P.K.S. (Construction) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01190065 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 November 2023

for

P.K.S. (Construction) Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

Fixed assets

Tangible assets

5

290,872

198,535

Current assets

Stocks

954,254

730,514

Debtors

6

319,544

435,158

Cash at bank and in hand

428,871

46,779

1,702,669

1,212,451

Creditors

Amounts falling due within one year

7

(736,484

)

(431,359

)

Net current assets

966,185

781,092

Total assets less current liabilities

1,257,057

979,627

Creditors

Amounts falling due after more than one year

8

(32,340

)

(14,018

)

Provisions for liabilities

(72,718

)

(49,634

)

Net assets

1,151,999

915,975

Capital and reserves

Called up share capital

4,003

4,003

Retained earnings

1,147,996

911,972

1,151,999

915,975

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2024 and were signed on its behalf by:

Mr J P Rowe - Director

1.	Statutory information

P.K.S. (Construction) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

01190065

Registered office:

22-26 King Street

King's Lynn

Norfolk

PE30 1HJ

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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 the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

15% p.a. reducing balance

Office equipment

-

15% p.a. reducing balance

Motor vehicles

-

25% p.a. reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

4.	Employees and directors

The average number of employees during the year was 5 (2022 - 5 ) .

5.	Tangible fixed assets

Plant and

Office

Motor

machinery

equipment

vehicles

Totals

£

£

£

£

Cost

At 1 December 2022

149,119

11,063

197,759

357,941

Additions

45,545

1,960

95,871

143,376

Disposals

-

-

(4,000

)

(4,000

)

At 30 November 2023

194,664

13,023

289,630

497,317

Depreciation

At 1 December 2022

51,147

4,992

103,267

159,406

Charge for year

19,873

960

28,817

49,650

Eliminated on disposal

-

-

(2,611

)

(2,611

)

At 30 November 2023

71,020

5,952

129,473

206,445

Net book value

At 30 November 2023

123,644

7,071

160,157

290,872

At 30 November 2022

97,972

6,071

94,492

198,535

6.

Debtors: amounts falling due within one year

30.11.23

30.11.22

£

£

Trade debtors

199,728

320,058

Other debtors

119,816

115,100

319,544

435,158

7.

Creditors: amounts falling due within one year

30.11.23

30.11.22

£

£

Hire purchase contracts

27,281

18,745

Trade creditors

228,611

139,966

Taxation and social security

69,481

113,712

Other creditors

411,111

158,936

736,484

431,359

8.

Creditors: amounts falling due after more than one year

30.11.23

30.11.22

£

£

Hire purchase contracts

32,340

14,018

9.	Secured debts

The following secured debts are included within creditors:

30.11.23

30.11.22

£

£

Hire purchase contracts

59,621

32,763

Hire purchase balances are secured on the assets to which they relate.

Lloyds Bank plc hold a legal charge over land and buildings 34-38 London Road, Downham Market, PE38 9AT and the development of 49 Sluice Road, Denver, PE38 0DY. There are both fixed and floating charges held by the bank to include all property or undertakings of the company, both present and future dated 26 July 2017 relating to 49 Sluice Road and 21 July 2020 relating to London Road.

10.	Related party disclosures

During the year there were net transactions with the directors amounting to £208,054 (2022 £Nil), leaving a balance at the year end of £353,775 (2022 £145,721) due from the company.

No further transactions were undertaken requiring disclosure under FRS 102 Section 1A.