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Company registration number: 09121963
Paul & Maundrell Limited
Trading as Paul & Maundrell Limited
Unaudited filleted financial statements
31 July 2024
Paul & Maundrell Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Paul & Maundrell Limited
Directors and other information
Directors Mr Colin Maundrell
Mr Simon Wormington
Company number 09121963
Registered office The Athenaeum
Kimberley Place
Falmouth
Cornwall
TR11 3QL
Business address The Athenaeum
Kimberley Place
Falmouth
Cornwall
TR11 3QL
Accountants Paul & Maundrell Limited
The Athenaeum
Kimberley Place
Falmouth
Cornwall
TR11 3QL
Paul & Maundrell Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Paul & Maundrell Limited
Year ended 31st July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Paul & Maundrell Limited for the year ended 31st July 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Paul & Maundrell Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Paul & Maundrell Limited and state those matters that we have agreed to state to the board of directors of Paul & Maundrell Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Paul & Maundrell Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Paul & Maundrell Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Paul & Maundrell Limited . You consider that Paul & Maundrell Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Paul & Maundrell Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Paul & Maundrell Limited
Chartered Accountants
The Athenaeum
Kimberley Place
Falmouth
Cornwall
TR11 3QL
22nd November 2024
Paul & Maundrell Limited
Statement of financial position
31st July 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 57,100 85,650
Tangible assets 6 20,488 21,040
_______ _______
77,588 106,690
Current assets
Stocks 50,214 41,797
Debtors 7 189,552 232,618
Cash at bank and in hand 149,815 109,530
_______ _______
389,581 383,945
Creditors: amounts falling due
within one year 8 ( 221,987) ( 293,795)
_______ _______
Net current assets 167,594 90,150
_______ _______
Total assets less current liabilities 245,182 196,840
Creditors: amounts falling due
after more than one year 9 ( 14,111) ( 24,019)
Provisions for liabilities ( 3,681) ( 2,625)
_______ _______
Net assets 227,390 170,196
_______ _______
Capital and reserves
Called up share capital 130 130
Profit and loss account 227,260 170,066
_______ _______
Shareholders funds 227,390 170,196
_______ _______
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 November 2024 , and are signed on behalf of the board by:
Mr Colin Maundrell
Director
Company registration number: 09121963
Paul & Maundrell Limited
Notes to the financial statements
Year ended 31st July 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is The Athenaeum, Kimberley Place, Falmouth, Cornwall, TR11 3QL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - Over the length of the lease
Fixtures, fittings & equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2023: 13 ).
Including Directors
5. Intangible assets
Goodwill Total
£ £
Cost
At 1st August 2023 and 31st July 2024 285,500 285,500
_______ _______
Amortisation
At 1st August 2023 199,850 199,850
Charge for the year 28,550 28,550
_______ _______
At 31st July 2024 228,400 228,400
_______ _______
Carrying amount
At 31st July 2024 57,100 57,100
_______ _______
At 31st July 2023 85,650 85,650
_______ _______
6. Tangible assets
Short leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1st August 2023 9,025 49,694 58,719
Additions - 7,507 7,507
_______ _______ _______
At 31st July 2024 9,025 57,201 66,226
_______ _______ _______
Depreciation
At 1st August 2023 1,805 35,874 37,679
Charge for the year 1,805 6,254 8,059
_______ _______ _______
At 31st July 2024 3,610 42,128 45,738
_______ _______ _______
Carrying amount
At 31st July 2024 5,415 15,073 20,488
_______ _______ _______
At 31st July 2023 7,220 13,820 21,040
_______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 170,440 206,883
Other debtors 19,112 25,735
_______ _______
189,552 232,618
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 14,505 7,949
Corporation tax 44,058 18,602
Social security and other taxes 69,573 68,127
Other creditors 83,851 189,117
_______ _______
221,987 293,795
_______ _______
The Company received a bank loan of £50,000 (advanced in 2021) repayable over 5 years at an interest rate of 2.5%.
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 14,111 24,019
_______ _______
The Company received a bank loan of £50,000 (advanced in 2021) repayable over 5 years at an interest rate of 2.5%.
10. Other financial commitments
Financial commitments amounts not provided for in the balance sheetThe total amount of financial commitments not included in the balance sheet is £19,037 (2023 - £6,503).
11. Directors advances, credits and guarantees
There were no Directors loans,credits or guarantees in the year.
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2024 2023
£ £
Rents paid 12,000 12,000
_______ _______
During the year the company paid rent of £12,000 (py £12,000) to the director Mr C N Maundrell .
13. Controlling party
The controlling party of the Company is Mr C. Maundrell who holds the majority shareholding .
14. Covid 19 Pandemic
The business was affected by the Covid 19 pandemic and has continued to receive financial assistance from the Government Covid 19 loan scheme.