Registration number:
R W Paxman Limited
for the Year Ended 30 September 2024
R W Paxman Limited
Contents
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Company Information |
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Directors' Report |
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Accountants' Report |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
R W Paxman Limited
Company Information
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Directors |
Ms P O'Toole Mr RW Paxman |
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Registered office |
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Accountants |
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R W Paxman Limited
Directors' Report for the Year Ended 30 September 2024
The directors present their report and the abridged financial statements for the year ended 30 September 2024.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is the leasing of vehicles
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
R W Paxman Limited
for the Year Ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of R W Paxman Limited for the year ended 30 September 2024 as set out on pages 4 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of R W Paxman Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of R W Paxman Limited and state those matters that we have agreed to state to the Board of Directors of R W Paxman Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R W Paxman Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that R W Paxman Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of R W Paxman Limited. You consider that R W Paxman Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of R W Paxman Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Certified Accountants
Stoke Road
Gosport
Hampshire
PO12 1JH
R W Paxman Limited
(Registration number: 04684864)
Abridged Balance Sheet as at 30 September 2024
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2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Accruals and deferred income |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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:
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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 in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
R W Paxman Limited
(Registration number: 04684864)
Abridged Balance Sheet as at 30 September 2024 (continued)
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R W Paxman Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 abridged 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 abridged 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.
Going concern
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.
R W Paxman Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024 (continued)
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Accounting policies (continued) |
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.
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:
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Asset class |
Depreciation method and rate |
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Fixtures & Fittings |
25% Reducing Balance Basis |
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Motor Vehicles |
25% Reducing Balance Basis |
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Computer Equipment |
50% Reducing Balance Basis |
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Related party transactions |
Summary of transactions with other related parties
The company leases vehicles to 486 Limited, a company owned by Mr R W Paxman, the controling shareholder of the company. The amount invoiced in respect of the period was £1,299,311 for vehicles (2023 £1,455,646). The balance owed to RWP Limited at 30 September 2024 was £525,801 (2023 £222,423 was owed to 486 Limited).