Abbreviated Company Accounts - P.A.G. CONSTRUCTION LIMITED
Abbreviated Company Accounts - P.A.G. CONSTRUCTION LIMITED
Registered Number 02669739
P.A.G. CONSTRUCTION LIMITED
Abbreviated Accounts
31 December 2014
P.A.G. CONSTRUCTION LIMITED Registered Number 02669739
Abbreviated Balance Sheet as at 31 December 2014
Notes | 2014 | 2013 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 3 |
( |
( |
Net current assets (liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year | 3 |
( |
( |
Provisions for liabilities |
( |
( |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Board on
And signed on their behalf by:
P.A.G. CONSTRUCTION LIMITED Registered Number 02669739
Notes to the Abbreviated Accounts for the period ended 31 December 2014
1Accounting Policies
Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention, and in
accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Going concern
The prevailing economic climate is challenging, particularly in the construction industry.
However, the company has remained profitable this year and the directors are confident that
this will continue. The company has been able to rely on the directors to fund working capital
as and when required.
Turnover policy
during the period, exclusive of Value Added Tax. Turnover is recognised at the point at
which the company has fulfilled its contractual obligations and the risks and rewards
attaching to the sale have been transferred to the customer.
In respect of the long-term contracts and contracts for on-going services, turnover represents
the value of work done in the year, including estimates of amounts not invoiced. Turnover in
respect of long-term contracts and contracts for on-going services is recognised by reference
to the stage of completion.
Tangible assets depreciation policy
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset over the useful economic life
of that asset as follows:
Freehold Property - 10% straight line
Plant & Machinery - 15% straight line
Motor Vehicles - 25% reducing balance
Equipment - 10% straight line
Other accounting policies
Stocks are valued at the lower of cost and net realisable value, on a first-in-first-out basis,
after making due allowance for obsolete and slow moving items. Cost is based on purchase
price.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on
normal level of activity. Provision is made for any foreseeable losses where appropriate. No
element of profit is included in the valuation of work in progress.
Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed
assets at their fair value. The capital element of the future payments is treated as a liability
and the interest is charged to the profit and loss account on a straight line basis.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of
the scheme are held separately from those of the company. The annual contributions payable
are charged to the profit and loss account.
Deferred taxation
Deferred tax is recognised in respect of all timing material differences that have originated
but not reversed at the balance sheet date where transactions or events have occurred at that
date that will result in an obligation to pay more, or a right to pay less or to receive more tax,
with the following exceptions:
The only exception is that deferred tax assets are recognised only to the extent that the
directors consider that it is more likely than not that there will be suitable taxable profits from
which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply
in the periods in which timing differences reverse, based on tax rates and laws enacted or
substantively enacted at the balance sheet date.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the
contractual arrangement, as either financial assets, financial liabilities or equity instruments.
An equity instrument is any contract that evidences a residual interest in the assets of the
company after deducting all of its liabilities.
£ | |
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Cost | |
At 1 January 2014 |
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Additions |
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Disposals |
( |
Revaluations |
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Transfers |
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At 31 December 2014 |
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Depreciation | |
At 1 January 2014 |
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Charge for the year |
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On disposals |
( |
At 31 December 2014 |
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Net book values | |
At 31 December 2014 | 21,281 |
At 31 December 2013 | 21,762 |
2014
£ |
2013
£ |
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Secured Debts |
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4Transactions with directors
Name of director receiving advance or credit: | ||
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Description of the transaction: | ||
Balance at 1 January 2014: | £ |
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Advances or credits made: | £ |
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Advances or credits repaid: | ||
Balance at 31 December 2014: | £ |