Registration number:
PADLS Limited
for the
Year Ended 31 October 2024
PADLS Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
PADLS Limited
Company Information
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Directors |
Mr AJ French Mr DM French |
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Registered office |
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Accountants |
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PADLS Limited
(Registration number: 12843499)
Balance Sheet as at 31 October 2024
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2024 |
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 liabilities |
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Net liabilities |
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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' deficit |
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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:
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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. |
Approved and authorised by the
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PADLS Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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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 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
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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:
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Asset class |
Depreciation method and rate |
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Plant & Machinery |
15% reducing balance |
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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
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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
PADLS Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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Staff numbers |
The average number of persons employed by the company (excluding directors) during the year, was
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Tangible assets |
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Land and buildings |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 November 2023 |
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Additions |
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At 31 October 2024 |
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Depreciation |
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At 1 November 2023 |
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Charge for the year |
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At 31 October 2024 |
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Carrying amount |
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At 31 October 2024 |
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At 31 October 2023 |
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PADLS Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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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.
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Debtors |
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Current |
2024 |
2023 |
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Prepayments |
- |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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150 |
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150 |
PADLS Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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Related party transactions |
Summary of transactions with parent
The company was aquired by the parent on 31 January 2024.
Loans from related parties
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2024 |
Other related parties |
Total |
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At start of period |
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Advanced |
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At end of period |
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2023 |
Other related parties |
Total |
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At start of period |
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Advanced |
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Interest transactions |
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At end of period |
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Terms of loans from related parties
(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
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Parent and ultimate parent undertaking |
The company's immediate parent is