Registered number
09606262
Paul Underwood Limited
Filleted Accounts
31 May 2024
Paul Underwood Limited
Registered number: 09606262
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 7,502 5,055
Current assets
Debtors 4 32,136 25,127
Cash at bank and in hand 4,742 3,473
36,878 28,600
Creditors: amounts falling due within one year 5 (40,243) (25,859)
Net current (liabilities)/assets (3,365) 2,741
Total assets less current liabilities 4,137 7,796
Creditors: amounts falling due after more than one year 6 (4,099) (7,763)
Net assets 38 33
Capital and reserves
Called up share capital 1 1
Profit and loss account 37 32
Shareholder's funds 38 33
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
P. Underwood
Director
Approved by the board on 25 February 2025
Paul Underwood Limited
Notes to the Accounts
for the year ended 31 May 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 rendering of services. 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 over its expected useful life, as follows:
Plant and machinery over 5 years
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 14,010
Additions 4,947
At 31 May 2024 18,957
Depreciation
At 1 June 2023 8,955
Charge for the year 2,500
At 31 May 2024 11,455
Net book value
At 31 May 2024 7,502
At 31 May 2023 5,055
4 Debtors 2024 2023
£ £
Trade debtors 7,560 -
Other debtors 24,576 25,127
32,136 25,127
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 3,686 -
Trade creditors 6,058 2,443
Taxation and social security costs 30,499 22,815
Other creditors - 601
40,243 25,859
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 4,099 7,763
7 Loans to directors
Description and conditions B/fwd Introduced Withdrawn C/fwd
£ £ £ £
P. Underwood
Amount due to the company at the balance sheet date 25,127 (25,127) 24,576 24,576
25,127 (25,127) 24,576 24,576
8 Related party transactions
Dividends amounting to £64,171 were payable to the director.
9 Controlling party
The company is controlled by the director and member Mr Paul Underwood.
10 Other information
Paul Underwood Limited is a private company limited by shares and incorporated in England. Its registered office is:
Top Floor Flat
79 Wiverton Road
London
SE26 5JB
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