6 false false false false false false false false false false true false false false false false false No description of principal activity 2023-09-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 04856855 2023-09-01 2024-08-31 04856855 2024-08-31 04856855 2023-08-31 04856855 2022-09-01 2023-08-31 04856855 2023-08-31 04856855 2022-08-31 04856855 core:PlantMachinery 2023-09-01 2024-08-31 04856855 core:FurnitureFittings 2023-09-01 2024-08-31 04856855 core:MotorVehicles 2023-09-01 2024-08-31 04856855 bus:Director2 2023-09-01 2024-08-31 04856855 core:PlantMachinery 2023-08-31 04856855 core:FurnitureFittings 2023-08-31 04856855 core:MotorVehicles 2023-08-31 04856855 core:PlantMachinery 2024-08-31 04856855 core:FurnitureFittings 2024-08-31 04856855 core:MotorVehicles 2024-08-31 04856855 core:WithinOneYear 2024-08-31 04856855 core:WithinOneYear 2023-08-31 04856855 core:AfterOneYear 2024-08-31 04856855 core:AfterOneYear 2023-08-31 04856855 core:ShareCapital 2024-08-31 04856855 core:ShareCapital 2023-08-31 04856855 core:CapitalRedemptionReserve 2024-08-31 04856855 core:CapitalRedemptionReserve 2023-08-31 04856855 core:RetainedEarningsAccumulatedLosses 2024-08-31 04856855 core:RetainedEarningsAccumulatedLosses 2023-08-31 04856855 core:AcceleratedTaxDepreciationDeferredTax 2024-08-31 04856855 core:AcceleratedTaxDepreciationDeferredTax 2023-08-31 04856855 core:PlantMachinery 2023-08-31 04856855 core:FurnitureFittings 2023-08-31 04856855 core:MotorVehicles 2023-08-31 04856855 bus:SmallEntities 2023-09-01 2024-08-31 04856855 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 04856855 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 04856855 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 04856855 bus:FullAccounts 2023-09-01 2024-08-31 04856855 core:OfficeEquipment 2023-09-01 2024-08-31 04856855 core:OfficeEquipment 2023-08-31 04856855 core:OfficeEquipment 2024-08-31 04856855 core:AfterOneYear 2023-09-01 2024-08-31
COMPANY REGISTRATION NUMBER: 04856855
Paxton Sheet Metal Limited
Filleted Unaudited Financial Statements
For the year ended
31 August 2024
Paxton Sheet Metal Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
49,828
50,074
Current assets
Stocks
400
800
Debtors
6
134,795
115,427
Cash at bank and in hand
210,252
143,619
---------
---------
345,447
259,846
Creditors: amounts falling due within one year
7
167,440
125,578
---------
---------
Net current assets
178,007
134,268
---------
---------
Total assets less current liabilities
227,835
184,342
Creditors: amounts falling due after more than one year
8
29,744
46,215
Provisions
Deferred taxation
12,457
12,518
---------
---------
Net assets
185,634
125,609
---------
---------
Capital and reserves
Called up share capital
56
56
Capital redemption reserve
44
44
Profit and loss account
185,534
125,509
---------
---------
Shareholders funds
185,634
125,609
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 August 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 .
Paxton Sheet Metal Limited
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 10 January 2025 , and are signed on behalf of the board by:
G J Shaw
Director
Company registration number: 04856855
Paxton Sheet Metal Limited
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ. The company's trading address is 11 Little End Road, Eaton Socon, St Neots, Cambridgeshire, PE19 3JH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for work done and goods supplied, stated net of discounts and of value added tax. In respect of long-term contracts, turnover is recognised with reference to the stage of completion at the end of the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% straight line
Stocks
Raw materials and consumables are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated as the invoiced price of goods net of VAT and trade discounts.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Lease and hire purchase payments are apportioned between the finance charges and reduction of the outstanding lease liability using the sum of the digits method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Pension contributions
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 5 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 September 2023
33,630
6,826
43,245
2,476
86,177
Additions
11,753
1,461
13,214
Disposals
( 1,928)
( 1,928)
--------
-------
--------
-------
--------
At 31 August 2024
45,383
6,826
43,245
2,009
97,463
--------
-------
--------
-------
--------
Depreciation
At 1 September 2023
21,707
5,102
6,931
2,363
36,103
Charge for the year
3,858
431
9,078
92
13,459
Disposals
( 1,927)
( 1,927)
--------
-------
--------
-------
--------
At 31 August 2024
25,565
5,533
16,009
528
47,635
--------
-------
--------
-------
--------
Carrying amount
At 31 August 2024
19,818
1,293
27,236
1,481
49,828
--------
-------
--------
-------
--------
At 31 August 2023
11,923
1,724
36,314
113
50,074
--------
-------
--------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
121,174
107,504
Other debtors
13,621
7,923
---------
---------
134,795
115,427
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,958
4,958
Trade creditors
42,863
37,310
Social security and other taxes
99,927
71,469
Other creditors
19,692
11,841
---------
---------
167,440
125,578
---------
---------
The bank loan of £4,958 (2023: £4,958) has been provided to the company under the Bounce Back Loan Scheme. Included within other creditors is an amount of £9,948 (2023: £8,891) relating to liabilities under hire purchase agreements. Hire purchase agreements are secured on the assets concerned.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
26,944
33,467
Other creditors
2,800
12,748
--------
--------
29,744
46,215
--------
--------
The bank loan of £26,944 (2023: £33,467) has been provided to the company under the Bounce Back Loan Scheme. Included within other creditors is an amount of £2,800 (2023: £12,748) relating to liabilities under hire purchase agreements. Hire purchase agreements are secured on the assets concerned.
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
12,457
12,518
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
12,457
12,518
--------
--------