Registered number
10759050
Pinfolds Mechanical Ltd
Filleted Accounts
31 March 2024
Pinfolds Mechanical Ltd
Registered number: 10759050
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 19,507 29,414
Current assets
Debtors 4 167,004 29,914
Cash at bank and in hand 16,283 -
183,287 29,914
Creditors: amounts falling due within one year 5 (67,361) (15,645)
Net current assets 115,926 14,269
Total assets less current liabilities 135,433 43,683
Creditors: amounts falling due after more than one year 6 (4,968) (10,436)
Net assets 130,465 33,247
Capital and reserves
Called up share capital 100 100
Profit and loss account 130,365 33,147
Shareholders' funds 130,465 33,247
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
O Davies
Director
Approved by the board on 2 November 2024
Pinfolds Mechanical Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts 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).
Turnover
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 19,360 47,470 66,830
Additions 4,324 - 4,324
At 31 March 2024 23,684 47,470 71,154
Depreciation
At 1 April 2023 17,078 20,338 37,416
Charge for the year 4,737 9,494 14,231
At 31 March 2024 21,815 29,832 51,647
Net book value
At 31 March 2024 1,869 17,638 19,507
At 31 March 2023 2,282 27,132 29,414
4 Debtors 2024 2023
£ £
Trade debtors 156,579 18,135
HMRC debtors 10,425 11,779
167,004 29,914
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 980
Obligations under finance lease and hire purchase contracts 5,468 5,468
Trade creditors 7,853 7,146
Corporation tax 58,831 4,079
Other taxes and social security costs (5,885) (2,703)
Other creditors 1,094 675
67,361 15,645
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 4,968 10,436
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 10,436 15,904
Vehicles financed by way of secured HP agreements.
8 Other information
Pinfolds Mechanical Ltd is a private company limited by shares and incorporated in England. Its registered office is:
237 Manor Farm Road
Bitterne Park
Southampton
Hampshire
SO18 1NY
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