IRIS Accounts Production v24.2.0.383 02460613 Board of Directors 1.6.23 31.5.24 31.5.24 electrical and mechanical contracting and design. true false true true false false true false Ordinary A to J 1.00000 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REGISTERED NUMBER: 02460613 (England and Wales)













STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

PAUL EARL LIMITED

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


PAUL EARL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: R K Moore
Mrs L A Moore
D R Moore
Mr W P B Moore
Mrs K B Coade
C J Foote
L J Matthews





SECRETARY: Mrs L A Moore





REGISTERED OFFICE: Moore House
Albourne Court
Henfield Road
Albourne
West Sussex
BN6 9FF





REGISTERED NUMBER: 02460613 (England and Wales)





AUDITORS: Watson Associates (Audit Services) Ltd
Statutory Auditor
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

The directors present their strategic report for the year ended 31 May 2024.

REVIEW OF BUSINESS
Paul Earl Limited is a well established and reputable Design and Build Electrical Installations Contractor. We are principally engaged in the provision of these services in the retail, entertainment, education, health, banking and office fit out sectors. We maintain a healthy distribution of work from a number of sources, which include repeat business and long term framework agreements as well as healthy new projects awarded through tenders submitted by our strong and driven pre-construction bid team.

To year end 31 May 2024, Paul Earl Limited worked on and delivered electrical services and solutions on a number of prestigious projects for clients including Sky NBC, Apple Inc, London Stock Exchange, Waitrose, Amazon, Pure Gym, Great Portland Estates, John Lewis Partnership, British Land, Nike, University of Sussex, MOCO Museum and Broadgate Estates, either directly or through long established main contractors such as Morgan Lovell, 8Build, OD Group, Make One London, Artemis, West Green Construction, UC Build and Parkeray.

PRINCIPAL RISKS AND UNCERTAINTIES
The company operates in the construction industry and is subject to significant government regulation including stringent laws relating to health and safety.

Like every business, our management team is regularly monitoring our risk profile and provides clear guidelines and assurances that all social, legal and health and safety responsibilities are adhered to.

In 2020 the directors made the decision to take out trade credit insurance on all of our clients to ensure that the business is fully protected moving forward from the risk of bad debts.

FINANCIAL KEY PERFORMANCE INDICATORS
The company's key financial performance indicators during the year were as follows:

2024 2023
£ £
Turnover 20,494,115 16,823,124
Profit before taxation 1,536,319 1,443,064
Net assets 2,994,554 2,837,808
EBITDA 1,782,642 1,682,654


Turnover for 2024 shows an increase of £3.67m (21.8%). The gross profit margin expressed as a percentage has decreased to 19.73% from 22.57% in the previous year. The net profit margin has decreased to 7.50% compared to 8.58% last year.

DEVELOPMENT AND PERFORMANCE
The company has continued trading well after the year end with turnover increasing and the net profit margin remaining relatively consistent.


PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

FURTHER BUSINESS REVIEW AND RISKS
The liquidity of the company remains strong and additional financing measures have not been required and are not considered necessary. The balance sheet remains positive.

The company has a good forward order book and order pipeline and will be in a strong position to maintain market share and contracts with key customers.

ON BEHALF OF THE BOARD:



D R Moore - Director


7 November 2024

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024

The directors present their report with the financial statements of the company for the year ended 31 May 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31 May 2024 will be £980,362.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report.

R K Moore
Mrs L A Moore
D R Moore
Mr W P B Moore
Mrs K B Coade

Other changes in directors holding office are as follows:

C J Foote - appointed 30 May 2024
L J Matthews - appointed 30 May 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024


AUDITORS
The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D R Moore - Director


7 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PAUL EARL LIMITED

Opinion
We have audited the financial statements of Paul Earl Limited (the 'company') for the year ended 31 May 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PAUL EARL LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PAUL EARL LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment laws and indirect taxes, and we considered the extent to which non-compliance might have a material effect on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to achieve desired financial results and the manipulation of exceptional items and management bias in accounting estimates. Audit procedures performed by the engagement team included, but were not limited to:
- enquiries with management including consideration of known or suspected instances of fraud and non-compliance with laws and regulations and examining supporting calculations where a provision has been made in respect of these;
- reading key correspondence with regulatory authorities in relation to compliance with certain employment laws and indirect tax matters;
- understanding and evaluating the design and implementation of management's controls designed to prevent and detect irregularities;
- challenging assumptions and judgements made by management in their significant accounting estimates, in particular, in relation to accrued income cut off
- identifying and testing journal entries in particular and journal entries posted with unusual account combinations and postings by unusual users;

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PAUL EARL LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Stephen James Moore (Senior Statutory Auditor)
for and on behalf of Watson Associates (Audit Services) Ltd
Statutory Auditor
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

