Registered number
NI036869
Pat Rodgers Limited
Filleted Accounts
31 March 2024
Pat Rodgers Limited
Registered number: NI036869
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed Assets
Tangible Assets 3 17,720 8,485
Current Assets
Stock & Work In Progress 84,058 219,276
Debtors 4 72,759 103,835
Cash at Bank and in Hand 188,801 128,094
345,618 451,205
Creditors: amounts falling due within one year 5 (81,478) (123,944)
Net Current Assets 264,140 327,261
Total Assets less Current Liabilities 281,860 335,746
Creditors: amounts falling due after more than one year 6 (212,339) (277,077)
Net Assets 69,521 58,669
Capital and Reserves
Called up Share Capital 2 2
Profit and Loss Account 69,519 58,667
Shareholders' funds 69,521 58,669
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements 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.
Mr Patrick Rodgers
Director
Approved by the board on 25 March 2025
Pat Rodgers Limited
Notes to the Financial Statements
for the Year Ended 31 March 2024
1 Accounting policies
Basis of preparation
The financial statements 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 sale of goods and from the rendering of services. 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.
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 evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Motor vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 157,054 36,800 193,854
Additions - 14,308 14,308
At 31 March 2024 157,054 51,108 208,162
Depreciation
At 1 April 2023 156,895 28,474 185,369
Charge for the year 159 4,914 5,073
At 31 March 2024 157,054 33,388 190,442
Net book value
At 31 March 2024 - 17,720 17,720
At 31 March 2023 159 8,326 8,485
4 Debtors 2024 2023
£ £
Trade debtors 71,113 102,189
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,646 1,646
72,759 103,835
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 39,683 84,692
Other taxes and social security costs 34,695 32,378
Other creditors 7,100 6,874
81,478 123,944
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 212,339 277,077
7 Events after the reporting date
There were no events since the balance sheet date which would necessitate a change in the above figures.
8 Capital commitments
The company did not have any capital commitments at 31 March 2024 not already provided for in the financial statements.
9 Contingent liabilities
There were no contingent liabilities at the year end.
10 Directors' advances, credits and guarantees
The company owes £212,339 to the Directors as at 31 March 2024 (£277,077 2023).
11 Directors' Transactions
Related party transactions occurred between the company and its directors, All such transactions were in the normal course of business.
12 Related party transactions
The transactions of the company with its directors and their connected persons are given in note 11. In addition, related party transactions have occurred between the company and Rogers Builders & Electrical Ltd in the year ended 31 March 2024. These transactions are summarised below. This company is considered to be a related party as the company is substantially under common ownership and control.
Rodgers
Builders &
Electrical
Limited
Opening balance as at 1 April 2023 1,646
Expenses paid on behalf of the company -
Payments made during the year -
Payments (received) during the year -
Loan to company -
Closing balance as at 31 March 2024 1,646
13 Controlling party
The ultimate controlling parties have been identified as the company's shareholders Pat Rodgers and Deirdre Rodgers.
14 Other information
Pat Rodgers Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
Abbey Yard Studios
1 Courtney Hill
Newry
Co Down
BT34 2EA
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