Registered number
12252234
PK & Sons North Ltd
Filleted Accounts
31 October 2024
PK & Sons North Ltd
Registered number: 12252234
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 150,000 150,000
Tangible assets 4 440,821 459,124
590,821 609,124
Current assets
Stocks 41,160 40,800
Debtors 5 5,579 5,579
Cash at bank and in hand 74,620 62,480
121,359 108,859
Creditors: amounts falling due within one year 6 (211,808) (193,907)
Net current liabilities (90,449) (85,048)
Total assets less current liabilities 500,372 524,076
Creditors: amounts falling due after more than one year 7 (440,128) (474,140)
Net assets 60,244 49,936
Capital and reserves
Called up share capital 2 2
Profit and loss account 60,242 49,934
Shareholders' funds 60,244 49,936
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 accounts.
The accounts 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.
…………………………………….
Amarbir Randhawa
Director
Approved by the board on 12 May 2025
PK & Sons North Ltd
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Fixtures, fittings, equipment & plant & machinary 15% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2023 150,000
At 31 October 2024 150,000
Amortisation
At 31 October 2024 -
Net book value
At 31 October 2024 150,000
At 31 October 2023 150,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2023 315,000 200,275 515,275
Additions - 3,900 3,900
At 31 October 2024 315,000 204,175 519,175
Depreciation
At 1 November 2023 - 56,151 56,151
Charge for the year - 22,203 22,203
At 31 October 2024 - 78,354 78,354
Net book value
At 31 October 2024 315,000 125,821 440,821
At 31 October 2023 315,000 144,124 459,124
5 Debtors 2024 2023
£ £
Other debtors 5,579 5,579
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 19,691 22,890
Taxation and social security costs 13,739 3,606
Pensions 115 -
Other creditors 178,263 167,411
211,808 193,907
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 406,080 416,901
Obligations under finance lease and hire purchase contracts 34,048 57,239
440,128 474,140
8 Other information
PK & Sons North Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1 Grey Terrace
Sunderland
Tyne & Wear
SR2 0QT
PK & Sons North Ltd 12252234 false 2023-11-01 2024-10-31 2024-10-31 VT Final Accounts July 2024 Amarbir Randhawa No description of principal activity 12252234 2022-11-01 2023-10-31 12252234 core:WithinOneYear 2023-10-31 12252234 core:AfterOneYear 2023-10-31 12252234 core:ShareCapital 2023-10-31 12252234 core:RetainedEarningsAccumulatedLosses 2023-10-31 12252234 2023-11-01 2024-10-31 12252234 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 12252234 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 12252234 bus:Director40 2023-11-01 2024-10-31 12252234 1 2023-11-01 2024-10-31 12252234 2 2023-11-01 2024-10-31 12252234 core:LandBuildings 2023-11-01 2024-10-31 12252234 core:PlantMachinery 2023-11-01 2024-10-31 12252234 countries:England 2023-11-01 2024-10-31 12252234 bus:FullIFRS 2023-11-01 2024-10-31 12252234 bus:FilletedAccounts 2023-11-01 2024-10-31 12252234 2024-10-31 12252234 core:WithinOneYear 2024-10-31 12252234 core:AfterOneYear 2024-10-31 12252234 core:ShareCapital 2024-10-31 12252234 core:RetainedEarningsAccumulatedLosses 2024-10-31 12252234 core:Goodwill 2024-10-31 12252234 core:LandBuildings 2024-10-31 12252234 core:PlantMachinery 2024-10-31 12252234 2023-10-31 12252234 core:Goodwill 2023-10-31 12252234 core:LandBuildings 2023-10-31 12252234 core:PlantMachinery 2023-10-31 iso4217:GBP xbrli:pure