P&M Pavers (Lincoln) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06306246 (England and Wales)

P&M PAVERS (LINCOLN) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTOR:

N J McDougall

SECRETARY:

Mrs H T McDougall

REGISTERED OFFICE:

Brampton Lodge

Brampton

Lincoln

LN1 2EG

REGISTERED NUMBER:

06306246 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

4 Henley Way

Doddington Road

Lincoln

Lincolnshire

LN6 3QR

FIXED ASSETS

Tangible assets

4

514,243

481,280

Investment property

5

-

412,193

514,243

893,473

CURRENT ASSETS

Stocks

210,000

395,325

Debtors

6

460,572

793,994

Cash at bank

1,393,813

558,502

2,064,385

1,747,821

CREDITORS

Amounts falling due within one year

7

479,536

408,542

NET CURRENT ASSETS

1,584,849

1,339,279

TOTAL ASSETS LESS CURRENT LIABILITIES

2,099,092

2,232,752

CREDITORS

Amounts falling due after more than one year

8

(6,068

)

(33,811

)

PROVISIONS FOR LIABILITIES

(72,513

)

(66,827

)

NET ASSETS

2,020,511

2,132,114

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

2,020,411

2,132,014

SHAREHOLDERS' FUNDS

2,020,511

2,132,114

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved the director and authorised for issue on 25 May 2022 and were signed by:

N J McDougall - Director

1.	STATUTORY INFORMATION

P&M Pavers (Lincoln) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on reducing balance, 25% on cost and 15% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property

Investment property is included at fair value. Gains are recognised in the income statement.

Stocks

Stocks and work-in-progress are stated at the lower of cost and fair value less costs to complete, after making due allowances for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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 future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised on the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2020 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 August 2020

61,817

897,281

959,098

Additions

-

139,572

139,572

At 31 July 2021

61,817

1,036,853

1,098,670

DEPRECIATION

At 1 August 2020

3,709

474,109

477,818

Charge for year

1,237

105,372

106,609

At 31 July 2021

4,946

579,481

584,427

NET BOOK VALUE

At 31 July 2021

56,871

457,372

514,243

At 31 July 2020

58,108

423,172

481,280

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2020

412,193

Disposals

(412,193

)

At 31 July 2021

-

NET BOOK VALUE

At 31 July 2021

-

At 31 July 2020

412,193

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

232,864

292,883

Other debtors

227,708

501,111

460,572

793,994

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Hire purchase contracts

27,743

48,678

Trade creditors

186,592

83,960

Taxation and social security

208,107

222,927

Other creditors

57,094

52,977

479,536

408,542

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Hire purchase contracts

6,068

33,811

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

1

100

100

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The directors have a directors loan accounts totalling £267,923 overdrawn brought forward (2020: £83,751). During the year, the directors of the company borrowed £346,343 (2020: £309,717) from the company and repaid £507,680 (2020: £125,545). Interest was charged on the overdrawn amount in the year of £NIL (2020: £2,199). The balance at the end of the year totalled £106,586 overdrawn (2020: £267,923 overdrawn).