7 November 2024

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   

TURNOVER 20,494,115 16,823,124

Cost of sales (16,452,636 ) (13,008,522 )
GROSS PROFIT 4,041,479 3,814,602

Administrative expenses (2,499,031 ) (2,366,420 )
1,542,448 1,448,182

Other operating income - 9,800
OPERATING PROFIT 5 1,542,448 1,457,982

Interest receivable and similar income 12,404 4,197
1,554,852 1,462,179

Interest payable and similar expenses 6 (18,533 ) (19,115 )
PROFIT BEFORE TAXATION 1,536,319 1,443,064

Tax on profit 7 (401,086 ) (290,323 )
PROFIT FOR THE FINANCIAL YEAR 1,135,233 1,152,741

OTHER COMPREHENSIVE
Purchase of own shares
Income tax relating to other
comprehensive

-

-
OTHER COMPREHENSIVE FOR THE
YEAR, NET OF INCOME TAX

-

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,135,233

1,152,741

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 9 1,333,689 1,125,606

CURRENT ASSETS
Debtors 10 4,080,381 3,983,651
Cash at bank and in hand 1,686,133 1,081,183
5,766,514 5,064,834
CREDITORS
Amounts falling due within one year 11 (3,779,078 ) (3,082,920 )
NET CURRENT ASSETS 1,987,436 1,981,914
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,321,125

3,107,520

CREDITORS
Amounts falling due after more than one
year

12

(167,240

)

(159,653

)

PROVISIONS FOR LIABILITIES 14 (159,331 ) (110,059 )
NET ASSETS 2,994,554 2,837,808

CAPITAL AND RESERVES
Called up share capital 15 110,450 110,166
Share premium 16 17,622 16,031
Capital redemption reserve 16 16,228 16,228
Retained earnings 16 2,850,254 2,695,383
SHAREHOLDERS' FUNDS 2,994,554 2,837,808

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2024 and were signed on its behalf by:





D R Moore - Director


PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 June 2022 108,898 2,461,008 11,162 16,228 2,597,296

Changes in equity
Issue of share capital 1,268 - 4,869 - 6,137
Dividends - (918,366 ) - - (918,366 )
Total comprehensive income - 1,152,741 - - 1,152,741
Balance at 31 May 2023 110,166 2,695,383 16,031 16,228 2,837,808

Changes in equity
Issue of share capital 284 - 1,591 - 1,875
Dividends - (980,362 ) - - (980,362 )
Total comprehensive income - 1,135,233 - - 1,135,233
Balance at 31 May 2024 110,450 2,850,254 17,622 16,228 2,994,554

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,387,813 1,415,083
Interest element of hire purchase
payments paid

(18,533

)

(19,115

)
Tax paid (457,868 ) (198,567 )
Net cash from operating activities 1,911,412 1,197,401

Cash flows from investing activities
Purchase of tangible fixed assets (521,671 ) (218,915 )
Sale of tangible fixed assets 73,391 181,754
Interest received 12,404 4,197
Net cash from investing activities (435,876 ) (32,964 )

Cash flows from financing activities
New HP agreements 356,972 146,187
Capital repayments in year (272,697 ) (362,244 )
Amount introduced by directors 38,680 27,517
Amount withdrawn by directors (24,335 ) (55,600 )
Share issue 1,875 6,137
Government Grants - 9,800
Equity dividends paid (971,081 ) (905,184 )
Net cash from financing activities (870,586 ) (1,133,387 )

Increase in cash and cash equivalents 604,950 31,050
Cash and cash equivalents at
beginning of year

2

1,081,183

1,050,133

Cash and cash equivalents at end of
year

2

1,686,133

1,081,183

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 1,536,319 1,443,064
Depreciation charges 256,784 267,410
Profit on disposal of fixed assets (16,590 ) (32,938 )
Government grants - (9,800 )
Finance costs 18,533 19,115
Finance income (12,404 ) (4,197 )
1,782,642 1,682,654
Decrease in stocks - 90,000
(Increase)/decrease in trade and other debtors (106,730 ) 783,574
Increase/(decrease) in trade and other creditors 711,901 (1,141,145 )
Cash generated from operations 2,387,813 1,415,083

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 May 2024
31.5.24 1.6.23
£    £   
Cash and cash equivalents 1,686,133 1,081,183
Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 1,081,183 1,050,133


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.6.23 Cash flow At 31.5.24
£    £    £   
Net cash
Cash at bank and in hand 1,081,183 604,950 1,686,133
1,081,183 604,950 1,686,133
Debt
Finance leases (320,562 ) (84,275 ) (404,837 )
(320,562 ) (84,275 ) (404,837 )
Total 760,621 520,675 1,281,296

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Paul Earl Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the recognition of certain assets and liabilities measured at fair value.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably; and when it is probable that future economic benefits will flow to the entity.

