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REGISTERED NUMBER: 01136997 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

PAVE-AWAYS LIMITED

PAVE-AWAYS LIMITED (REGISTERED NUMBER: 01136997)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


PAVE-AWAYS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: S P Owen
Mrs V L Lawson
J D Evans
Miss C E Davies



REGISTERED OFFICE: Avenue Mill
Knockin
Oswestry
Shropshire
SY10 8HQ



REGISTERED NUMBER: 01136997 (England and Wales)



SENIOR STATUTORY AUDITOR: Aled Davies FCCA



AUDITORS: D.R.E. & Co. (Audit) Limited
7 Lower Brook Street
Oswestry
Shropshire
SY11 2HG

PAVE-AWAYS LIMITED (REGISTERED NUMBER: 01136997)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

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

REVIEW OF BUSINESS
The company's primary activity is delivering high-quality construction services across the Boroughs of Shropshire, Telford, Cheshire and Mid Wales. Turnover has met the budget forecast for the year, with profit levels returning to pre-COVID standards. In 2023/24, we experienced a return to more sustainable trading conditions, supported by our loyal supply chain, bringing stability to long-term projects.

Sustainability remains central to our business, ensuring we contribute to the communities where we operate. As Directors, we continue to uphold the company values of Safety, Integrity, Teamwork, Excellence, and Sustainability. Our hands-on approach, combined with these shared values, is reflected in the high levels of repeat business we maintain.

Key performance indicators

2024 2023 % change
Turnover £20,561,672 £22,625,427 -9.1%
Gross profit £1,948,521 £370,956 425%
Shareholders' funds £5,399,874 £4,708,284 14.7%
Gross margin 9.5% 1.6%

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the business are consistent with those affecting the construction sector as a whole. Effectively managing the risks is essential for the business to maintain profitability, meet project deadlines and ensure compliance and safety

ENVIRONMENTAL POLICY
The company is committed to ensuring it minimises any disturbance to the local & global environment and complies fully with all relevant statutory regulations. The company policies and processes are centred around its ISO14001 accreditation. The Environmental Policy provides project-specific management measures and is dynamic. The successful implementation demands awareness on the part of every individual within the company and including all those who work with and for the company.

HEALTH, SAFETY AND WELL-BEING
The health, safety and well being of all persons on construction projects remains the highest priority within Pave-Aways. The record in the last twelve months remains exceptional and with continued engagement, training and knowledge the company will continue to embellish this further. Well being support within Pave-Aways covers all employees and their families providing advice and help whenever it is needed.

ON BEHALF OF THE BOARD:





S P Owen - Director


25 November 2024

PAVE-AWAYS LIMITED (REGISTERED NUMBER: 01136997)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

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

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of civil engineering, building and construction work.

DIVIDENDS
Interim dividends per share were paid as follows:
Ordinary A £1 shares £7,142.86 - 1 April 2023
Ordinary B £1 shares £ 821.70 - 1 April 2023

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31 March 2024 will be £582,170.

RESEARCH AND DEVELOPMENT
Pave-Aways Limited prioritises innovation through research and development by creating forward-thinking solutions to enhance our offerings and maintain a competitive edge in the construction industry. During the year, we focused on reducing waste and carbon footprint by investing in advanced waste management systems and adopting innovative construction techniques to minimise resource consumption. Our research also explored and integrated eco-friendly materials, lowering environmental impact and enhancing project sustainability.
Looking ahead, our commitment to R&D remains central to our strategic goals. We will continue to explore sustainable technologies and digital transformation to meet the evolving needs of our customers and drive long-term environmental and operational improvements.

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

S P Owen
Mrs V L Lawson
J D Evans
Miss C E Davies

STREAMLINED ENERGY AND CARBON REPORTING
Greenhouse gas emissions, energy consumption and energy efficiency disclosure is not given as consumption is less than 40,000 kWh of energy.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen, in accordance with s414C(11) of the Companies Act, to set out in the company's strategic report information regarding the review of business and a description of the principal risks and uncertainties facing the company.

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.


PAVE-AWAYS LIMITED (REGISTERED NUMBER: 01136997)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
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.

AUDITORS
The auditors, D.R.E. & Co. (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S P Owen - Director


25 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PAVE-AWAYS LIMITED

Opinion
We have audited the financial statements of Pave-Aways Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 March 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
PAVE-AWAYS 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 pages three and 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
PAVE-AWAYS 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the client's operating sector;

-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment, environmental and health and safety legislation;

-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and

-reviewing the client's system notes and internal controls.

To address the risk of fraud through management bias and override of controls, we:

-performed analytical procedures to identify any unusual or unexpected relationships;

-tested journal entries to identify unusual transactions;

-assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias;

-investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

-enquiring of management as to actual and potential litigation and claims;

-reviewing correspondence with HMRC.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PAVE-AWAYS LIMITED

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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.

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.




