Paul F Tutin Ltd Filleted accounts for Companies House (small and micro)

3 false false false false false false false false false false true false false false false false false No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,018,728 1,050,879 100,936 1,151,815 866,913 76,000 76,000 25,333 25,333 50,667 xbrli:pure xbrli:shares iso4217:GBP 07752031 2022-07-01 2023-06-30 07752031 2023-06-30 07752031 2022-06-30 07752031 2021-07-01 2022-06-30 07752031 2022-06-30 07752031 2021-06-30 07752031 bus:Director1 2022-07-01 2023-06-30 07752031 core:NetGoodwill 2022-06-30 07752031 core:NetGoodwill 2023-06-30 07752031 core:MotorVehicles 2023-06-30 07752031 core:MotorVehicles 2022-07-01 2023-06-30 07752031 core:WithinOneYear 2023-06-30 07752031 core:WithinOneYear 2022-06-30 07752031 core:ShareCapital 2023-06-30 07752031 core:ShareCapital 2022-06-30 07752031 core:RetainedEarningsAccumulatedLosses 2023-06-30 07752031 core:RetainedEarningsAccumulatedLosses 2022-06-30 07752031 core:NetGoodwill 2022-07-01 2023-06-30 07752031 core:NetGoodwill 2022-06-30 07752031 bus:SmallEntities 2022-07-01 2023-06-30 07752031 bus:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 07752031 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 07752031 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 07752031 bus:FullAccounts 2022-07-01 2023-06-30

COMPANY REGISTRATION NUMBER: 07752031

Paul F Tutin Ltd

Filleted Unaudited Financial Statements

For the year ended

30 June 2023

Paul F Tutin Ltd

Statement of Financial Position

30 June 2023

	2023		2022
Note	£	£	£

Fixed assets

Intangible assets	5	866,913	967,850
Tangible assets	6	50,667	–
		---------	---------
		917,580	967,850

Current assets

Debtors	7	897,443	1,213,593
Cash at bank and in hand		2,619	11,470
		---------	------------
		900,062	1,225,063

Creditors: amounts falling due within one year	8	1,174,157		840,660
		------------		------------
Net current (liabilities)/assets			( 274,095)	384,403
			---------	------------
Total assets less current liabilities			643,485	1,352,253
			---------	------------

Capital and reserves

Called up share capital	1	1
Profit and loss account	643,484	1,352,252
	---------	------------
Shareholder funds	643,485	1,352,253
	---------	------------

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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Paul F Tutin Ltd

Statement of Financial Position (continued)

30 June 2023

These financial statements were approved by the board of directors and authorised for issue on 28 March 2024 , and are signed on behalf of the board by:

P F Tutin
Director

Company registration number: 07752031

Paul F Tutin Ltd

Notes to the Financial Statements

Year ended 30 June 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tower House, Lucy Tower Street, Lincoln, LN1 1XW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover shown in the profit and loss account represents the apportionment of partnership profits during the period.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date.

Investments

Investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Straight line over 20 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Motor vehicles	-	Straight line over 3 years

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 July 2022 and 30 June 2023	2,018,728
	------------
Amortisation
At 1 July 2022	1,050,879
Charge for the year	100,936
	------------
At 30 June 2023	1,151,815
	------------
Carrying amount
At 30 June 2023	866,913
	------------
At 30 June 2022	967,849
	------------

6. Tangible assets

	Motor vehicles	Total
	£	£
Cost
At 1 July 2022	–	–
Additions	76,000	76,000
	--------	--------
At 30 June 2023	76,000	76,000
	--------	--------
Depreciation
At 1 July 2022	–	–
Charge for the year	25,333	25,333
	--------	--------
At 30 June 2023	25,333	25,333
	--------	--------
Carrying amount
At 30 June 2023	50,667	50,667
	--------	--------
At 30 June 2022	–	–
	--------	--------

7. Debtors

	2023	2022
	£	£
Other debtors	897,443	1,213,593
	---------	------------

8. Creditors: amounts falling due within one year

	2023	2022
	£	£
Corporation tax	427,361	109,963
Social security and other taxes	7,248	6,671
Other creditors	739,548	724,026
	------------	---------
	1,174,157	840,660
	------------	---------

9. Director's advances, credits and guarantees

The company was under the control of P F Tutin throughout the current and previous reporting periods. P F Tutin is the sole director and shareholder. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 section 1a.