Pickford Builders Limited - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: 05847079 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

FOR

PICKFORD BUILDERS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M H Holland

R F Lowe

P J Smyth

REGISTERED OFFICE:

Unit 18

Zone D

Chelmsford Road Industrial Estate

Great Dunmow

Essex

CM6 1HD

REGISTERED NUMBER:

05847079 (England and Wales)

SENIOR STATUTORY AUDITOR:

Lee Daley ACA FCCA

AUDITORS:

THP Limited

Chartered Accountants

and Statutory Auditors

Unit 4 Mulgrave Chambers

26-28 Mulgrave Road

Sutton

Surrey

SM2 6LE

FIXED ASSETS

Tangible assets

4

24,077

-

CURRENT ASSETS

Stocks

2,402

2,950

Debtors

5

2,091,595

2,135,030

Cash at bank and in hand

178,511

88,922

2,272,508

2,226,902

CREDITORS

Amounts falling due within one year

6

1,654,454

1,512,136

NET CURRENT ASSETS

618,054

714,766

TOTAL ASSETS LESS CURRENT LIABILITIES

642,131

714,766

CREDITORS

Amounts falling due after more than one year

7

169,985

255,412

NET ASSETS

472,146

459,354

CAPITAL AND RESERVES

Called up share capital

100

100

Share premium

19,990

19,990

Retained earnings

452,056

439,264

472,146

459,354

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 Board of Directors and authorised for issue on 16 June 2023 and were signed on its behalf by:

P J Smyth - Director

1.	STATUTORY INFORMATION

Pickford Builders 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.

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.

Going concern

The financial statements are prepared on the going concern basis, which assumes the ability of the company to continue its activities for the foreseeable future, being a period of not less than twelve months from the approval of these accounts.

The directors, having considered all the information available, are confident that the company has adequate reserves and resources thereto to continue its operational activities for the foreseeable future.

Turnover

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.

Amounts recoverable on contracts

Revenue from amounts recoverable on contracts is based on the completion stage of those contracts which is based on the costs incurred to date. The stage of completion is calculated by comparing actual costs incurred, mainly in relation to labour and materials, as a proportion of total final expected costs and by using this percentage of completion, an adjustment is made for to recognise the appropriate revenue.

Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

20% on cost

Government grants

Government grants are accounted for using the accruals basis.

Stocks

Stock is stated at the lower of cost and estimated selling price, after making due allowance for obsolete and slow moving items. Stocks are recognised as an expense in the period in which the related revenue is recognised.

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.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

Leasing commitments

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2021 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 October 2021

6,294

2,170

23,166

31,630

Additions

-

-

24,077

24,077

Disposals

-

-

(23,166

)

(23,166

)

At 30 September 2022

6,294

2,170

24,077

32,541

DEPRECIATION

At 1 October 2021

6,294

2,170

23,166

31,630

Eliminated on disposal

-

-

(23,166

)

(23,166

)

At 30 September 2022

6,294

2,170

-

8,464

NET BOOK VALUE

At 30 September 2022

-

-

24,077

24,077

At 30 September 2021

-

-

-

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

509,260

638,039

Amounts recoverable on contracts

359,202

547,187

Other debtors

207,145

132,316

Amounts owed by group undertakings

1,014,221

814,888

Deferred tax asset

Decelerated capital allowances

327

335

Prepayments and accrued income

1,440

2,265

2,091,595

2,135,030

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other loans (see note 10)

85,427

80,408

Trade creditors

497,275

482,768

Amounts owed to group undertakings

573,801

500,089

Corporation tax

2,960

22,994

Social security and other taxes

40,749

46,009

VAT

190,523

117,766

Other creditors

7,903

2,105

Accruals and deferred income

255,816

259,997

1,654,454

1,512,136

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Other loans - 1-2 years

90,762

85,427

Other loans - 2-5 years

79,223

169,985

169,985

255,412

Other loans are unsecured with fixed annual interest rates of 5.0% and 8.9% being applied.

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

81,126

71,623

Between one and five years

121,705

98,369

202,831

169,992

9.	SECURED DEBTS

Bank facilities provided by Barclays Bank Plc are secured by a debenture over the assets of the company and its parent and fellow group undertakings.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Lee Daley ACA FCCA (Senior Statutory Auditor)

for and on behalf of THP Limited

11.	RELATED PARTY TRANSACTIONS

The company is a 90% owned subsidiary of Bakers of Danbury Limited and its group companies. During the year the company had the following transactions with its group companies:

2022

2021

£

£

Sales to group companies

830,358

871,176

Purchases from group companies

2,858

695

Management charges from group companies

86,000

100,700

Purchase of assets from group companies

24,077

-

12.	PARENT COMPANY

The company is a 90% owned subsidiary of Bakers of Danbury Limited which is both the immediate and ultimate parent company and is incorporated in England and Wales.

Registered address : Eves Corner, Danbury, Chelmsford, Essex, CM3 4BQ.