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Registration number: 14491984

Payne Groundworks & Civils Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Payne Groundworks & Civils Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Payne Groundworks & Civils Ltd

Company Information

Director

Mr Jack Payne

Registered office

3 St Albans Downs
Nonnington
Nr Dover
Kent
CT15 4HN

Accountants

Burgess Accountancy Services 46-47 The Strand
Walmer
Deal
Kent
CT14 7DX

 

Payne Groundworks & Civils Ltd

(Registration number: 14491984)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

75,742

77,295

Current assets

 

Debtors

5

743,339

239,870

Cash at bank and in hand

 

60,368

38,023

 

803,707

277,893

Creditors: Amounts falling due within one year

6

(665,937)

(156,295)

Net current assets

 

137,770

121,598

Total assets less current liabilities

 

213,512

198,893

Creditors: Amounts falling due after more than one year

6

(60,989)

(68,556)

Provisions for liabilities

(14,391)

(14,686)

Net assets

 

138,132

115,651

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

138,032

115,551

Shareholders' funds

 

138,132

115,651

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 April 2025
 

 

Payne Groundworks & Civils Ltd

(Registration number: 14491984)
Balance Sheet as at 30 November 2024

.........................................
Mr Jack Payne
Director

 

Payne Groundworks & Civils Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

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

The address of its registered office is:
3 St Albans Downs
Nonnington
Nr Dover
Kent
CT15 4HN

These financial statements were authorised for issue by the director on 8 April 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.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Payne Groundworks & Civils Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

20% Written down value

Office equipment

33% Straight line

Motor vehicles

20% Written down value

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.

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.

Borrowings

 

Payne Groundworks & Civils Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Payne Groundworks & Civils Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2023

366

87,773

8,540

96,679

Additions

3,009

14,950

-

17,959

At 30 November 2024

3,375

102,723

8,540

114,638

Depreciation

At 1 December 2023

121

17,555

1,708

19,384

Charge for the year

1,113

17,033

1,366

19,512

At 30 November 2024

1,234

34,588

3,074

38,896

Carrying amount

At 30 November 2024

2,141

68,135

5,466

75,742

At 30 November 2023

245

70,218

6,832

77,295

5

Debtors

Current

2024
£

2023
£

Trade debtors

288,665

108,315

Other debtors

454,674

131,555

 

743,339

239,870

6

Creditors

Creditors: amounts falling due within one year

 

Payne Groundworks & Civils Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

20,236

14,351

Trade creditors

 

263,808

61,580

Taxation and social security

 

255,961

76,877

Accruals and deferred income

 

89,027

3,415

Other creditors

 

36,905

72

 

665,937

156,295

 

Payne Groundworks & Civils Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

60,989

68,556

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

60,989

68,556

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

20,236

14,351

9

Dividends

2024

2023

£

£

Interim dividend of £1,060.00 (2023 - £330.00) per ordinary share

106,000

33,000

 

 

10

Related party transactions

 

Payne Groundworks & Civils Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,600

8,400