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Registration number: 12843499

PADLS Limited

Unaudited Financial Statements

for the Year Ended 31 October 2024

 

PADLS Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

PADLS Limited

Company Information

Directors

Mr AJ French

Mr DM French

Registered office

34 Boulevard
Weston-super-Mare
North Somerset
BS23 1NF

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
 North Somerset
BS23 1NF

 

PADLS Limited

(Registration number: 12843499)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

325,988

174,780

Current assets

 

Debtors

5

225

8,795

Cash at bank and in hand

 

3,101

1,806

 

3,326

10,601

Creditors: Amounts falling due within one year

6

(344,886)

(199,754)

Net current liabilities

 

(341,560)

(189,153)

Net liabilities

 

(15,572)

(14,373)

Capital and reserves

 

Called up share capital

7

150

150

Retained earnings

(15,722)

(14,523)

Shareholders' deficit

 

(15,572)

(14,373)

 

PADLS Limited

(Registration number: 12843499)
Balance Sheet as at 31 October 2024

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.

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 July 2025 and signed on its behalf by:
 

.........................................
Mr AJ French
Director

 

PADLS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
34 Boulevard
Weston-super-Mare
North Somerset
BS23 1NF

The principal place of business is:
68A Love Lane
Burnham-on-Sea
Somerset
TA8 1EY
England

These financial statements were authorised for issue by the Board on 7 July 2025.

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.

The presentation currency of the financial statements is Pound Sterling (£).

 

PADLS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

2

Accounting policies (continued)

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseable future. The directors have considered the position of the company with respect to its obligations to ensure the business can continue in operational existence and confirm their approval to adopt the going concern basis for preparing the accounts.

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 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.

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:

Asset class

Depreciation method and rate

Plant & Machinery

15% reducing balance

Improvements to Property

10% 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.

 

PADLS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

2

Accounting policies (continued)

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.

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.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instruments is any contact that evidences a residual interest in the assets of the company, after deducting all liabilities.
 

 

PADLS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

3

Staff numbers

The average number of persons employed by the company (excluding directors) during the year, was 3 (2023 - 2).

4

Tangible assets

Land and buildings
£

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 November 2023

172,340

3,250

175,590

Additions

152,111

-

152,111

At 31 October 2024

324,451

3,250

327,701

Depreciation

At 1 November 2023

322

488

810

Charge for the year

489

414

903

At 31 October 2024

811

902

1,713

Carrying amount

At 31 October 2024

323,640

2,348

325,988

At 31 October 2023

172,018

2,762

174,780

 

PADLS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Tangible assets (continued)

Included within the net book value of land and buildings above is £319,556 (2023 - £169,124) in respect of freehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Prepayments

-

8,795

Other debtors

225

-

 

225

8,795

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

2,700

1,500

Other creditors

342,186

198,254

344,886

199,754

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

150

150

150

150

       
 

PADLS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

8

Related party transactions

Summary of transactions with parent

Willow Tree (South West) Limited
The company was aquired by the parent on 31 January 2024.

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

197,327

197,327

Advanced

143,306

143,306

At end of period

340,633

340,633

2023

Other related parties
£

Total
£

At start of period

2,337

2,337

Advanced

187,718

187,718

Interest transactions

7,272

7,272

At end of period

197,327

197,327

Terms of loans from related parties

Aerofin Laboratories Limited
(A company under common control)

This loan is repayable on demand. Interest was charged on this loan at 7.5% up to 31 October 2023 and it is interest-free thereafter.

 

PADLS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

9

Parent and ultimate parent undertaking

There is no ultimate controlling party.

 The company's immediate parent is Willow Tree (South West) Limited, incorporated in United Kingdom.