Martin Payne Limited 04657983 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is Roofing & Property Maintanance Digita Accounts Production Advanced 6.30.9574.0 true 04657983 2023-03-01 2024-02-29 04657983 2024-02-29 04657983 core:CurrentFinancialInstruments 2024-02-29 04657983 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 04657983 core:Goodwill 2024-02-29 04657983 core:MotorVehicles 2024-02-29 04657983 core:OfficeEquipment 2024-02-29 04657983 core:PlantMachinery 2024-02-29 04657983 bus:SmallEntities 2023-03-01 2024-02-29 04657983 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 04657983 bus:FullAccounts 2023-03-01 2024-02-29 04657983 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 04657983 bus:RegisteredOffice 2023-03-01 2024-02-29 04657983 bus:Director1 2023-03-01 2024-02-29 04657983 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 04657983 core:Goodwill 2023-03-01 2024-02-29 04657983 core:MotorVehicles 2023-03-01 2024-02-29 04657983 core:OfficeEquipment 2023-03-01 2024-02-29 04657983 core:PlantMachinery 2023-03-01 2024-02-29 04657983 countries:EnglandWales 2023-03-01 2024-02-29 04657983 2023-02-28 04657983 core:Goodwill 2023-02-28 04657983 core:MotorVehicles 2023-02-28 04657983 core:OfficeEquipment 2023-02-28 04657983 core:PlantMachinery 2023-02-28 04657983 2022-03-01 2023-02-28 04657983 2023-02-28 04657983 core:CurrentFinancialInstruments 2023-02-28 04657983 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 04657983 core:MotorVehicles 2023-02-28 04657983 core:OfficeEquipment 2023-02-28 04657983 core:PlantMachinery 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 04657983

Martin Payne Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Martin Payne Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Martin Payne Limited

Company Information

Director

Mr M Payne

Registered office

First Floor
Bellamy House
Winton Road
Petersfield
Hampshire
GU32 3HA

Accountants

A J Wheeler Ltd - Trading as Howard Smith & Co
Chartered Certified Accountants
338 London Road
Portsmouth
Hampshire
PO2 9JY

 

Martin Payne Limited

(Registration number: 04657983)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

29,474

39,166

Current assets

 

Stocks

4,000

24,500

Debtors

6

53,380

49,953

Cash at bank and in hand

 

392,588

275,798

 

449,968

350,251

Creditors: Amounts falling due within one year

7

(73,042)

(51,589)

Net current assets

 

376,926

298,662

Total assets less current liabilities

 

406,400

337,828

Provisions for liabilities

(7,368)

(7,441)

Net assets

 

399,032

330,387

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

398,932

330,287

Shareholders' funds

 

399,032

330,387

For the financial year ending 29 February 2024 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.

 

Martin Payne Limited

(Registration number: 04657983)
Balance Sheet as at 29 February 2024

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 28 November 2024
 

.........................................
Mr M Payne
Director

 

Martin Payne Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
First Floor
Bellamy House
Winton Road
Petersfield
Hampshire
GU32 3HA

These financial statements were authorised for issue by the director on 28 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.

 

Martin Payne Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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

Plant and machinery

20% on reducing balance

Motor vehicles

25% on reducing balance

Office equipment

25% on cost

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

Over five years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Martin Payne Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

25,000

25,000

At 29 February 2024

25,000

25,000

Amortisation

At 1 March 2023

25,000

25,000

At 29 February 2024

25,000

25,000

Carrying amount

At 29 February 2024

-

-

 

Martin Payne Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

8,447

666

62,712

71,825

At 29 February 2024

8,447

666

62,712

71,825

Depreciation

At 1 March 2023

6,465

666

25,528

32,659

Charge for the year

396

-

9,296

9,692

At 29 February 2024

6,861

666

34,824

42,351

Carrying amount

At 29 February 2024

1,586

-

27,888

29,474

At 28 February 2023

1,982

-

37,184

39,166

6

Debtors

Current

2024
£

2023
£

Trade debtors

49,000

44,386

Prepayments

4,380

5,567

 

53,380

49,953

 

Martin Payne Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

12,983

6,896

Taxation and social security

47,514

32,153

Accruals and deferred income

1,075

1,050

Other creditors

11,470

11,490

73,042

51,589

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £250.00 (2023 - £200.00) per ordinary share

 

25,000

 

20,000

         

10

Related party transactions

Director's remuneration

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

2024
£

2023
£

Remuneration

11,904

11,642