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Financial Statements for the Year Ended 31 March 2021 |
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Paget Engineering & Industrial |
Supplies Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 March 2021 |
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for |
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Paget Engineering & Industrial |
Supplies Limited |
Paget Engineering & Industrial |
Supplies Limited (Registered number: 07158183) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Paget Engineering & Industrial |
Supplies Limited |
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Company Information |
for the Year Ended 31 March 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Statutory Auditors |
110 Whitchurch Road |
Cardiff |
CF14 3LY |
Paget Engineering & Industrial |
Supplies Limited (Registered number: 07158183) |
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Balance Sheet |
31 March 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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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. |
Paget Engineering & Industrial |
Supplies Limited (Registered number: 07158183) |
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Balance Sheet - continued |
31 March 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Paget Engineering & Industrial |
Supplies Limited (Registered number: 07158183) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2021 |
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1. | STATUTORY INFORMATION |
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Paget Engineering & Industrial Supplies Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognsed in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
Paget Engineering & Industrial |
Supplies Limited (Registered number: 07158183) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 April 2020 |
and 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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Paget Engineering & Industrial |
Supplies Limited (Registered number: 07158183) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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COST |
At 1 April 2020 |
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Transfer to ownership | (12,220 | ) |
At 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Transfer to ownership | (3,901 | ) |
At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Paget Engineering & Industrial |
Supplies Limited (Registered number: 07158183) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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7. | RELATED PARTY DISCLOSURES |
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Included in these accounts are sales amounting to £86,367 (2020 : £64,013) to companies in which an individual director or both directors have an interest. Also, purchases and expenses were incurred from such companies in similar circumstances amounting to £19,212 (2020 : £46,520). Included in Trade Debtors is an amount of £45,888 (2020 : £51,047) due from such companies and in Trade Creditors is included an amount of £5,554 (2020 : £42,479). |
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Certain costs and overheads are shared between companies under common control on an agreed basis. The directors consider these transactions to have been entered into in the normal course of business on an arms length basis. Accordingly, this disclosure is made purely for compliance with relevant accounting standards. |
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Other creditors includes an amount of £24,000 due to directors. |
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8. | ULTIMATE CONTROLLING PARTY |
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The company is under the control of the directors acting jointly by virtue of their equal shareholding. |
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9. | BANK SECURITY |
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A fixed and floating charge exists over the assets of the company by way of debenture in favour of the company bankers in respect of facilities granted that are rarely utilized by the company. |