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Company No: 09763024 (England and Wales)

P FULTON AND S VAUGHAN DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

P FULTON AND S VAUGHAN DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

P FULTON AND S VAUGHAN DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 September 2024
P FULTON AND S VAUGHAN DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 112,060 157,371
112,060 157,371
Current assets
Debtors 4 237,218 494,276
Cash at bank and in hand 246,978 437,305
484,196 931,581
Creditors: amounts falling due within one year 5 ( 452,130) ( 843,391)
Net current assets 32,066 88,190
Total assets less current liabilities 144,126 245,561
Net assets 144,126 245,561
Capital and reserves
Called-up share capital 6 2 2
Profit and loss account 144,124 245,559
Total shareholders' funds 144,126 245,561

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of P Fulton and S Vaughan Developments Limited (registered number: 09763024) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

P Fulton
Director

29 April 2025

P FULTON AND S VAUGHAN DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
P FULTON AND S VAUGHAN DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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

P Fulton and S Vaughan Developments Limited (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 35 Ballards Lane, London, N3 1XW, 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 £1.

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.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

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 Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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:

Vehicles 4 years straight line
Computer equipment 4 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.

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.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 10 10

3. Tangible assets

Vehicles Computer equipment Total
£ £ £
Cost
At 01 October 2023 163,814 17,432 181,246
Additions 158,613 0 158,613
Disposals ( 25,515) 0 ( 25,515)
At 30 September 2024 296,912 17,432 314,344
Accumulated depreciation
At 01 October 2023 20,766 3,109 23,875
Charge for the financial year 40,953 4,358 45,311
Disposals ( 25,515) 0 ( 25,515)
Depreciation on transferred vehicles 158,613 0 158,613
At 30 September 2024 194,817 7,467 202,284
Net book value
At 30 September 2024 102,095 9,965 112,060
At 30 September 2023 143,048 14,323 157,371

4. Debtors

2024 2023
£ £
Trade debtors 101,157 219,984
Prepayments and accrued income 136,061 245,594
Other debtors 0 28,698
237,218 494,276

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 277,939 362,307
Amounts owed to directors 7,831 11,779
Accruals 8,000 195,000
CIS withheld 11,951 21,270
Taxation and social security 144,907 251,583
Other creditors 1,502 1,452
452,130 843,391

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 77,560 77,560
between one and five years 187,437 264,997
264,997 342,557

Pensions

The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,490 1,452

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Included in creditors is a balance owed to the directors. This balance is unsecured and interest is charged at HMRC's approved rate with no fixed repayment terms. 7,831 11,779