023-02-01 2024-01-31 06076061 core:LandBuildings 2023-02-01 2024-01-31 06076061 core:PlantMachinery 2023-02-01 2024-01-31 06076061 core:Vehicles 2023-02-01 2024-01-31 06076061 countries:England 2023-02-01 2024-01-31 06076061 bus:FRS102 2023-02-01 2024-01-31 06076061 bus:FilletedAccounts 2023-02-01 2024-01-31 06076061 2024-01-31 06076061 core:WithinOneYear 2024-01-31 06076061 core:ShareCapital 2024-01-31 06076061 core:RetainedEarningsAccumulatedLosses 2024-01-31 06076061 core:LandBuildings 2024-01-31 06076061 core:PlantMachinery 2024-01-31 06076061 core:Vehicles 2024-01-31 06076061 2023-01-31 06076061 core:LandBuildings 2023-01-31 06076061 core:PlantMachinery 2023-01-31 06076061 core:Vehicles 2023-01-31 iso4217:GBP xbrli:pure