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Company No: 11444482 (England and Wales)

PAICE BUILDING SERVICES LTD

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

PAICE BUILDING SERVICES LTD

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

PAICE BUILDING SERVICES LTD

BALANCE SHEET

As at 31 October 2024
PAICE BUILDING SERVICES LTD

BALANCE SHEET (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 74,287 39,151
74,287 39,151
Current assets
Stocks 4 16,500 16,210
Debtors 5 278,462 223,047
Cash at bank and in hand 261 26
295,223 239,283
Creditors: amounts falling due within one year 6 ( 284,257) ( 233,830)
Net current assets 10,966 5,453
Total assets less current liabilities 85,253 44,604
Creditors: amounts falling due after more than one year 7 ( 54,556) ( 37,516)
Provision for liabilities ( 18,052) ( 9,788)
Net assets/(liabilities) 12,645 ( 2,700)
Capital and reserves
Called-up share capital 100 100
Profit and loss account 12,545 ( 2,800 )
Total shareholders' funds/(deficit) 12,645 ( 2,700)

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.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Paice Building Services Ltd (registered number: 11444482) were approved and authorised for issue by the Director on 05 April 2025. They were signed on its behalf by:

Mr W Paice
Director
PAICE BUILDING SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
PAICE BUILDING SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Paice Building Services Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Brickbarn Loscombe Farm, West Knighton, Dorchester, DT2 8LS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Plant and machinery 4 years straight line
Vehicles 20 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 7 6

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 November 2023 0 7,042 56,950 2,410 66,402
Additions 7,234 4,992 42,500 682 55,408
Disposals 0 0 ( 20,000) 0 ( 20,000)
At 31 October 2024 7,234 12,034 79,450 3,092 101,810
Accumulated depreciation
At 01 November 2023 0 5,851 18,990 2,410 27,251
Charge for the financial year 431 864 8,641 56 9,992
Disposals 0 0 ( 9,720) 0 ( 9,720)
At 31 October 2024 431 6,715 17,911 2,466 27,523
Net book value
At 31 October 2024 6,803 5,319 61,539 626 74,287
At 31 October 2023 0 1,191 37,960 0 39,151

4. Stocks

2024 2023
£ £
Stocks 15,000 14,710
Work in progress 1,500 1,500
16,500 16,210

5. Debtors

2024 2023
£ £
Trade debtors 273,492 196,448
Other debtors 4,970 26,599
278,462 223,047

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 9,139 19,478
Trade creditors 210,573 156,884
Taxation and social security 40,586 52,210
Obligations under finance leases and hire purchase contracts 13,615 2,115
Other creditors 10,344 3,143
284,257 233,830

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 25,468 30,994
Obligations under finance leases and hire purchase contracts 29,088 6,522
54,556 37,516

There are no amounts included above in respect of which any security has been given by the small entity.

8. Related party transactions

Transactions with the entity's director

The Directors loan accounts are repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 November 2023 the balance owed by the Director was £7,413. During the year, £52,225 was advanced to the Director, and £58,296 was repaid by the director. At 31 October 2024 the balance owed by the Director was £1,342.

At 1 November 2022 the balance owed by the Director was £31,291. During the year, £38,676 was advanced to the Director, and £62,554 was repaid by the director. At 31 October 2023 the balance owed by the Director was £7,413.