Pagan & McQuade (Hartlepool) Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 04257086 (England and Wales)

Pagan & McQuade (Hartlepool) Limited

Unaudited Financial Statements

For The Year Ended 31 August 2017

Page

Company Information

1

Chartered Accountants' Report

2

Abridged Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

G A McQuade

SECRETARY:

C M McQuade

REGISTERED OFFICE:

108 Westborough

Scarborough

North Yorkshire

YO11 1LD

REGISTERED NUMBER:

04257086 (England and Wales)

ACCOUNTANTS:

Ingham & Co.

Chartered Accountants

George Stanley House

2 West Parade Road

Scarborough

North Yorkshire

YO12 5ED

BANKERS:

Barclays Bank Plc

49 High Street

Stockton-on-Tees

Cleveland

TS18 1AH

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Pagan & McQuade (Hartlepool) Limited for the year ended 31 August 2017 which comprise the

Income Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Pagan & McQuade (Hartlepool) Limited in accordance with the terms of our engagement letter dated 27 April 2011. Our work has been undertaken solely to prepare for your approval the financial statements of Pagan & McQuade (Hartlepool) Limited and state those matters that we have agreed to state to the director of Pagan & McQuade (Hartlepool) Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pagan & McQuade (Hartlepool) Limited and its director for our work or for this report.

It is your duty to ensure that Pagan & McQuade (Hartlepool) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pagan & McQuade (Hartlepool) Limited. You consider that Pagan & McQuade (Hartlepool) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Pagan & McQuade (Hartlepool) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ingham & Co.

Chartered Accountants

George Stanley House

2 West Parade Road

Scarborough

North Yorkshire

YO12 5ED

18 May 2018

FIXED ASSETS

Intangible assets

4

15,319

20,426

Tangible assets

5

191,513

194,684

206,832

215,110

CURRENT ASSETS

Stocks

19,724

22,220

Debtors

22,228

24,731

Cash at bank and in hand

84,464

61,364

126,416

108,315

CREDITORS

Amounts falling due within one year

203,159

189,286

NET CURRENT LIABILITIES

(76,743

)

(80,971

)

TOTAL ASSETS LESS CURRENT LIABILITIES

130,089

134,139

CREDITORS

Amounts falling due after more than one year

6

(44,108

)

(54,160

)

PROVISIONS FOR LIABILITIES

8

(2,484

)

(2,357

)

NET ASSETS

83,497

77,622

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

9

83,496

77,621

SHAREHOLDERS' FUNDS

83,497

77,622

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 August 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 18 May 2018 and were signed by:

G A McQuade - Director

1.	STATUTORY INFORMATION

Pagan & McQuade (Hartlepool) Limited 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.

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.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of the businesses in 2003, 2005 and 2010, is

being amortised over its useful life of 15 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.

Freehold property

-

2% on cost

Leasehold property

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance 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 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

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2016

and 31 August 2017

76,603

AMORTISATION

At 1 September 2016

56,177

Amortisation for year

5,107

At 31 August 2017

61,284

NET BOOK VALUE

At 31 August 2017

15,319

At 31 August 2016

20,426

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2016

283,868

Additions

4,743

At 31 August 2017

288,611

DEPRECIATION

At 1 September 2016

89,184

Charge for year

7,914

At 31 August 2017

97,098

NET BOOK VALUE

At 31 August 2017

191,513

At 31 August 2016

194,684

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 September 2016

and 31 August 2017

26,624

DEPRECIATION

At 1 September 2016

19,645

Charge for year

1,396

At 31 August 2017

21,041

NET BOOK VALUE

At 31 August 2017

5,583

At 31 August 2016

6,979

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2017

2016

£

£

Repayable by instalments

Bank loans repayable after more than five years

14,991

8,196

7.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

53,826

63,505

8.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

Accelerated capital allowances

2,484

2,357

Deferred

tax

£

Balance at 1 September 2016

2,357

Charge to Income Statement during year

127

Balance at 31 August 2017

2,484

9.

RESERVES

Retained

earnings

£

At 1 September 2016

77,621

Profit for the year

35,875

Dividends

(30,000

)

At 31 August 2017

83,496

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Pagan & McQuade Limited.

The ultimate controlling party is Mr & Mrs G A McQuade.

11.	FINANCIAL REPORTING STANDARD 102 FIRST YEAR ADOPTION

There are no transitional adjustments required as a consequence of implementing Section 1A "Small Entities" of

Financial Reporting Standard 102.