Paxford Composites Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02891008 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2020

for

Paxford Composites Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr G Ford

REGISTERED OFFICE:

Redwongs Way

Huntingdon

Cambridgeshire

PE29 7HB

REGISTERED NUMBER:

02891008 (England and Wales)

ACCOUNTANTS:

George Hay Partnership LLP

Chartered Accountants

St George's House

George Street

Huntingdon

Cambridgeshire

PE29 3GH

FIXED ASSETS

Tangible assets

4

139,702

165,917

CURRENT ASSETS

Stocks

86,280

105,090

Debtors

5

464,311

420,969

Cash at bank

28,921

41,980

579,512

568,039

CREDITORS

Amounts falling due within one year

6

541,010

529,076

NET CURRENT ASSETS

38,502

38,963

TOTAL ASSETS LESS CURRENT LIABILITIES

178,204

204,880

CREDITORS

Amounts falling due after more than one year

7

98,303

63,766

NET ASSETS

79,901

141,114

CAPITAL AND RESERVES

Called up share capital

10,300

10,300

Revaluation reserve

10

42,563

42,563

Retained earnings

27,038

88,251

SHAREHOLDERS' FUNDS

79,901

141,114

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 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 by the director and authorised for issue on 17 September 2021 and were signed by:

Mr G Ford - Director

1.	STATUTORY INFORMATION

Paxford Composites Limited 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.

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.

Plant and machinery etc

-

33% on cost and 15% on reducing balance

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Leases

Operating lease rentals are charged to the profit and loss account on a straight line basis over the period of the lease.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is valued using a standard cost system and therefore includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2019 - 31 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2019

and 30 September 2020

1,106,421

DEPRECIATION

At 1 October 2019

940,504

Charge for year

26,215

At 30 September 2020

966,719

NET BOOK VALUE

At 30 September 2020

139,702

At 30 September 2019

165,917

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 October 2019

and 30 September 2020

49,178

DEPRECIATION

At 1 October 2019

3,680

Charge for year

6,825

At 30 September 2020

10,505

NET BOOK VALUE

At 30 September 2020

38,673

At 30 September 2019

45,498

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

118,214

98,119

Amounts owed by group undertakings

71,248

71,248

Amounts recoverable on

contracts

182,476

160,782

Other debtors

92,373

90,820

464,311

420,969

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Hire purchase contracts (see note 8)

14,928

14,011

Trade creditors

49,953

93,422

Taxation and social security

129,861

125,631

Other creditors

346,268

296,012

541,010

529,076

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

50,000

-

Hire purchase contracts (see note 8)

8,103

23,566

Other creditors

40,200

40,200

98,303

63,766

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2020

2019

£

£

Net obligations repayable:

Within one year

14,928

14,011

Between one and five years

8,103

23,566

23,031

37,577

Non-cancellable

operating leases

2020

2019

£

£

Within one year

136,000

136,000

Between one and five years

294,066

430,066

430,066

566,066

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Debt Factoring

72,214

54,175

The debt factoring is secured by way of a fixed and floating charge over all assets of the company in favour of Centric SPV 1 Limited.

10.

RESERVES

Revaluation

reserve

£

At 1 October 2019

and 30 September 2020

42,563

11.	GOING CONCERN

During the period, there was the pandemic outbreak of COVID-19 which continued post year end. This pandemic had and continued to have a significant impact on both people and industry across the world. The directors are carefully monitoring the situation and following the applicable guidance issued by the UK Government. Due to the nature of the outbreak and the ongoing affect it is having globally it is currently very difficult to fully predict the overall impact this situation will have on the company going forward.

The pandemic represents a condition existing at the balance sheet date however the directors have carefully considered the impact of this on the measurements of assets and liabilities in the financial statements and concluded that no adjustments are required.