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Registration number: SC434658

P&G Home Improvements Limited

Unaudited Financial Statements

for the Year Ended 31 October 2024

 

P&G Home Improvements Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

P&G Home Improvements Limited

(Registration number: SC434658)
Statement of Financial Position as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

87,007

60,505

Current assets

 

Debtors

6

5,281

396

Cash at bank and in hand

 

4

4

 

5,285

400

Creditors: Amounts falling due within one year

7

(39,389)

(38,604)

Net current liabilities

 

(34,104)

(38,204)

Total assets less current liabilities

 

52,903

22,301

Creditors: Amounts falling due after more than one year

7

(52,866)

(19,041)

Net assets

 

37

3,260

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(63)

3,160

Shareholders' funds

 

37

3,260

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 Directors acknowledge their 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.

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 Directors have not delivered to the registrar a copy of the Income Statement.

 

P&G Home Improvements Limited

(Registration number: SC434658)
Statement of Financial Position as at 31 October 2024

Approved and authorised by the Board on 19 March 2025 and signed on its behalf by:
 

.........................................
Mr P Creamer
Director

 

P&G Home Improvements Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

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

The address of its registered office is:
12 Scottsdale
Melrose
Roxburghshire
TD6 9QE
Scotland

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 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 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.

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 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.

 

P&G Home Improvements Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Tangible assets

Tangible assets are stated in the statement of financial position 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

15% Reducing Balance

Furniture and 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

10% 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

P&G Home Improvements Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

 

P&G Home Improvements Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 3 (2023 - 3).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2023

11,399

11,399

At 31 October 2024

11,399

11,399

Amortisation

At 1 November 2023

11,399

11,399

At 31 October 2024

11,399

11,399

Carrying amount

At 31 October 2024

-

-

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

-

6,445

2,053

70,786

79,284

Additions

-

-

1,301

53,879

55,180

Disposals

-

-

-

(37,805)

(37,805)

At 31 October 2024

-

6,445

3,354

86,860

96,659

Depreciation

At 1 November 2023

-

2,760

1,481

14,538

18,779

Charge for the year

137

554

-

8,149

8,840

Eliminated on disposal

-

-

-

(17,967)

(17,967)

At 31 October 2024

137

3,314

1,481

4,720

9,652

Carrying amount

At 31 October 2024

(137)

3,131

1,873

82,140

87,007

At 31 October 2023

-

3,685

572

56,248

60,505

 

P&G Home Improvements Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

6

Debtors

Current

2024
£

2023
£

Prepayments

126

153

Other debtors

5,155

243

 

5,281

396

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

26,675

17,242

Trade creditors

 

3,057

2,991

Taxation and social security

 

5,094

13,718

Accruals and deferred income

 

1,875

1,875

Other creditors

 

2,688

2,778

 

39,389

38,604

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

52,866

19,041