2023-11-012024-10-312024-10-31false10418820PETER FAULDS CONSULTANCY 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PETER FAULDS CONSULTANCY LTD

Registered Number
10418820
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2024

PETER FAULDS CONSULTANCY LTD
Company Information
for the year from 1 November 2023 to 31 October 2024

Director

Mr P W Faulds

Registered Address

79 Higher Bore St
Bodmin
PL31 1JT

Registered Number

10418820 (England and Wales)
PETER FAULDS CONSULTANCY LTD
Balance Sheet as at
31 October 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3-125
-125
Current assets
Debtors41,6355,964
1,6355,964
Creditors amounts falling due within one year5(9,119)(5,985)
Net current assets (liabilities)(7,484)(21)
Total assets less current liabilities(7,484)104
Net assets(7,484)104
Capital and reserves
Called up share capital22
Profit and loss account(7,486)102
Shareholders' funds(7,484)104
The financial statements were approved and authorised for issue by the Director on 11 March 2025, and are signed on its behalf by:
Mr P W Faulds
Director
Registered Company No. 10418820
PETER FAULDS CONSULTANCY LTD
Notes to the Financial Statements
for the year ended 31 October 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.
Going concern
These unaudited financial statements have been prepared on a going concern basis, which presumes the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future. Although total liabilities exceed current assets at the balance sheet date, the directors consider that the company has sufficient liquid assets to meet its liabilities as and when they fall due, reliant on their continued support. Accordingly, the directors therefore consider that it is appropriate to prepare the accounts on a going concern basis. This presumes the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future.
Turnover policy
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 sale of goods and from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
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.
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:
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 November 23600150750
Disposals(600)(150)(750)
Depreciation and impairment
At 01 November 23475150625
Charge for year25-25
On disposals(500)(150)(650)
Net book value
At 31 October 24---
At 31 October 23125-125
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables-4,723
Other debtors1,6351,241
Total1,6355,964
5.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts3,1273,164
Taxation and social security-2,745
Other creditors3,76576
Accrued liabilities and deferred income2,227-
Total9,1195,985
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.