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Registration number: SC317660

Pankhurst Decorators Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Pankhurst Decorators Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Pankhurst Decorators Ltd

Company Information

Directors

Mr Martin Pankhurst

Mr Dale Pankhurst

Mrs Margaret Pankhurst

Company secretary

Mrs Louise Forbes

Registered office

3 High Street
Kinross
KY13 8AW

Accountants

Ross McConnell
Chartered Accountant3 High Street
Kinross
KY13 8AW

 

Pankhurst Decorators Ltd

(Registration number: SC317660)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

5

43,030

32,487

Current assets

 

Stocks

6

38,276

29,521

Debtors

7

102,460

215,861

Cash at bank and in hand

 

220,326

104,014

 

361,062

349,396

Creditors: Amounts falling due within one year

8

(40,122)

(22,011)

Net current assets

 

320,940

327,385

Net assets

 

363,970

359,872

Capital and reserves

 

Called up share capital

9

4

4

Retained earnings

363,966

359,868

Shareholders' funds

 

363,970

359,872

 

Pankhurst Decorators Ltd

(Registration number: SC317660)
Balance Sheet as at 30 June 2024

For the financial year ending 30 June 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 and 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 Profit and Loss Account.

Approved and authorised by the Board on 7 March 2025 and signed on its behalf by:
 

.........................................
Mr Martin Pankhurst
Director

 

Pankhurst Decorators Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
3 High Street
Kinross
KY13 8AW

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.

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.

 

Pankhurst Decorators Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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

20% 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

20 % 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.

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 valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

 

Pankhurst Decorators Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 10).

 

Pankhurst Decorators Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023 and 30 June 2024

50,000

50,000

Amortisation

At 1 July 2023 and 30 June 2024

50,000

50,000

Carrying amount

At 30 June 2023 and 30 June 2024

-

-

5

Tangible Assets

Equipment
 £

Motor vehicles
 £

Plant & Machinery
 £

Total
£

Cost or valuation

At 1 July 2023

3,211

150,961

1,056

155,228

Additions

-

26,500

1,425

27,925

Disposals

-

(27,579)

-

(27,579)

At 30 June 2024

3,211

149,882

2,481

155,574

Depreciation

At 1 July 2023

1,898

119,787

1,056

122,741

Charge for the year

197

13,591

285

14,073

Eliminated on disposal

-

(24,270)

-

(24,270)

At 30 June 2024

2,095

109,108

1,341

112,544

Carrying amount

At 30 June 2024

1,116

40,774

1,140

43,030

At 30 June 2023

1,313

31,174

-

32,487

 

Pankhurst Decorators Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Stocks

2024
£

2023
£

Work in progress

33,276

24,521

Finished goods

5,000

5,000

38,276

29,521

7

Debtors

Current

2024
£

2023
£

Trade debtors

77,008

72,486

Prepayments

7,383

2,069

Other debtors

18,069

141,306

 

102,460

215,861

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Directors current accounts

153

377

Trade creditors

13,220

1,567

Taxation and social security

3,512

1,206

Other creditors

23,237

18,861

40,122

22,011

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

Ordinary of £1 each

1

1

1

1

Ordinary of £1 each

1

1

1

1

4

4

4

4