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PMD CONTRACTING LTD

Registered Number
07958506
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

PMD CONTRACTING LTD
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

Mr P M Dawson
Mrs S L Dawson

Company Secretary

Mrs S L Dawson

Registered Address

14 Mount Road
Bracebridge Heath
Lincoln
LN4 2PH

Registered Number

07958506 (England and Wales)
PMD CONTRACTING LTD
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets336,74783,058
36,74783,058
Current assets
Stocks415,000-
Debtors5312,505192,149
Cash at bank and on hand40349,893
327,908242,042
Creditors amounts falling due within one year6(238,638)(194,485)
Net current assets (liabilities)89,27047,557
Total assets less current liabilities126,017130,615
Creditors amounts falling due after one year7(26,147)(44,310)
Provisions for liabilities9(9,187)(20,765)
Net assets90,68365,540
Capital and reserves
Called up share capital22
Profit and loss account90,68165,538
Shareholders' funds90,68365,540
The financial statements were approved and authorised for issue by the Board of Directors on 19 February 2025, and are signed on its behalf by:
Mr P M Dawson
Director
Registered Company No. 07958506
PMD CONTRACTING LTD
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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).
Revenue from sale of goods
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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery-4
Fixtures and fittings-4
Vehicles25-
Office Equipment33-
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Trade and other 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other 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.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year77
3.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Total

££££
Cost or valuation
At 01 April 23172,38634,52812,891219,805
Additions25,316999-26,315
Disposals(60,925)--(60,925)
At 31 March 24136,77735,52712,891185,195
Depreciation and impairment
At 01 April 23108,39418,14210,211136,747
Charge for year15,1274,2841,17520,586
On disposals(8,885)--(8,885)
At 31 March 24114,63622,42611,386148,448
Net book value
At 31 March 2422,14113,1011,50536,747
At 31 March 2363,99216,3862,68083,058
4.Stocks

2024

2023

££
Work in progress15,000-
Total15,000-
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables168,452143,822
Other debtors138,96343,039
Prepayments and accrued income5,0905,288
Total312,505192,149
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables89,507100,463
Bank borrowings and overdrafts18,0158,400
Taxation and social security111,13465,759
Finance lease and HP contracts9,76310,955
Other creditors6,9586,908
Accrued liabilities and deferred income3,2612,000
Total238,638194,485
Bank borrowings and short term loans are denominated in £ with interest charged at a nominal rate. The total carrying amount at the year end is £9,615 (2023 - £NIL). Short term creditors include a further £8,400 (2023 - £8,400) repayable on the Bounce Back Loan - see Note 8.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts11,20019,600
Other creditors14,94724,710
Total26,14744,310
Bounce back loan is denominated in £ with interest charged at a nominal rate. The carrying amount at year end is £19,600 (2023 - £28,000). Of this, £8,400 is due within one year and £11,200 is due after more than one year.
8.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts14,94724,710
Hire purchase contracts with a carrying amount of £24,710 (2023 - £35,665) are denominated in £ with a nominal interest rate of market rate. The hire purchase liabilities are secured on the related assets.
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)9,18720,765
Total9,18720,765