PERCE BAXTER & SON LTD - Accounts

PERCE BAXTER & SON LTD - Accounts

PERCE BAXTER & SON LTD - Company Information

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Registered Number: 07524231


 

 

 

PERCE BAXTER & SON LTD


Abridged Accounts
 


Period of accounts

Start date: 01 March 2022

End date: 28 February 2023

PERCE BAXTER & SON LTD
Contents Page
For the year ended 28 February 2023
Accountant’s report
You consider that the company is exempt from an audit for the year ended 28 February 2023 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
A1 Abacus
28 February 2023



....................................................
A1 Abacus
Triquetra Lodge
6 Nightingale Walk
Manea
PE15 0GJ
28 November 2023
1
 
 		 Notes
 		 2023
£		   2022
£
Fixed assets      
Tangible fixed assets 3 97,496    91,261 
97,496    91,261 
Current assets      
Stocks 16,941    28,728 
Debtors 172,556    18,281 
Cash at bank and in hand 77,367    256,503 
266,864    303,512 
Creditors: amount falling due within one year (29,336)   (25,298)
Net current assets 237,528    278,214 
 
Total assets less current liabilities 335,024    369,475 
Creditors: amount falling due after more than one year (13,368)   (27,301)
Provisions for liabilities 203    0 
Net assets 321,859    342,174 
 

Capital and reserves 		     
Called up share capital 4 4    4 
Profit and loss account 321,855    342,170 
Shareholder's funds 321,859    342,174 
 


For the year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements 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 Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 28 November 2023 and were signed on its behalf by:


-------------------------------
Percival George Baxter
Director
2
General Information
PERCE BAXTER & SON LTD is a private company, limited by shares, registered in , registration number 07524231, registration address Horseway Farm, Horseway,, Byall Fen Drove, , Chatteris, PE16 6XQ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 15 Reducing Balance
Motor Vehicles 25 Reducing Balance
Computer Equipment 15 Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 3 (2022 : 2).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £
At 01 March 2022 61,981    97,896    586    160,463 
Additions 24,974    26,650    -    51,624 
Disposals (21,800)   (16,400)   -    (38,200)
At 28 February 2023 65,155    108,146    586    173,887 
Depreciation
At 01 March 2022 34,967    33,939    296    69,202 
Charge for year 5,688    20,436    44    26,168 
On disposals (10,420)   (8,559)   -    (18,979)
At 28 February 2023 30,235    45,816    340    76,391 
Net book values
Closing balance as at 28 February 2023 34,920    62,330    246    97,496 
Opening balance as at 01 March 2022 27,014    63,957    290    91,261 


4.

Share Capital

Allotted, called up and fully paid
2023
£		   2022
£
4 Class A shares of £1.00 each 4    4 
4    4 

3