Paben Windows Limited 31/08/2018 iXBRL

Paben Windows Limited 31/08/2018 iXBRL

PABEN WINDOWS LIMITED - Company Information

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31/08/2018 2018-08-31 false false false false false false false false false false true false false true false false false true false true true false No description of principal activities is disclosed 2017-09-01 Sage Accounts Production 18.30 Update 1 - FRS xbrli:pure xbrli:shares iso4217:GBP 03764905 2017-09-01 2018-08-31 03764905 2018-08-31 03764905 2017-08-31 03764905 2017-08-31 03764905 core:PlantMachinery 2017-09-01 2018-08-31 03764905 core:FurnitureFittingsToolsEquipment 2017-09-01 2018-08-31 03764905 core:MotorVehicles 2017-09-01 2018-08-31 03764905 bus:Director1 2017-09-01 2018-08-31 03764905 core:LandBuildings core:ShortLeaseholdAssets 2017-08-31 03764905 core:PlantMachinery 2017-08-31 03764905 core:FurnitureFittingsToolsEquipment 2017-08-31 03764905 core:MotorVehicles 2017-08-31 03764905 core:LandBuildings core:ShortLeaseholdAssets 2018-08-31 03764905 core:PlantMachinery 2018-08-31 03764905 core:FurnitureFittingsToolsEquipment 2018-08-31 03764905 core:MotorVehicles 2018-08-31 03764905 core:WithinOneYear 2018-08-31 03764905 core:WithinOneYear 2017-08-31 03764905 core:ShareCapital 2018-08-31 03764905 core:ShareCapital 2017-08-31 03764905 core:RetainedEarningsAccumulatedLosses 2018-08-31 03764905 core:RetainedEarningsAccumulatedLosses 2017-08-31 03764905 core:BetweenOneFiveYears 2017-08-31 03764905 core:AfterOneYear 2018-08-31 03764905 core:AfterOneYear 2017-08-31 03764905 core:PlantMachinery 2017-08-31 03764905 core:FurnitureFittingsToolsEquipment 2017-08-31 03764905 core:MotorVehicles 2017-08-31 03764905 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2017-08-31 03764905 bus:SmallEntities 2017-09-01 2018-08-31 03764905 bus:AuditExemptWithAccountantsReport 2017-09-01 2018-08-31 03764905 bus:FullAccounts 2017-09-01 2018-08-31 03764905 bus:SmallCompaniesRegimeForAccounts 2017-09-01 2018-08-31 03764905 bus:PrivateLimitedCompanyLtd 2017-09-01 2018-08-31
Company registration number: 03764905
Paben Windows Limited
Unaudited filleted financial statements
31 August 2018
Paben Windows Limited
Contents
Statement of financial position
Notes to the financial statements
Paben Windows Limited
Statement of financial position
31 August 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 38,992 47,457
_______ _______
38,992 47,457
Current assets
Stocks 6 32,599 18,155
Debtors 7 200,027 216,570
Cash at bank and in hand 60,826 65,732
_______ _______
293,452 300,457
Creditors: amounts falling due
within one year 8 ( 223,368) ( 206,033)
_______ _______
Net current assets 70,084 94,424
_______ _______
Total assets less current liabilities 109,076 141,881
Provisions for liabilities ( 3,024) ( 3,666)
_______ _______
Net assets 106,052 138,215
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 105,952 138,115
_______ _______
Shareholders funds 106,052 138,215
_______ _______
For the year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 March 2019 , and are signed on behalf of the board by:
Mr Michael John Oben Mr Michael Patey
Director Director
Company registration number: 03764905
Paben Windows Limited
Notes to the financial statements
Year ended 31 August 2018
1. General information
Paben Windows Limited (Company number 03764905 ) is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Albion Place, Maidstone, Kent, ME14 5DY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Revenue from services rendered are recognised when the significant risks and rewards of ownership have transferred to the customer. Services rendered are in the form of supply and installation of windows.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
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. In this case, tax is 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. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 10 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase and other costs incurred in bringing the stocks to their present location and condition. Stocks for Paben Windows Limited are in the form of small parts which are held for the installation of windows.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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 debtors and creditors, loans from banks and other third parties and loans to related parties.
4. Employee numbers
The average number of persons employed by the company, including directors, during the year amounted to 13 (2017: 11).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 September 2017 18,650 128,402 11,753 77,819 236,624
_______ _______ _______ _______ _______
Depreciation
At 1 September 2017 18,650 105,626 10,138 54,753 189,167
Charge for the year - 2,277 421 5,767 8,465
_______ _______ _______ _______ _______
At 31 August 2018 18,650 107,903 10,559 60,520 197,632
_______ _______ _______ _______ _______
Carrying amount
At 31 August 2018 - 20,499 1,194 17,299 38,992
_______ _______ _______ _______ _______
At 31 August 2017 - 22,776 1,615 23,066 47,457
_______ _______ _______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 August 2018 -
_______
At 31 August 2017 13,937
_______
6. Stocks
2018 2017
£ £
Raw materials 15,999 13,370
Work in progress 16,600 4,785
_______ _______
32,599 18,155
_______ _______
7. Debtors
2018 2017
£ £
Trade debtors 134,481 85,812
Other debtors 65,546 130,758
_______ _______
200,027 216,570
_______ _______
The debtors above include the following amounts falling due after more than one year:
2018 2017
£ £
Other debtors 59,669 80,169
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 146,233 118,810
Social security and other taxes 30,440 45,343
Other creditors 43,143 40,104
_______ _______
219,816 204,257
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 30,713 30,712
Later than 1 year and not later than 5 years - 30,713
_______ _______
30,713 61,425
_______ _______