Company registration number 07525931 (England and Wales)
R & L PAUL LTD
Unaudited financial statements
For the year ended 31 May 2024
Pages for filing with registrar
R & L PAUL LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
R & L PAUL LTD
STATEMENT OF FINANCIAL POSITION
As at 31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
81,935
56,076
Investment property
4
760,000
760,000
841,935
816,076
Current assets
Inventories
2,500
2,500
Trade and other receivables
5
109,419
58,414
Cash and cash equivalents
627,097
591,802
739,016
652,716
Current liabilities
6
(143,651)
(123,574)
Net current assets
595,365
529,142
Total assets less current liabilities
1,437,300
1,345,218
Provisions for liabilities
7
(30,611)
(24,405)
Net assets
1,406,689
1,320,813
Equity
Called up share capital
8
100
100
Retained earnings
9
1,406,589
1,320,713
Total equity
1,406,689
1,320,813

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on
21 February 2025
21 February 2025
and are signed on its behalf by:
D R Gregory
K D Gregory
Director
Director
Company registration number 07525931 (England and Wales)
R & L PAUL LTD
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 May 2024
- 2 -
1
Accounting policies
Company information

R & L Paul Ltd is a private company limited by shares incorporated in England and Wales. The registered office is R & L House, 2 Redmead Road, Hayes, Middlesex, UB3 4AU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

1.3
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost less depreciation and less any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% reducing balance per annum
Fixtures, fittings & equipment
25% reducing balance per annum
Motor vehicles
25% reducing balance per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.

R & L PAUL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

R & L PAUL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 May 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
6
7
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 June 2023
125,744
Additions
67,090
Disposals
(24,741)
At 31 May 2024
168,093
Depreciation and impairment
At 1 June 2023
69,668
Depreciation charged in the year
27,314
Eliminated in respect of disposals
(10,824)
At 31 May 2024
86,158
Carrying amount
At 31 May 2024
81,935
At 31 May 2023
56,076
4
Investment property
2024
£
Fair value
At 1 June 2023 and 31 May 2024
760,000
R & L PAUL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 May 2024
- 5 -
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
70,689
48,803
Other receivables
38,730
9,611
109,419
58,414
6
Current liabilities
2024
2023
£
£
Trade payables
38,202
36,239
Corporation tax
18,025
33,182
Other taxation and social security
18,940
13,111
Other payables
68,484
41,042
143,651
123,574
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
30,611
24,405
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Retained earnings

Retained earnings includes distributable profits of £1,373,749 (2023 - £1,287,873) and non-distributable profits of £32,840 (2023 - £32,840). The non-distributable profits includes the unrealised gains and losses relating to the investment properties fair value movements less the deferred tax provision on these fair value movements.

10
Directors' transactions

During the year, the company paid rent amounting to £24,000 (2023 - £24,000) to one of the directors of the company.

During the year the company advanced one of the directors £7,083. The advance was interest free and unsecured and was repaid in February 2025.

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