2023-02-012024-01-312024-01-31false02210775PAUL STANDING TARMACADAM 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PAUL STANDING TARMACADAM LIMITED

Registered Number
02210775
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2024

PAUL STANDING TARMACADAM LIMITED
Company Information
for the year from 1 February 2023 to 31 January 2024

Directors

Mrs B Standing
Mr C Standing
Mr KD Standing

Company Secretary

Mrs S Standing

Registered Address

Trwyn Y Buarth
Tre R Ddol
Machynlleth
SY20 8QD

Registered Number

02210775 (England and Wales)
PAUL STANDING TARMACADAM LIMITED
Statement of Financial Position
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets369,66093,817
69,66093,817
Current assets
Stocks421,354113,845
Debtors5193,10889,221
Cash at bank and on hand140,385184,344
354,847387,410
Creditors amounts falling due within one year6(291,697)(289,300)
Net current assets (liabilities)63,15098,110
Total assets less current liabilities132,810191,927
Provisions for liabilities7(5,047)(9,132)
Net assets127,763182,795
Capital and reserves
Called up share capital1,0001,000
Profit and loss account126,763181,795
Shareholders' funds127,763182,795
The financial statements were approved and authorised for issue by the Board of Directors on 29 October 2024, and are signed on its behalf by:
Mr C Standing
Director
Mr KD Standing
Director

Registered Company No. 02210775
PAUL STANDING TARMACADAM LIMITED
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The financial statements 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). The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover policy
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.
Revenue from rendering of services
Revenue 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.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery-4
Vehicles-5
Office Equipment20-
Impairment of non-financial assets policy
Assets which are not carried at fair value are reviewed for evidence of impairment at each reporting date. Where the asset is showing indicators of impairment, the recoverable amount of the asset, is estimated and then compared to the carrying value in the financial statements. Where the carrying amount is in excess of recoverable amount, an impairment loss is recognised in profit or loss.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20242023
Average number of employees during the year55
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 February 237,249545,902300,55812,615866,324
Additions-1,300--1,300
At 31 January 247,249547,202300,55812,615867,624
Depreciation and impairment
At 01 February 233,413470,316287,49611,282772,507
Charge for year14525,044-26825,457
At 31 January 243,558495,360287,49611,550797,964
Net book value
At 31 January 243,69151,84213,0621,06569,660
At 31 January 233,83675,58613,0621,33393,817
4.Stocks

2024

2023

££
Work in progress16,004108,195
Other stocks5,3505,650
Total21,354113,845
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables178,64369,164
Other debtors12,92918,543
Prepayments and accrued income1,5361,514
Total193,10889,221
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables122,145142,586
Taxation and social security3,2908,626
Payments received on account29,95929,959
Other creditors132,612103,663
Accrued liabilities and deferred income3,6914,466
Total291,697289,300
7.Provisions for liabilities
The deferred tax included in the statement of financial position is as follows:

2024

2023

££
Net deferred tax liability (asset)5,0479,132
Total5,0479,132
8.Related party transactions
Transactions with direcors The company's directors received dividends as follows: Mrs B Standing £10,300 (2023: £8,300); Mr K Standing £20,600 (2023: £16,600); Mr C Standing £20,600 (2023: £16,600).
9.Controlling party
The company is controlled by the directors.