IRIS Accounts Production v24.2.0.383 07758138 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false true false Ordinary A 1.00000 Ordinary B 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh077581382022-12-31077581382023-12-31077581382023-01-012023-12-31077581382021-12-31077581382022-01-012022-12-31077581382022-12-3107758138ns15:EnglandWales2023-01-012023-12-3107758138ns14:PoundSterling2023-01-012023-12-3107758138ns10:Director12023-01-012023-12-3107758138ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3107758138ns10:SmallEntities2023-01-012023-12-3107758138ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3107758138ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3107758138ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3107758138ns10:FullAccounts2023-01-012023-12-3107758138ns10:OrdinaryShareClass22023-01-012023-12-3107758138ns10:OrdinaryShareClass32023-01-012023-12-3107758138ns10:Director22023-01-012023-12-3107758138ns10:RegisteredOffice2023-01-012023-12-3107758138ns5:CurrentFinancialInstruments2023-12-3107758138ns5:CurrentFinancialInstruments2022-12-3107758138ns5:Non-currentFinancialInstruments2023-12-3107758138ns5:Non-currentFinancialInstruments2022-12-3107758138ns5:ShareCapital2023-12-3107758138ns5:ShareCapital2022-12-3107758138ns5:RetainedEarningsAccumulatedLosses2023-12-3107758138ns5:RetainedEarningsAccumulatedLosses2022-12-3107758138ns5:FurnitureFittings2023-01-012023-12-3107758138ns5:MotorVehicles2023-01-012023-12-3107758138ns5:FurnitureFittings2022-12-3107758138ns5:MotorVehicles2022-12-3107758138ns5:FurnitureFittings2023-12-3107758138ns5:MotorVehicles2023-12-3107758138ns5:FurnitureFittings2022-12-3107758138ns5:MotorVehicles2022-12-3107758138ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3107758138ns5:WithinOneYearns5:CurrentFinancialInstruments2022-12-3107758138ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-12-3107758138ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2022-12-3107758138ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3107758138ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-12-3107758138ns5:Secured2023-12-3107758138ns5:Secured2022-12-3107758138ns10:OrdinaryShareClass22023-12-3107758138ns10:OrdinaryShareClass32023-12-31
REGISTERED NUMBER: 07758138 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PINFOLD PROJECTS LTD

PINFOLD PROJECTS LTD (REGISTERED NUMBER: 07758138)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PINFOLD PROJECTS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs M A McDonagh
C D McDonagh





REGISTERED OFFICE: The Manse
28 George Street
Lutterworth
Leicestershire
LE17 4EE





REGISTERED NUMBER: 07758138 (England and Wales)





ACCOUNTANTS: Armstrongs Bishop Simmons
Chartered Accountants and Tax Advisors
Gethin House
36 Bond Street
Nuneaton
Warwickshire
CV11 4DA

PINFOLD PROJECTS LTD (REGISTERED NUMBER: 07758138)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 49,123 70,561

CURRENT ASSETS
Stocks 5 691,071 413,290
Debtors 6 1,293,426 1,305,997
Cash at bank 10,766 26
1,995,263 1,719,313
CREDITORS
Amounts falling due within one year 7 1,769,491 1,459,510
NET CURRENT ASSETS 225,772 259,803
TOTAL ASSETS LESS CURRENT
LIABILITIES

274,895

330,364

CREDITORS
Amounts falling due after more than one
year

8

14,151

26,978
NET ASSETS 260,744 303,386

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 260,742 303,384
SHAREHOLDERS' FUNDS 260,744 303,386

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PINFOLD PROJECTS LTD (REGISTERED NUMBER: 07758138)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 January 2025 and were signed on its behalf by:





C D McDonagh - Director


PINFOLD PROJECTS LTD (REGISTERED NUMBER: 07758138)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Pinfold Projects Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks and 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 is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

PINFOLD PROJECTS LTD (REGISTERED NUMBER: 07758138)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2023 33,415 185,886 219,301
Additions 1,907 - 1,907
Disposals - (22,036 ) (22,036 )
At 31 December 2023 35,322 163,850 199,172
DEPRECIATION
At 1 January 2023 29,832 118,908 148,740
Charge for year 1,372 15,001 16,373
Eliminated on disposal - (15,064 ) (15,064 )
At 31 December 2023 31,204 118,845 150,049
NET BOOK VALUE
At 31 December 2023 4,118 45,005 49,123
At 31 December 2022 3,583 66,978 70,561

5. STOCKS
2023 2022
£    £   
Stocks 24,610 22,800
Work-in-progress 666,461 390,490
691,071 413,290

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,245,964 1,265,147
Amounts owed by group undertakings 28,249 24,346
VAT 14,501 -
Prepayments 4,712 16,504
1,293,426 1,305,997

PINFOLD PROJECTS LTD (REGISTERED NUMBER: 07758138)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 54,847 127,716
Hire purchase contracts 1,924 12,458
Trade creditors 1,026,346 761,641
Corporation tax 31,069 32,449
Social security and other taxes 190,311 273,897
VAT - 29,843
Pensions payable 164 164
Wages and salaries - 2,577
Directors' current accounts 67,934 213,185
Accruals and deferred income 391,461 -
Accrued expenses 5,435 5,580
1,769,491 1,459,510

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 4,151 15,054
Hire purchase contracts - 1,924
14,151 26,978

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 44,847 117,716

Lloyds Bank Commercial Finance Limited holds a fixed charge and floating charge which covers all the property or undertaking of the company dated 01/04/2019.

Ultimate Invoice Finance Limited holds a fixed charge and floating charge which covers all the property or undertaking of the company dated 25/11/2016.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary A £1 1 1
1 Ordinary B £1 1 1
2 2

PINFOLD PROJECTS LTD (REGISTERED NUMBER: 07758138)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. ULTIMATE CONTROLLING PARTY

The company is jointly controlled by Mr C D McDonagh and Mrs M A McDonagh who both have an equal share in the company.