The Petersfield Forge Limited 07643226 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is Ironworks Digita Accounts Production Advanced 6.30.9574.0 true true 07643226 2023-06-01 2024-05-31 07643226 2024-05-31 07643226 core:CurrentFinancialInstruments 2024-05-31 07643226 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 07643226 core:OfficeEquipment 2024-05-31 07643226 core:PlantMachinery 2024-05-31 07643226 bus:SmallEntities 2023-06-01 2024-05-31 07643226 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 07643226 bus:FullAccounts 2023-06-01 2024-05-31 07643226 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 07643226 bus:RegisteredOffice 2023-06-01 2024-05-31 07643226 bus:Director1 2023-06-01 2024-05-31 07643226 bus:Director2 2023-06-01 2024-05-31 07643226 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 07643226 core:ComputerEquipment 2023-06-01 2024-05-31 07643226 core:OfficeEquipment 2023-06-01 2024-05-31 07643226 core:PlantMachinery 2023-06-01 2024-05-31 07643226 countries:EnglandWales 2023-06-01 2024-05-31 07643226 2023-05-31 07643226 core:OfficeEquipment 2023-05-31 07643226 core:PlantMachinery 2023-05-31 07643226 2022-06-01 2023-05-31 07643226 2023-05-31 07643226 core:CurrentFinancialInstruments 2023-05-31 07643226 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 07643226 core:OfficeEquipment 2023-05-31 07643226 core:PlantMachinery 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 07643226

The Petersfield Forge Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

The Petersfield Forge Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

The Petersfield Forge Limited

Company Information

Directors

Mr R Mason

Mr L Richards

Registered office

The Forge
Swan Street
Petersfield
Hampshire
GU32 3AJ

Accountants

A J Wheeler Ltd - Trading as Howard Smith & Co
Chartered Certified Accountants
338 London Road
Portsmouth
Hampshire
PO2 9JY

 

The Petersfield Forge Limited

(Registration number: 07643226)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

332

402

Current assets

 

Stocks

1,200

1,200

Debtors

5

580

-

Cash at bank and in hand

 

12,327

17,396

 

14,107

18,596

Creditors: Amounts falling due within one year

6

(13,692)

(12,911)

Net current assets

 

415

5,685

Net assets

 

747

6,087

Capital and reserves

 

Called up share capital

200

200

Retained earnings

547

5,887

Shareholders' funds

 

747

6,087

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

The Petersfield Forge Limited

(Registration number: 07643226)
Balance Sheet as at 31 May 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 October 2024 and signed on its behalf by:
 

.........................................
Mr R Mason
Director

.........................................
Mr L Richards
Director

 

The Petersfield Forge Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Forge
Swan Street
Petersfield
Hampshire
GU32 3AJ

These financial statements were authorised for issue by the Board on 17 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

The Petersfield Forge Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% on reducing balance

Computer equipment

33% on cost

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

The Petersfield Forge Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 June 2023

2,253

786

3,039

At 31 May 2024

2,253

786

3,039

Depreciation

At 1 June 2023

1,903

734

2,637

Charge for the year

53

17

70

At 31 May 2024

1,956

751

2,707

Carrying amount

At 31 May 2024

297

35

332

At 31 May 2023

350

52

402

5

Debtors

Current

2024
£

2023
£

Prepayments

580

-

 

580

-

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

11,097

10,172

Accruals and deferred income

2,595

2,739

13,692

12,911

 

The Petersfield Forge Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

19,080

18,720