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Registrar

File copy

Registration number: 01185406

P.G. Bones Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

P.G. Bones Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

P.G. Bones Limited

Company Information

Directors

S J Bones

P G Bones

J A Bones

L A Bones

K Baker

D M Railton

Company secretary

S J Bones

Registered office

39 Blackwell Drive
Springwood Industrial Estate
Braintree
Essex
CM7 2PU

Solicitors

Holmes & Hills LLP
Bocking End
Braintree
Essex
CM7 9AJ

Bankers

National Westminster Bank
47 High Street
Braintree
Essex
CM7 1JT

Accountants

Lambert Chapman LLP
Chartered accountants3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

P.G. Bones Limited

(Registration number: 01185406)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

249,834

253,285

Current assets

 

Stocks

6

118,250

109,800

Debtors

7

1,295,530

1,062,849

Other financial assets

5

305,245

220,216

Cash at bank and in hand

 

669,563

1,095,292

 

2,388,588

2,488,157

Creditors: Amounts falling due within one year

8

(410,192)

(382,552)

Net current assets

 

1,978,396

2,105,605

Net assets

 

2,228,230

2,358,890

Capital and reserves

 

Called up share capital

9,002

9,002

Capital redemption reserve

998

998

Revaluation reserve

29,466

29,466

Retained earnings

2,188,764

2,319,424

Shareholders' funds

 

2,228,230

2,358,890

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 February 2025 and signed on its behalf by:
 

S J Bones
Company secretary and director

 

P.G. Bones Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 39 Blackwell Drive, Springwood Industrial Estate, Braintree, Essex, CM7 2PU.

These financial statements were authorised for issue by the Board on 18 February 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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Reclassification of comparative amounts

Motor expenses amounting to £107,743 were reclassified from overhead expenses to cost of sales. This reduced the previously reported gross profit margin in the 31 December 2023 accounts from 22.54% to 20.10%.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of provision of services for plumbing and heating engineering in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates 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.

Tax

Current Tax is recognised in the profit and loss account, 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

P.G. Bones Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Asset class

Depreciation method and rate

Plant and equipment

15% reducing balance

Improvements to property

2% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

33% straight line

Office equipment

15% reducing balance

Fixtures and fittings

No depreciation

Website

25% straight line

Investments

Investments are basic financial instruments which are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

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

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.

Share capital

Ordinary shares are classified as equity.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 34 (2023 - 36).

 

P.G. Bones Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

             

Improvements to property
£

Website costs
£

Motor vehicles
 £

Office equipment/Fixtures and fittings
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 January 2024

120,000

-

325,533

37,909

300

483,742

Additions

-

2,345

76,438

4,511

-

83,294

Disposals

-

-

(75,450)

(2,058)

-

(77,508)

At 31 December 2024

120,000

2,345

326,521

40,362

300

489,528

Depreciation

At 1 January 2024

8,491

-

190,924

30,789

253

230,457

Charge for the year

2,230

-

39,360

1,114

7

42,711

Eliminated on disposal

-

-

(31,579)

(1,895)

-

(33,474)

At 31 December 2024

10,721

-

198,705

30,008

260

239,694

Carrying amount

At 31 December 2024

109,279

2,345

127,816

10,354

40

249,834

At 31 December 2023

111,509

-

134,609

7,120

47

253,285

 

P.G. Bones Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Revaluation

The fair value of the company's improvements to property was revalued on 1 January 2020. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £80,382 (2023 - £82,412).

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Current financial assets

Cost or valuation

At 1 January 2024

220,214

220,214

Revaluations

35,959

35,959

Additions

50,000

50,000

Disposals

(928)

(928)

At 31 December 2024

305,245

305,245

Carrying amount

At 31 December 2024

305,245

305,245

6

Stocks

2024
£

2023
£

Raw materials and consumables

118,250

109,800

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

196,129

283,311

Amounts owed by related parties

9

90,000

-

Other debtors

 

23,672

15,327

Directors loan

 

657

21,441

Prepayments

 

98,034

85,766

Amounts recoverable on long term contracts

 

887,038

657,004

 

1,295,530

1,062,849

 

P.G. Bones Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

212,431

154,744

Taxation and social security

46,304

24,826

Accruals and deferred income

14,024

27,010

Other creditors

137,433

175,972

410,192

382,552

9

Related party transactions

Transactions with directors

2024

At 1 January 2024
£

Advances to director
£

Repayments by director
£

At 31 December 2024
£

21,441

23,050

(43,833)

658

 

2023

At 1 January 2023
£

Advances to director
£

At 31 December 2023
£

-

21,441

21,441

 

10

Parent and ultimate parent undertaking

The company's immediate parent is P G Bones (Holdings) Ltd, incorporated in England and Wales.