P&M Pavers (Lincoln) Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 06306246 (England and Wales)

P&M PAVERS (LINCOLN) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTOR:

N J McDougall

SECRETARY:

Mrs H T McDougall

REGISTERED OFFICE:

65 South Park

Lincoln

Lincolnshire

LN5 8ES

REGISTERED NUMBER:

06306246 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

4 Henley Way

Doddington Road

Lincoln

Lincolnshire

LN6 3QR

FIXED ASSETS

Intangible assets

4

8,000

16,000

Tangible assets

5

339,990

357,724

Investment property

6

395,344

395,344

743,334

769,068

CURRENT ASSETS

Stocks

528,309

512,857

Debtors

7

165,897

136,806

Cash at bank

364,208

347,229

1,058,414

996,892

CREDITORS

Amounts falling due within one year

8

225,206

222,076

NET CURRENT ASSETS

833,208

774,816

TOTAL ASSETS LESS CURRENT LIABILITIES

1,576,542

1,543,884

CREDITORS

Amounts falling due after more than one year

9

(28,631

)

(26,084

)

PROVISIONS FOR LIABILITIES

(52,275

)

(54,572

)

NET ASSETS

1,495,636

1,463,228

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

1,495,536

1,463,128

SHAREHOLDERS' FUNDS

1,495,636

1,463,228

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 25 April 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

The financial statements for the year ended 31 July 2017 are the first financial statements of P & M Pavers Limited

prepared in accordance with FRS 102. Adjustments required on transition are set out in the notes to the financial

statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

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.

Plant and machinery etc

-

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

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair

value is recognised in profit or loss.

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 in 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 the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the

future payments is treated as a liability.

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2016

and 31 July 2017

80,000

AMORTISATION

At 1 August 2016

64,000

Charge for year

8,000

At 31 July 2017

72,000

NET BOOK VALUE

At 31 July 2017

8,000

At 31 July 2016

16,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2016

549,427

Additions

63,479

At 31 July 2017

612,906

DEPRECIATION

At 1 August 2016

191,703

Charge for year

81,213

At 31 July 2017

272,916

NET BOOK VALUE

At 31 July 2017

339,990

At 31 July 2016

357,724

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2016

and 31 July 2017

395,344

NET BOOK VALUE

At 31 July 2017

395,344

At 31 July 2016

395,344

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

165,897

136,806

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

25,098

20,904

Trade creditors

73,306

18,528

Taxation and social security

87,778

139,550

Other creditors

39,024

43,094

225,206

222,076

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

28,631

26,084

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

1

100

100

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2017 and 31 July 2016:

2017

2016

£

£

N J McDougall

Balance outstanding at start of year

(38,441

)

(395

)

Amounts advanced

305,562

658,702

Amounts repaid

(253,484

)

(696,748

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

13,637

(38,441

)

12.	FIRST YEAR ADOPTION

The company has adopted FRS 102 for the first time in the period ended 31st July 2017. The reported financial position

and financial performance for the previous period are not affected by the transition to FRS 102.