Pascoe & Waite Limited - Filleted accounts


PASCOE & WAITE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024



































Company Registration Number: 05323549

PASCOE & WAITE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


CONTENTS									PAGES



Company information									1

Balance sheet									2 to 3

Notes to the financial statements									4 to 8

PASCOE & WAITE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024


DIRECTORS

Christopher Pascoe
Martin Waite


SECRETARY

Martin Waite


REGISTERED OFFICE

48 Crawley Road
Witney
Oxon
OX28 1HT


COMPANY REGISTRATION NUMBER

05323549 England and Wales

PASCOE & WAITE LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2024


	Notes	2024		2023
		£		£

FIXED ASSETS
Tangible assets	5		35,194		35,657

CURRENT ASSETS
Stock and work in progress		6,050		12,313
Debtors	6	23,259		21,721
Cash at bank and in hand		11,853		-


		41,162		34,034

CREDITORS: Amounts falling due within one year	7	45,842		48,950
CREDITORS: Amounts falling due within one year


NET CURRENT LIABILITIES			(4,680)		(14,916)


TOTAL ASSETS LESS CURRENT LIABILITIES			30,514		20,741

CREDITORS: Amounts falling due after more than one year	8		2,643		7,830
CREDITORS: Amounts falling due after more than one year

Provisions for liabilities and charges			263		351


NET ASSETS			27,608		12,560


CAPITAL AND RESERVES
Called up share capital			2		2
Distributable profit and loss account			27,606		12,558


SHAREHOLDERS' FUNDS			27,608		12,560

PASCOE & WAITE LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2024


These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

Members have not required the company to obtain an audit in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.


Signed on behalf of the board of directors




Martin Waite						Christopher Pascoe
Director						Director

Date approved by the board: 23 September 2025

PASCOE & WAITE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1	GENERAL INFORMATION

	Pascoe & Waite Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:

	48 Crawley Road
	Witney
	Oxon
	OX28 1HT

	The financial statements are presented in Sterling, which is the functional currency of the company.

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

	Basis of preparation of financial statements

	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.

	Revenue recognition

	Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of electrical services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.

	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.


	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rates so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.

	Buildings					Not provided
	Motor vehicles					25% reducing balance
	Office equipment					25% reducing balance

	Depreciation has not been provided in respect of land and buildings. The company adopts a policy of fully maintaining these and as such the residual value is so high, and the expected useful life is so long, that the depreciation charge would be immaterial, both in terms of the depreciation charged for the period and the cumulative charge to the balance sheet.

	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.

PASCOE & WAITE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)

	Financial Instruments

	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.


	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.

	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.


	Work in progress

	Work in progress has been valued at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises the cost of materials and direct labour relevant to the stage of construction.

	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors

	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.

PASCOE & WAITE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)

	Taxation

	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.

	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits.

	Deferred tax is measured using 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.

	Current and deferred tax assets and liabilities are not discounted.

	Pensions

	The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.

3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.

4	EMPLOYEES

	The average number of persons employed by the company (including directors) during the year was:

		2024	2023
	Average number of employees	3	3

PASCOE & WAITE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


5	TANGIBLE ASSETS
		Buildings	Motor vehicles	Office equipment	Total
		£	£	£	£
	Cost
	At 1 January 2024	33,808	46,163	7,116	87,087


	At 31 December 2024	33,808	46,163	7,116	87,087


	Accumulated depreciation
	At 1 January 2024	-	44,884	6,546	51,430

	Charge for year	-	320	143	463


	At 31 December 2024	-	45,204	6,689	51,893


	Net book value
	At 1 January 2024	33,808	1,279	570	35,657


	At 31 December 2024	33,808	959	427	35,194


6	DEBTORS
				2024	2023
				£	£
	Trade debtors			21,160	16,111
	Prepayments and accrued income			1,157	1,059
	Other debtors			942	4,551


				23,259	21,721


7	CREDITORS: Amounts falling due within one year
				2024	2023
				£	£
	Bank loans and overdrafts			5,188	23,052
	Trade creditors			5,300	-
	Taxation and social security			32,149	13,713
	Accruals and deferred income			1,307	10,747
	Other creditors			1,898	1,438


				45,842	48,950


8	CREDITORS: Amounts falling due after more than one year
				2024	2023
				£	£
	Bank loans and overdrafts			2,643	7,830

PASCOE & WAITE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


9	RELATED PARTY TRANSACTIONS

	During the year, the following transactions with related parties took place:

	M Waite and C Pascoe
	Directors		2024	2023
			£	£
	Advances to company	The directors had made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the directors the following amount:	86	-


10	POST BALANCE SHEET EVENTS

	After the reporting date, but before the approval of the financial statements, the company completed the transfer of land that was classified as a fixed asset at the balance sheet date. The transfer was completed in January 2025 for total consideration of £150,000. The transaction represents a non-adjusting event under FRS 102a as the transfer occurred after the end of the reporting period and does not provide further evidence of conditions that existed at the balance sheet date. As such, no adjustment has been made to the carrying value of the asset as at 31 December 2024.