Registered number
07597377
Paul Collins Builders Limited
Unaudited Filleted Accounts
30 April 2024
Paul Collins Builders Limited
Registered number: 07597377
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,562 4,769
Current assets
Stocks 5,000 3,000
Debtors 4 98,747 160,468
Cash at bank and in hand 212,626 118,795
316,373 282,263
Creditors: amounts falling due within one year 5 (249,484) (214,663)
Net current assets 66,889 67,600
Total assets less current liabilities 69,451 72,369
Creditors: amounts falling due after more than one year 6 (3,791) (5,832)
Provisions for liabilities (641) (1,192)
Net assets 65,019 65,345
Capital and reserves
Called up share capital 100 100
Profit and loss account 64,919 65,245
Shareholders' funds 65,019 65,345
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Collins
Director
Approved by the board on 31 December 2024
Paul Collins Builders Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and equipment 20% on cost over five years
Commercial vehicles 20% on cost over five years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and equipment Commercial vehicles Total
£ £ £
Cost
At 1 May 2023 10,602 13,733 24,335
At 30 April 2024 10,602 13,733 24,335
Depreciation
At 1 May 2023 9,525 10,041 19,566
Charge for the year 360 1,847 2,207
At 30 April 2024 9,885 11,888 21,773
Net book value
At 30 April 2024 717 1,845 2,562
At 30 April 2023 1,077 3,692 4,769
4 Debtors 2024 2023
£ £
Trade debtors 98,747 160,196
Other debtors - 272
98,747 160,468
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 2,028 1,944
Trade creditors 138,821 83,728
Taxation and social security costs 44,001 52,822
Directors' current account 64,634 76,169
249,484 214,663
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 3,791 5,832
7 Other information
Paul Collins Builders Limited is a private company limited by shares and incorporated in England. Its registered office is:
40 Eastfield Avenue
Grimsby
N E Lincolnshire
DN33 2PD
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