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Registration number: 04580775

Paul Winston Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Paul Winston Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Paul Winston Limited

Company Information

Director

Mr Paul Winston

Company secretary

Mrs Sharon Ann Winston

Registered office

Silver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

Accountants

Paul Winston Ltd
Chartered Accountants
Silver Rose Unit 21 East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

 

Paul Winston Limited

(Registration number: 04580775)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

fixed assets

 

tangible assets

5

1,885

2,515

Current assets

 

Debtors

6

228,897

207,054

Cash at bank and in hand

 

598,483

1,011,567

 

827,380

1,218,621

Creditors: Amounts falling due within one year

7

(615,122)

(1,024,947)

Net current assets

 

212,258

193,674

Net assets

 

214,143

196,189

capital and reserves

 

Called up share capital

8

103

103

Profit and loss account

214,040

196,086

Shareholders' funds

 

214,143

196,189

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 November 2024
 

.........................................
Mr Paul Winston
Director

 

Paul Winston Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
Silver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

These financial statements were authorised for issue by the director on 1 November 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.

 

Paul Winston Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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

Fixtures and fittings

25% net book value

Office euipment

25% net book value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

straight line over life of asset

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Paul Winston Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

Paul Winston Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

70,000

70,000

At 30 November 2023

70,000

70,000

Amortisation

At 1 December 2022

70,000

70,000

At 30 November 2023

70,000

70,000

Carrying amount

At 30 November 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

8,884

8,884

At 30 November 2023

8,884

8,884

Depreciation

At 1 December 2022

6,369

6,369

Charge for the year

630

630

At 30 November 2023

6,999

6,999

Carrying amount

At 30 November 2023

1,885

1,885

At 30 November 2022

2,515

2,515

 

Paul Winston Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

debtors

Current

Note

2023
£

2022
£

Trade debtors

 

42,340

73,123

Amounts owed by related parties

11

20,000

-

Other debtors

 

166,557

133,931

   

228,897

207,054

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

71

-

trade creditors

 

1,356

13,440

Taxation and social security

 

48,614

42,859

Other creditors

 

564,173

965,430

Directors' loan accounts

 

908

3,218

 

615,122

1,024,947

 

Paul Winston Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

B Ordinary Non-Voting of £1 each

1

1

1

1

G Ordinary Non-Voting of £1 each

1

1

1

1

E Ordinary Non-Voting of £1 each

1

1

1

1

103

103

103

103

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

71

-

10

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £75.00 per each Ordinary

7,500

7,500

Interim dividend of £7,500.00 per each B Ordinary Non-Voting

7,500

7,500

Interim dividend of £500.00 (2022 - £1,000.00) per each G Ordinary Non-Voting

500

1,000

Interim dividend of £10,000.00 (2022 - £11,000.00) per each E Ordinary Non-Voting

10,000

11,000

25,500

27,000

11

Related party transactions

 

Paul Winston Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,516

10,813

Summary of transactions with other related parties

Fair Rose Limited
 The companies are related by reason of common control and ownership.
 During the year funds were advanced to Fair Rose Limited. At the balance sheet date Fair Rose Ltd owed the company £161,170.23 (2022 £128,545.53).