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Registration number: 06261333

Bryan G Paulley Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 May 2024

 

Bryan G Paulley Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 11

 

Bryan G Paulley Limited

Company Information

Director

Mr Bryan Gordon Paulley

Registered office

Mey House
Bridport Road
Poundbury
Dorset
DT1 3QY

Accountants

Spirare Limited
Chartered Certified Accountants
Mey House
Bridport Road
Poundbury
Dorset
DT1 3QY

 

Bryan G Paulley Limited

(Registration number: 06261333)
Abridged Balance Sheet as at 30 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

350

400

Tangible assets

5

105,262

111,869

 

105,612

112,269

Current assets

 

Stocks

6

14,820

10,640

Debtors

7

112,318

159,227

Cash at bank and in hand

 

248,833

280,440

 

375,971

450,307

Prepayments and accrued income

 

-

90

Creditors: Amounts falling due within one year

(199,314)

(283,700)

Net current assets

 

176,657

166,697

Total assets less current liabilities

 

282,269

278,966

Creditors: Amounts falling due after more than one year

(19,465)

(32,586)

Provisions for liabilities

(22,106)

(23,493)

Accruals and deferred income

 

(3,000)

(2,050)

Net assets

 

237,698

220,837

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

237,598

220,737

Shareholders' funds

 

237,698

220,837

For the financial year ending 30 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Bryan G Paulley Limited

(Registration number: 06261333)
Abridged Balance Sheet as at 30 May 2024

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

Approved and authorised by the director on 17 February 2025
 

.........................................
Mr Bryan Gordon Paulley
Director

 

Bryan G Paulley Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 May 2024

1

General information

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

The address of its registered office is:
Mey House
Bridport Road
Poundbury
Dorset
DT1 3QY

These financial statements were authorised for issue by the director on 17 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 abridged 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 abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Bryan G Paulley Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 May 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing balance

Office equipment

15% Reducing balance

Motor vehicles

25% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Bryan G Paulley Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 May 2024

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Bryan G Paulley Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 May 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 3).

 

Bryan G Paulley Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 May 2024

4

Intangible assets

Total
£

Cost or valuation

At 31 May 2023

1,000

At 30 May 2024

1,000

Amortisation

At 31 May 2023

600

Amortisation charge

50

At 30 May 2024

650

Carrying amount

At 30 May 2024

350

At 30 May 2023

400

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 31 May 2023

26,736

24,000

160,834

211,570

Additions

7,820

13,000

5,064

25,884

At 30 May 2024

34,556

37,000

165,898

237,454

Depreciation

At 31 May 2023

14,749

16,362

68,590

99,701

Charge for the year

2,995

5,169

24,327

32,491

At 30 May 2024

17,744

21,531

92,917

132,192

Carrying amount

At 30 May 2024

16,812

15,469

72,981

105,262

At 30 May 2023

11,987

7,638

92,244

111,869

6

Stocks

2024
£

2023
£

Other inventories

14,820

10,640

 

Bryan G Paulley Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 May 2024

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Related party transactions

 

Bryan G Paulley Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 May 2024

Transactions with the director

2024

At 31 May 2023
£

Advances to director
£

Repayments by director
£

At 30 May 2024
£

Mr Bryan Gordon Paulley

The director maintains an interest free loan account with the company which is repayable on demand

5,910

(22,164)

26,804

10,550

2023

At 31 May 2022
£

Advances to director
£

Repayments by director
£

At 30 May 2023
£

Mr Bryan Gordon Paulley

The director maintains an interest free loan account with the company which is repayable on demand

27,257

(83,189)

61,842

5,910

Ms Susan Phyllis Jones

The director maintains an interest free loan account with the company which is repayable on demand

27,258

(27,258)

-

-

 

Bryan G Paulley Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 May 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

7,336

18,864