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Registration number: 08039234

Paul Southon Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Paul Southon Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 11

 

Paul Southon Limited

Company Information

Director

P D Southon

Registered office

Bonhill, Basted Lane
Crouch
Borough Green
Sevenoaks
Kent
TN15 8PZ

 

Paul Southon Limited

(Registration number: 08039234)
Balance Sheet as at 30 April 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

34,451

 

41,281

Current assets

   

 

Stocks

6,150

 

3,175

 

Debtors

5

378,557

 

363,037

 

Cash at bank and in hand

 

43,498

 

15,616

 

 

428,205

 

381,828

 

Creditors: Amounts falling due within one year

6

(167,453)

 

(273,637)

 

Net current assets

   

260,752

 

108,191

Total assets less current liabilities

   

295,203

 

149,472

Creditors: Amounts falling due after more than one year

6

 

(175,804)

 

(21,481)

Provisions for liabilities

 

(6,545)

 

(7,843)

Net assets

   

112,854

 

120,148

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

112,852

120,146

Total equity

 

112,854

120,148

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.

 

Paul Southon Limited

(Registration number: 08039234)
Balance Sheet as at 30 April 2024 (continued)

For the financial year ending 30 April 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.

Approved and authorised by the director on 20 January 2025
 

.........................................
P D Southon
Director

 

Paul Southon Limited

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Retained earnings
£

Total
£

At 1 May 2023

2

120,146

120,148

Profit for the year

-

4,706

4,706

Dividends

-

(12,000)

(12,000)

At 30 April 2024

2

112,852

112,854

Share capital
£

Retained earnings
£

Total
£

At 1 May 2022

2

131,803

131,805

Profit for the year

-

23,843

23,843

Dividends

-

(35,500)

(35,500)

At 30 April 2023

2

120,146

120,148

 

Paul Southon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
Bonhill, Basted Lane
Crouch
Borough Green
Sevenoaks
Kent
TN15 8PZ

These financial statements were authorised for issue by the director on 20 January 2025.

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.

Going concern

The financial statements have been prepared on a going concern basis.

 

Paul Southon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

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 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.

The company's turnover specifically comprises:
Fees from project management services, recognised when the service has been performed.
Fees from short term contracts, recognised on completion of the contract;
Fees from long term contracts; where the outcome can be estimated reliably, fees are recognised in proportion to the stage of completion of the contract activity. Losses on long term contracts are recognised as an expense as soon as such loss is probable. Retentions on long term contracts, net of the cost of remedial work, are not recognised until received.

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.

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.

 

Paul Southon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, less their estimated residual value, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office furniture

10 years straight line

Plant and machinery

5 or 10 years straight line

Computer equipment

3 years straight line

Motor vehicles

5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Paul Southon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

 

Paul Southon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Tangible assets

Office furniture
£

Plant and machinery
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

200

44,315

9,300

49,226

103,041

Additions

-

621

719

-

1,340

Disposals

-

(1,139)

(1,689)

-

(2,828)

At 30 April 2024

200

43,797

8,330

49,226

101,553

Depreciation

At 1 May 2023

140

25,106

8,388

28,126

61,760

Charge for the year

20

4,182

1,168

2,768

8,138

Eliminated on disposal

-

(1,107)

(1,689)

-

(2,796)

At 30 April 2024

160

28,181

7,867

30,894

67,102

Carrying amount

At 30 April 2024

40

15,616

463

18,332

34,451

At 30 April 2023

60

19,209

912

21,100

41,281

 

Paul Southon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

5

Debtors

Current

2024
£

2023
£

Trade debtors

336,611

332,479

Other debtors

236

237

Prepayments and accrued income

41,710

30,321

 

378,557

363,037

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

68,491

14,903

Trade creditors

 

35,712

81,210

Taxation and social security

 

15,988

11,621

Other creditors

 

42,112

146,088

Accruals and deferred income

 

5,150

19,815

 

167,453

273,637

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

175,804

21,481

 

Paul Southon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

175,804

21,481

2024
£

2023
£

Current loans and borrowings

Bank borrowings

68,491

9,975

Hire purchase contracts

-

4,928

68,491

14,903