In respect of construction contracts and the rendering of services, turnover represents revenue measured by reference to the stage of completion of the contract activity or of the service transaction at the end of the reporting period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not provided
Plant and machinery - 10% on cost and 10% on reducing balance
Fixtures and fittings - 10% on cost
Motor vehicles - 20% on reducing balance

No provision for depreciation is made in respect of the freehold properties as the directors consider such a charge to be immaterial.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. 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 tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. Lease incentives are recognised over the lease term on a straight line basis.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

No significant judgements have had to be made by management in preparing these financial statements.

There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,190,420 2,160,958
Social security costs 261,726 260,035
Other pension costs 71,155 70,945
2,523,301 2,491,938

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Directors 5 5
Cost of sales and Administrative staff 43 48
48 53

2024 2023
£    £   
Directors' remuneration 91,200 91,200
Directors' pension contributions to money purchase schemes 4,158 4,158

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 118,666 115,689
Depreciation - owned assets 96,313 75,049
Depreciation - assets on hire purchase contracts 160,474 192,361
Profit on disposal of fixed assets (16,590 ) (32,938 )
Auditors' remuneration 14,330 13,648

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Hire purchase 18,533 19,115

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 361,300 317,354
Prior year CT (9,486 ) -
Total current tax 351,814 317,354

Deferred tax 49,272 (27,031 )
Tax on profit 401,086 290,323

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,536,319 1,443,064
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 20.003%)

384,080

288,656

Effects of:
Expenses not deductible for tax purposes 13,570 14,818
Capital allowances in excess of depreciation (36,350 ) -
Depreciation in excess of capital allowances - 13,880
Deferred Tax 49,272 (27,031 )
Prior year taxation (9,486 ) -
Total tax charge 401,086 290,323

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 May 2024.

2023
Gross Tax Net
£    £    £   
Purchase of own shares

8. DIVIDENDS
2024 2023
£    £   
Ordinary A to J shares of £1 each
Interim 980,362 918,366

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2023 358,356 225,789 153,336 1,343,977 2,081,458
Additions 10,482 15,618 2,132 493,439 521,671
Disposals - - (2,908 ) (177,035 ) (179,943 )
At 31 May 2024 368,838 241,407 152,560 1,660,381 2,423,186
DEPRECIATION
At 1 June 2023 69,246 125,786 141,573 619,247 955,852
Charge for year - 18,710 1,903 236,174 256,787
Eliminated on disposal - - (170 ) (122,972 ) (123,142 )
At 31 May 2024 69,246 144,496 143,306 732,449 1,089,497
NET BOOK VALUE
At 31 May 2024 299,592 96,911 9,254 927,932 1,333,689
At 31 May 2023 289,110 100,003 11,763 724,730 1,125,606

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2023 1,022,149
Additions 281,123
Disposals (122,959 )
At 31 May 2024 1,180,313
DEPRECIATION
At 1 June 2023 479,866
Charge for year 160,474
Eliminated on disposal (82,229 )
At 31 May 2024 558,111
NET BOOK VALUE
At 31 May 2024 622,202
At 31 May 2023 542,283

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,024,417 1,379,675
Applications applied not yet billed 1,759,229 2,201,617
Amounts recoverable on contract 142,214 260,857
Other debtors 2,520 2,520
Directors' current accounts 1 10,000
VAT 78,512 52,602
Prepayments 73,488 76,380
4,080,381 3,983,651

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 13) 237,597 160,909
Trade creditors 2,280,874 1,507,677
Tax 211,300 317,354
Social security and other taxes 103,846 66,934
Proposed dividends 22,463 13,182
Other creditors 15,462 11,911
Directors' current accounts 15,280 10,934
Accrued expenses 892,256 994,019
3,779,078 3,082,920

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 13) 167,240 159,653

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 237,597 160,909
Between one and five years 167,240 159,653
404,837 320,562

Non-cancellable operating leases
2024 2023
£    £   
Within one year 133,167 1,379
Between one and five years 425,743 -
In more than five years 853,144 -
1,412,054 1,379

PAUL EARL LIMITED (REGISTERED NUMBER: 02460613)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 110,059 137,090
Other timing differences 49,272 (27,031 )
159,331 110,059

Deferred
tax
£   
Balance at 1 June 2023 110,059
Provided during year 49,272
Balance at 31 May 2024 159,331

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
110,450 Ordinary A to J £1 110,450 110,166

16. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 June 2023 2,695,383 16,031 16,228 2,727,642
Profit for the year 1,135,233 1,135,233
Dividends (980,362 ) (980,362 )
Cash share issue - 1,591 - 1,591
At 31 May 2024 2,850,254 17,622 16,228 2,884,104

17. RELATED PARTY DISCLOSURES

During the year the company made payments totalling £86,700 (2023: £82,530) for rent of 7, 8 and 9 Albourne Court to a pension scheme, Paul Earl SIPPs, in which four of the directors are beneficiaries.

18. GOVERNMENT GRANTS

Other income includes amounts received from the Government's scheme for EV chargepoints. The income is received in the form of grants.