P&M Pavers (Lincoln) Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06306246 (England and Wales)

P&M PAVERS (LINCOLN) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

5

DIRECTOR:

N J McDougall

SECRETARY:

Mrs H T McDougall

REGISTERED OFFICE:

Brampton Lodge

Brampton

Lincoln

LN1 2EG

REGISTERED NUMBER:

06306246 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

4 Henley Way

Doddington Road

Lincoln

Lincolnshire

LN6 3QR

FIXED ASSETS

Tangible assets

4

706,284

646,067

CURRENT ASSETS

Stocks

1,017,219

800,000

Debtors

5

755,256

544,692

Cash at bank

310,055

958,085

2,082,530

2,302,777

CREDITORS

Amounts falling due within one year

6

767,817

880,756

NET CURRENT ASSETS

1,314,713

1,422,021

TOTAL ASSETS LESS CURRENT LIABILITIES

2,020,997

2,068,088

CREDITORS

Amounts falling due after more than one year

7

(111,669

)

(83,520

)

PROVISIONS FOR LIABILITIES

(119,383

)

(70,102

)

NET ASSETS

1,789,945

1,914,466

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

1,789,845

1,914,366

SHAREHOLDERS' FUNDS

1,789,945

1,914,466

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 the director and authorised for issue on 23 April 2024 and were signed by:

N J McDougall - Director

1.	STATUTORY INFORMATION

P&M Pavers (Lincoln) Ltd 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on reducing balance, 25% on cost and 15% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks

Stocks and work-in-progress are stated at the lower of cost and fair value less costs to complete, after making due allowances for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised on the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

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 income statement in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 August 2022

61,817

1,314,669

1,376,486

Additions

-

185,500

185,500

At 31 July 2023

61,817

1,500,169

1,561,986

DEPRECIATION

At 1 August 2022

6,182

724,237

730,419

Charge for year

1,236

124,047

125,283

At 31 July 2023

7,418

848,284

855,702

NET BOOK VALUE

At 31 July 2023

54,399

651,885

706,284

At 31 July 2022

55,635

590,432

646,067

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.23

31.7.22

£

£

Trade debtors

111,654

184,504

Other debtors

643,602

360,188

755,256

544,692

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.23

31.7.22

£

£

Hire purchase contracts

101,877

43,573

Trade creditors

485,964

261,108

Taxation and social security

110,271

498,731

Other creditors

69,705

77,344

767,817

880,756

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.23

31.7.22

£

£

Hire purchase contracts

111,669

83,520

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.23

31.7.22

value:

£

£

100

Ordinary

1

100

100

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The directors have a directors loan accounts totalling £169,144 overdrawn brought forward (2022: £155,507 overdrawn). During the year, the directors of the company borrowed £477,667 (2022: £148,416) from the company and repaid £191,226 (2022: £134,778). The balance at the end of the year totalled £425,585 overdrawn (2022: £169,145 overdrawn).