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Company No: 14074475 (England and Wales)

PETE KING CONTRACTING LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

PETE KING CONTRACTING LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

PETE KING CONTRACTING LIMITED

BALANCE SHEET

As at 30 April 2024
PETE KING CONTRACTING LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 30.04.2024 30.04.2023
£ £
Fixed assets
Tangible assets 3 227,049 263,705
227,049 263,705
Current assets
Stocks 4 9,950 8,800
Debtors 5 15,894 28,337
Cash at bank and in hand 10,835 16,411
36,679 53,548
Creditors: amounts falling due within one year 6 ( 239,779) ( 281,628)
Net current liabilities (203,100) (228,080)
Total assets less current liabilities 23,949 35,625
Creditors: amounts falling due after more than one year 7 ( 7,440) 0
Provision for liabilities ( 56,762) ( 65,926)
Net liabilities ( 40,253) ( 30,301)
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account ( 40,353 ) ( 30,401 )
Total shareholders' deficit ( 40,253) ( 30,301)

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.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Pete King Contracting Limited (registered number: 14074475) were approved and authorised for issue by the Board of Directors on 31 January 2025. They were signed on its behalf by:

Mr Peter King
Director
PETE KING CONTRACTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
PETE KING CONTRACTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Pete King Contracting Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Burnt House Farm, Ston Easton, Radstock, BA3 4EF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow moving or defective items where appropriate.

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 stocks 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Year ended
30.04.2024
Period from
28.04.2022 to
30.04.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 May 2023 276,408 5,000 20,445 301,853
Additions 1,950 0 7,835 9,785
Disposals ( 6,000) 0 0 ( 6,000)
At 30 April 2024 272,358 5,000 28,280 305,638
Accumulated depreciation
At 01 May 2023 36,778 1,000 370 38,148
Charge for the financial year 35,211 800 5,330 41,341
Disposals ( 900) 0 0 ( 900)
At 30 April 2024 71,089 1,800 5,700 78,589
Net book value
At 30 April 2024 201,269 3,200 22,580 227,049
At 30 April 2023 239,630 4,000 20,075 263,705

4. Stocks

30.04.2024 30.04.2023
£ £
Stocks 2,150 1,000
Livestock 7,800 7,800
9,950 8,800

5. Debtors

30.04.2024 30.04.2023
£ £
Trade debtors 15,894 28,337

6. Creditors: amounts falling due within one year

30.04.2024 30.04.2023
£ £
Trade creditors 41,061 96,247
Taxation and social security 53,931 23,321
Obligations under finance leases and hire purchase contracts 5,144 15,284
Other creditors 139,643 146,776
239,779 281,628

7. Creditors: amounts falling due after more than one year

30.04.2024 30.04.2023
£ £
Obligations under finance leases and hire purchase contracts (secured) 7,440 0

Finance leases and hire purchase contracts are secured against the assets to which they relate.

8. Called-up share capital

30.04.2024 30.04.2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100