Company No:
Contents
| DIRECTORS | V Clift |
| S Edwards |
| REGISTERED OFFICE | Roentgen Court |
| Roentgen Road | |
| Basingstoke | |
| Hampshire | |
| RG24 8NT | |
| United Kingdom |
| COMPANY NUMBER | 03119775 (England and Wales) |
| ACCOUNTANT | S&W Partners LLP |
| 4th Floor EQ Building | |
| 111 Victoria Street | |
| Redcliffe | |
| Bristol | |
| BS1 6AX |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 216,656 | 186,569 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 4 |
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| Cash at bank and in hand |
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| 2,821,475 | 2,440,416 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current assets | 919,181 | 903,327 | ||
| Total assets less current liabilities | 1,135,837 | 1,089,896 | ||
| Creditors: amounts falling due after more than one year | 6 | (
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| Provision for liabilities | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital |
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| Capital redemption reserve |
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of P.B. Edwards Plastering and Drylining Limited (registered number:
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S Edwards
Director |
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.
P.B. Edwards Plastering and Drylining 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 Roentgen Court, Roentgen Road, Basingstoke, Hampshire, RG24 8NT, United Kingdom.
The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements have been prepared on a going concern basis.
The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.
Revenue represents the amounts receivable for works carried out, including materials supplied, during the year. In the case of long term contracts, revenue represents the proportion of contract value applicable to the activity in the year, ascertained by reference to the costs incurred to date.
Contracts are reviewed at year end and provisions made for any onerous contracts are recognised through profit and loss.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income 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 Balance Sheet.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.
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 Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
| Plant and machinery |
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| Vehicles |
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| Fixtures and fittings |
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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.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
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.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Plant and machinery | Vehicles | Fixtures and fittings | Total | ||||
| £ | £ | £ | £ | ||||
| Cost | |||||||
| At 01 November 2023 |
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| Additions |
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| Disposals |
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| At 31 October 2024 |
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| Accumulated depreciation | |||||||
| At 01 November 2023 |
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| Charge for the financial year |
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| Disposals |
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| At 31 October 2024 |
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| Net book value | |||||||
| At 31 October 2024 | 73,070 | 140,586 | 3,000 | 216,656 | |||
| At 31 October 2023 | 97,427 | 89,142 | 0 | 186,569 |
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Accrued income |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors |
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| Amounts owed to related parties |
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| Amounts owed to directors |
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| Accruals and deferred income |
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| Corporation tax |
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| Other taxation and social security |
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| Obligations under finance leases and hire purchase contracts |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Obligations under finance leases and hire purchase contracts |
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At 31 October 2024 the Company owed £Nil (2023 - £187,459) to one of the directors. During the year interest of £24,710 (2023 - £34,397) was charged at a rate of 4.48%pa.
At 31 October 2024 the Company owed a company under common control £95,409 (2023 - £95,409). This loan is interest free and repayable on demand.
During the year ended 31 October 2024, the Company made payments totalling £39,600 (2023 - £39,600) to a company under common control. At 31 October 2024, the Company had no outstanding balances owed to or from the company under common control (2023 - £Nil). This loan is interest free and repayable on demand.