General Information
N. Purdy & Co. Limited is a private company, limited by shares, registered in England and Wales, registration number 01970142, registration address 8 Hadrians Court, 7th Avenue, Team Valley, Gateshead, Tyne and Wear, NE11 0XW.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under going concern and the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Long leasehold - 2% straight line basis from purchase date;
Plant and machinery - 20% reducing balance;
Fixtures and fittings - 25% straight line basis, and 10% on reducing balance;
Motor vehicles - 25% reducing balance.
| Land and Buildings |
2% Straight Line |
| Plant and Machinery |
20% Reducing Balance
|
| Motor Vehicles |
25% Reducing Balance
|
| Fixtures and Fittings |
25% & 10% Straight Line
|
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
|
| 2. |
Average number of employees
Average number of employees during the year was 28 (2023 : 27).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Land and Buildings |
|
Plant and Machinery |
|
Motor Vehicles |
|
Fixtures and Fittings |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
| At 31 December 2023 |
70,367 |
|
28,868 |
|
55,156 |
|
36,080 |
|
190,471 |
| Additions |
- |
|
1,868 |
|
63,582 |
|
983 |
|
66,433 |
| Disposals |
- |
|
- |
|
- |
|
- |
|
- |
| At 30 December 2024 |
70,367 |
|
30,736 |
|
118,738 |
|
37,063 |
|
256,904 |
| Depreciation |
| At 31 December 2023 |
10,583 |
|
20,541 |
|
26,561 |
|
30,114 |
|
87,799 |
| Charge for year |
570 |
|
1,445 |
|
15,851 |
|
806 |
|
18,672 |
| On disposals |
- |
|
- |
|
- |
|
- |
|
- |
| At 30 December 2024 |
11,153 |
|
21,986 |
|
42,412 |
|
30,920 |
|
106,471 |
| Net book values |
| Closing balance as at 30 December 2024 |
59,214 |
|
8,750 |
|
76,326 |
|
6,143 |
|
150,433 |
| Opening balance as at 31 December 2023 |
59,784 |
|
8,447 |
|
28,475 |
|
5,966 |
|
102,672 |
|
| 4. |
Stocks
|
2024
£ |
|
2023
£ |
| Work in Progress |
3,362 |
|
53,362 |
| Stocks |
2,000 |
|
2,000 |
|
5,362 |
|
55,362 |
|
| 5. |
Debtors: amounts falling due within one year
|
2024
£ |
|
2023
£ |
| Trade Debtors |
280,000 |
|
304,266 |
| Prepayments & Accrued Income |
4,009 |
|
6,587 |
| Other Debtors |
0 |
|
9,197 |
| VAT |
22,525 |
|
13,929 |
|
306,534 |
|
333,979 |
|
| 6. |
Creditors: amount falling due within one year
|
2024
£ |
|
2023
£ |
| Trade Creditors |
11,729 |
|
48,899 |
| Corporation Tax |
16,619 |
|
20,264 |
| PAYE & Social Security |
40,117 |
|
66,946 |
| Accrued Expenses |
10,879 |
|
12,560 |
| Credit Card |
19,286 |
|
559 |
| Obligations under HP/Financial Leases |
12,694 |
|
7,894 |
| Directors' Current Accounts |
30,235 |
|
44,366 |
|
141,559 |
|
201,488 |
|
| 7. |
Creditors: amount falling due after more than one year
|
2024
£ |
|
2023
£ |
| Obligations Under HP/Financial Leases |
47,696 |
|
17,097 |
|
47,696 |
|
17,097 |
|
| 8. |
Directors advances, credits and guarantees
Included in creditors: amounts falling due within one year are amounts owed to Directors from the Company of £30,234 (2023 - £44,366).
|
| 9. |
Controlling party
For the whole year under review, the company was under the control of Mr Andrew Norman Purdy, director and shareholder of the company.
|
2
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