Aled Davies FCCA (Senior Statutory Auditor)
for and on behalf of D.R.E. & Co. (Audit) Limited
7 Lower Brook Street
Oswestry
Shropshire
SY11 2HG

25 November 2024

PAVE-AWAYS LIMITED (REGISTERED NUMBER: 01136997)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 20,561,672 22,625,427

Cost of sales (18,613,151 ) (22,254,471 )
GROSS PROFIT 1,948,521 370,956

Administrative expenses (1,060,412 ) (857,477 )
888,109 (486,521 )

Other operating income 52,694 47,889
OPERATING PROFIT/(LOSS) 5 940,803 (438,632 )

Interest receivable and similar income 37,805 13,645
PROFIT/(LOSS) BEFORE TAXATION 978,608 (424,987 )

Tax on profit/(loss) 6 294,952 19,149
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

1,273,560

(405,838

)

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,273,560

(405,838

)

PAVE-AWAYS LIMITED (REGISTERED NUMBER: 01136997)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 982,488 1,065,120

CURRENT ASSETS
Stocks 9 9,350 9,350
Debtors 10 7,080,382 7,274,116
Cash at bank 3,466,210 2,170,051
10,555,942 9,453,517
CREDITORS
Amounts falling due within one year 11 6,016,796 5,672,870
NET CURRENT ASSETS 4,539,146 3,780,647
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,521,634

4,845,767

PROVISIONS FOR LIABILITIES 13 121,760 137,283
NET ASSETS 5,399,874 4,708,484

CAPITAL AND RESERVES
Called up share capital 14 170 170
Capital redemption reserve 15 30 30
Retained earnings 15 5,399,674 4,708,284
SHAREHOLDERS' FUNDS 5,399,874 4,708,484

The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2024 and were signed on its behalf by:





S P Owen - Director


PAVE-AWAYS LIMITED (REGISTERED NUMBER: 01136997)

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

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 170 5,938,200 30 5,938,400

Changes in equity
Dividends - (824,078 ) - (824,078 )
Total comprehensive income - (405,838 ) - (405,838 )
Balance at 31 March 2023 170 4,708,284 30 4,708,484

Changes in equity
Dividends - (582,170 ) - (582,170 )
Total comprehensive income - 1,273,560 - 1,273,560
Balance at 31 March 2024 170 5,399,674 30 5,399,874

PAVE-AWAYS LIMITED (REGISTERED NUMBER: 01136997)

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

1. STATUTORY INFORMATION

Pave-Aways Limited is a private company, limited by shares incorporated in the UK and registered in England and Wales. The company's registered number and registered office address can be found on the Company information page.

The principal place of business is Avenue Mill, Knockin, Oswestry, Shropshire, SY10 8HQ.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Sterling (£), rounded to the nearest pound.

Going Concern
The financial statements have been prepared under a going concern basis on the directors expectation that the company will continue to operate in the foreseeable future.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirement of paragraph 33.7.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 10 for the net carrying amount of debtors.

Work in progress and long term contracts are considered significant accounting estimates and their policy is referred to separately within accounting policies.

Turnover
Turnover represents net invoiced work done, excluding value added tax. Sales relating to long term contracts are recognised to its stage of completion. Other sales are recognised at the point of completion of work done.

PAVE-AWAYS LIMITED (REGISTERED NUMBER: 01136997)

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

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost and 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on reducing balance

Freehold property is stated under the valuation method.

Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

Stocks
Stocks and short term work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Financial instruments
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs, and then subsequently measured at amortised cost. Financial assets classified as receivable within one year are not amortised. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the assets has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including creditors and loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

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.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. 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.

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.

PAVE-AWAYS LIMITED (REGISTERED NUMBER: 01136997)

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

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company makes contributions to employee's private pensions schemes and to a company directors scheme. Costs are allocated against profits as incurred.

Long-term contracts
In accordance with Financial Reporting Standard 102, turnover on long-term contracts is recognised according to the stage reached in the contract by reference to work done. A prudent estimate of the profit attributable to work completed is recognised once the outcome can be assessed with reasonable certainty. Amounts recoverable on contracts, being the excess of sales value of work executed over payments received on account are included within debtors. The cost of long-term contracts not yet taken to the profit and loss account less foreseeable losses and payments on account are shown in stock as long-term contract balances. Excess payments received are included in creditors.

Full provision is made for all foreseeable losses.

4. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 2,925,522 3,194,600
Social security costs 293,062 323,469
Other pension costs 56,220 69,930
3,274,804 3,587,999

The average number of employees during the year was as follows:
31.3.24 31.3.23

Administration 8 8
Production 67 81
75 89

31.3.24 31.3.23
£    £   
Directors' remuneration 135,367 153,343
Directors' pension contributions to money purchase schemes 1,802 3,186

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 4

PAVE-AWAYS LIMITED (REGISTERED NUMBER: 01136997)

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

5. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

31.3.24 31.3.23
£    £   
Hire of plant and machinery 302,315 431,622
Depreciation - owned assets 101,256 111,544
Loss/(profit) on disposal of fixed assets 2,046 (17,909 )
Auditors' remuneration 13,600 12,300
Auditors' remuneration for non audit work 565 3,481
Other operating leases 17,177 20,277

6. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax (28,943 ) (50,000 )
Adjustment for previous year (250,486 ) -
Total current tax (279,429 ) (50,000 )

Deferred tax (15,523 ) 30,851
Tax on profit/(loss) (294,952 ) (19,149 )

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

31.3.24 31.3.23
£    £   
Profit/(loss) before tax 978,608 (424,987 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

244,652

(80,748

)

Effects of:
Expenses not deductible for tax purposes 676 149
Capital allowances in excess of depreciation - (28,438 )
Depreciation in excess of capital allowances 14,009 -
Utilisation of tax losses (207,236 ) -
Adjustments to tax charge in respect of previous periods (250,486 ) -
Research & development (80,000 ) (50,000 )
Deferred tax (15,523 ) 30,851
Pension creditor adjustment (436 ) 75
Losses carried forward - 108,962
Group relief (608 ) -
Total tax credit (294,952 ) (19,149 )

PAVE-AWAYS LIMITED (REGISTERED NUMBER: 01136997)

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

7. DIVIDENDS
31.3.24 31.3.23
£    £   
Ordinary 'A' shares shares of £1 each
Interim 500,000 750,000
Ordinary 'B' shares shares of £1 each
Interim 82,170 74,078
582,170 824,078

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 595,865 223,523 22,176
Additions 6,869 9,428 1,992
Disposals - (21,940 ) -
At 31 March 2024 602,734 211,011 24,168
DEPRECIATION
At 1 April 2023 19,643 144,532 8,217
Charge for year 841 11,569 3,207
Eliminated on disposal - (16,443 ) -
At 31 March 2024 20,484 139,658 11,424
NET BOOK VALUE
At 31 March 2024 582,250 71,353 12,744
At 31 March 2023 576,222 78,991 13,959

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 781,575 64,098 1,687,237
Additions 32,295 4,215 54,799
Disposals (110,848 ) - (132,788 )
At 31 March 2024 703,022 68,313 1,609,248
DEPRECIATION
At 1 April 2023 409,403 40,322 622,117
Charge for year 77,418 8,221 101,256
Eliminated on disposal (80,170 ) - (96,613 )
At 31 March 2024 406,651 48,543 626,760
NET BOOK VALUE
At 31 March 2024 296,371 19,770 982,488
At 31 March 2023 372,172 23,776 1,065,120

PAVE-AWAYS LIMITED (REGISTERED NUMBER: 01136997)

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

9. STOCKS
31.3.24 31.3.23
£    £   
Raw materials and consumables 9,350 9,350

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 4,192,725 4,369,167
Amounts owed by group undertakings 1,296,171 1,791,379
Amounts recoverable on contract 1,202,128 1,015,262
Other debtors - 931
Directors' current accounts 20,000 -
Tax 275,499 -
Prepayments and accrued income 93,859 97,377
7,080,382 7,274,116

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 5,137,257 5,026,999
Tax - 3,930
Social security and other taxes 829,458 568,770
Accrued expenses 50,081 73,171
6,016,796 5,672,870

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 18,751 17,793
Between one and five years 7,700 15,700
26,451 33,493

13. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 121,760 137,283

Deferred
tax
£   
Balance at 1 April 2023 137,283
Provision movement (15,523 )
Balance at 31 March 2024 121,760

PAVE-AWAYS LIMITED (REGISTERED NUMBER: 01136997)

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

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
70 Ordinary 'A' shares £1 70 70
100 Ordinary 'B' shares £1 100 100
170 170

The Ordinary 'A' shares have full voting rights, are eligible for dividends and carry the right to participate in a distribution (including on winding up).

The Ordinary 'B' shares have no voting rights however are eligible for dividends.

15. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2023 4,708,284 30 4,708,314
Profit for the year 1,273,560 1,273,560
Dividends (582,170 ) (582,170 )
At 31 March 2024 5,399,674 30 5,399,704

Retained earnings includes all current and prior period retained profits and losses.

Capital redemption reserve represents amounts from a previous purchase of own shares.

16. ULTIMATE PARENT COMPANY

Pave-Aways Holdings Ltd is regarded by the directors as being the company's ultimate parent company.

Pave-Aways Holdings Limited is a company registered in England and Wales, whose registered office address is Avenue Mill, Knockin, Oswestry, Shropshire, SY10 8HQ.

Pave-Aways Holdings Limited prepares consolidated accounts which include Pave-Aways Limited. The group accounts are freely available from Companies House.

17. CONTINGENT LIABILITIES

The company's bankers hold an unlimited guarantee dated 8 March 2012 over all assets of the company by fixed and floating charge. They also have a fixed charge over the deposit held, dated 18 December 2014.

PAVE-AWAYS LIMITED (REGISTERED NUMBER: 01136997)

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

18. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
S P Owen
Balance outstanding at start of year - -
Amounts advanced 20,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 20,000 -

19. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the group.

Key management personnel remuneration, including employers national insurance and pension contributions
totalled £147,000 (2023: £168,133).