Company Registration No. 09060054 (England and Wales)
Padstow Sea Sand Ltd
Unaudited accounts
for the year ended 31 May 2022
Padstow Sea Sand Ltd
Unaudited accounts
Contents
Padstow Sea Sand Ltd
Company Information
for the year ended 31 May 2022
Directors
Mr J A H Prynn
Mr M E Prynn
Company Number
09060054 (England and Wales)
Registered Office
Karenza Yard, Downhill
St. Eval
Wadebridge
Cornwall
PL27 7UN
England
Accountants
Blackwell Bate Ltd
Brunel Court
122 Fore Street
Saltash
Cornwall
PL12 6JW
Padstow Sea Sand Ltd
Statement of financial position
as at 31 May 2022
Tangible assets
826,060
534,539
Cash at bank and in hand
23,876
3,754
Creditors: amounts falling due within one year
(676,066)
(390,414)
Net current liabilities
(447,184)
(241,570)
Total assets less current liabilities
378,876
292,969
Creditors: amounts falling due after more than one year
(307,167)
(199,189)
Provisions for liabilities
Deferred tax
(28,509)
(38,685)
Called up share capital
2
2
Profit and loss account
43,198
55,093
Shareholders' funds
43,200
55,095
For the year ending 31 May 2022 the company was entitled to exemption from audit 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 February 2023 and were signed on its behalf by
Mr J A H Prynn
Director
Company Registration No. 09060054
Padstow Sea Sand Ltd
Notes to the Accounts
for the year ended 31 May 2022
Padstow Sea Sand Ltd is a private company, limited by shares, registered in England and Wales, registration number 09060054. The registered office is Karenza Yard, Downhill, St. Eval, Wadebridge, Cornwall, PL27 7UN, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
25 year straight line
Plant & machinery
15% reducing balance
Computer equipment
3 year straight line
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Padstow Sea Sand Ltd
Notes to the Accounts
for the year ended 31 May 2022
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 June 2021
65,804
653,872
-
719,676
Additions
-
450,682
158
450,840
Disposals
-
(73,197)
-
(73,197)
At 31 May 2022
65,804
1,031,357
158
1,097,319
At 1 June 2021
16,171
168,966
-
185,137
Charge for the year
2,519
98,876
4
101,399
On disposals
-
(15,277)
-
(15,277)
At 31 May 2022
18,690
252,565
4
271,259
At 31 May 2022
47,114
778,792
154
826,060
At 31 May 2021
49,633
484,906
-
534,539
Amounts falling due within one year
Trade debtors
155,006
110,100
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
9,600
9,167
Obligations under finance leases and hire purchase contracts
248,175
180,192
Trade creditors
166,565
39,200
Other creditors
251,726
161,855
Padstow Sea Sand Ltd
Notes to the Accounts
for the year ended 31 May 2022
7
Creditors: amounts falling due after more than one year
2022
2021
Obligations under finance leases and hire purchase contracts
276,767
158,356
8
Average number of employees
During the year the average number of employees was 10 (2021: 10).
