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Registration number: 04691216

PPS Construction Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

PPS Construction Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

PPS Construction Limited

Company Information

Directors

Mr PP Smith

Mrs GM Smith

Registered office

Green Lane Farm
Coton Clanford
Stafford
Staffordshire
ST18 9PD

Accountants

Winton Bath Group Limited
Chartered Accountants
6 Ferranti Court
Staffordshire Technology Park
Stafford
Staffordshire
ST18 0LQ

 

PPS Construction Limited

(Registration number: 04691216)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fiixed assets

 

Tangible assets

4

15,391

19,228

Current assets

 

Debtors

5

5,158

926

Cash at bank and in hand

 

3,253

4,772

 

8,411

5,698

Creditors: Amounts falling due within one year

6

(37,728)

(25,930)

Net current liabilities

 

(29,317)

(20,232)

Total assets less current liabilities

 

(13,926)

(1,004)

Creditors: Amounts falling due after more than one year

6

(9,846)

(12,904)

Provisions for liabilities

(2,975)

(3,653)

Net liabilities

 

(26,747)

(17,561)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(26,847)

(17,661)

Shareholders' deficit

 

(26,747)

(17,561)

For the financial year ending 31 March 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.

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 13 November 2024 and signed on its behalf by:
 

.........................................
Mrs GM Smith
Director

 

PPS Construction Limited

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

1

General information

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

The address of its registered office is:
Green Lane Farm
Coton Clanford
Stafford
Staffordshire
ST18 9PD

These financial statements were authorised for issue by the Board on 13 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.

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 and deferred 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.

 

PPS Construction Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Motor Vehicles

25% on reducing balance

Fixtures and fittings

15% on reducing balance

Plant and machinery

25% on reducing balance

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.

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

 

PPS Construction Limited

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

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.

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. The share capital disclosed on the balance sheet is allotted, called up and fully paid.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

PPS Construction Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

6,974

21,000

147,820

175,794

Additions

-

-

1,070

1,070

At 31 March 2024

6,974

21,000

148,890

176,864

Depreciation

At 1 April 2023

5,434

16,016

135,116

156,566

Charge for the year

231

1,246

3,430

4,907

At 31 March 2024

5,665

17,262

138,546

161,473

Carrying amount

At 31 March 2024

1,309

3,738

10,344

15,391

At 31 March 2023

1,540

4,984

12,704

19,228

5

Debtors

Current

2024
£

2023
£

Trade debtors

5,158

864

Other debtors

-

62

 

5,158

926

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

2,056

2,056

Trade creditors

 

-

398

Taxation and social security

 

1,642

209

Accruals and deferred income

 

2,600

3,460

Other creditors

 

31,430

19,807

 

37,728

25,930

 

PPS Construction Limited

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

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £14,960 (2022 - £20,390).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9,846

12,904

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100