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Company No: 03119775 (England and Wales)

P.B. EDWARDS PLASTERING AND DRYLINING LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

P.B. EDWARDS PLASTERING AND DRYLINING LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

P.B. EDWARDS PLASTERING AND DRYLINING LIMITED

COMPANY INFORMATION

For the financial year ended 31 October 2024
P.B. EDWARDS PLASTERING AND DRYLINING LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 October 2024
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
P.B. EDWARDS PLASTERING AND DRYLINING LIMITED

BALANCE SHEET

As at 31 October 2024
P.B. EDWARDS PLASTERING AND DRYLINING LIMITED

BALANCE SHEET (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 216,656 186,569
216,656 186,569
Current assets
Stocks 160,000 176,243
Debtors 4 2,286,013 1,744,078
Cash at bank and in hand 375,462 520,095
2,821,475 2,440,416
Creditors: amounts falling due within one year 5 ( 1,902,294) ( 1,537,089)
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 ( 97,397) ( 59,822)
Provision for liabilities ( 37,296) ( 45,278)
Net assets 1,001,144 984,796
Capital and reserves
Called-up share capital 282 282
Capital redemption reserve 24 24
Profit and loss account 1,000,838 984,490
Total shareholders' funds 1,001,144 984,796

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 financial statements of P.B. Edwards Plastering and Drylining Limited (registered number: 03119775) were approved and authorised for issue by the Board of Directors on 24 July 2025. They were signed on its behalf by:

S Edwards
Director
P.B. EDWARDS PLASTERING AND DRYLINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
P.B. EDWARDS PLASTERING AND DRYLINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

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.

General information and basis of accounting

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.

Going concern

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.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

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

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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 instruments

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

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.

Dividends

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 16 15

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 November 2023 249,077 205,122 0 454,199
Additions 0 141,240 5,000 146,240
Disposals 0 ( 144,379) 0 ( 144,379)
At 31 October 2024 249,077 201,983 5,000 456,060
Accumulated depreciation
At 01 November 2023 151,650 115,980 0 267,630
Charge for the financial year 24,357 39,207 2,000 65,564
Disposals 0 ( 93,790) 0 ( 93,790)
At 31 October 2024 176,007 61,397 2,000 239,404
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

Included in motor vehicles above is an amount of £13,467 (2023 - £77,734) that relates to assets held under finance agreements. Depreciation on these assets amounted to £14,581 (2023 - £25,911) during the year.

4. Debtors

2024 2023
£ £
Trade debtors 1,691,362 1,375,560
Accrued income 594,651 337,737
Other debtors 0 30,781
2,286,013 1,744,078

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,000,602 453,573
Amounts owed to related parties 95,409 95,409
Amounts owed to directors 0 187,459
Accruals and deferred income 298,451 335,596
Corporation tax 113,642 31,101
Other taxation and social security 124,622 183,751
Obligations under finance leases and hire purchase contracts 29,361 14,074
Other creditors 240,207 236,126
1,902,294 1,537,089

Obligations under finance leases and hire purchases contracts are secured on the assets to which they relate.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 97,397 59,822

Obligations under finance leases and hire purchases contracts are secured on the assets to which they relate.

7. Related party transactions

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.