Paton Developments Limited - Period Ending 2019-03-31
Paton Developments Limited - Period Ending 2019-03-31
Registration number:
Paton Developments Limited
for the Year Ended 31 March 2019
Stewart & Co
Registered Auditors and Chartered Accountants
Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY
Paton Developments Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Statement of Income and Retained Earnings |
|
Statement of Financial Position |
|
Notes to the Financial Statements |
Paton Developments Limited
Company Information
Directors |
A J Cushen N H Paton |
Registered office |
|
Auditors |
|
Page 1 |
Paton Developments Limited
Strategic Report for the Year Ended 31 March 2019
The directors present their strategic report for the year ended 31 March 2019.
Principal activity
The principal activity of the company is building refurbishment and development.
Fair review of the business
The company operates in principally the hotel, restaurants and bars, leisure and bespoke residential sectors.
The last two years has seen the company carry out a strategic review and as a result has invested in internal infrastructure including senior management with a broader skill set to build a platform for controlled, planned future growth and expansion. This and continued investment in people has resulted in an increased overhead.
This focus on strategic review and internal infrastructure has resulted in an increase in turnover to £21,516,733 (2018: £14,848,049).
The company continues to invest in training and emphasise site safety.
Work has been successfully procured where equality and delivery is valued highly by customers and the team continues to build on this strength.
Principal risks and uncertainties
The principal risks and uncertainties facing the company are:
• An uncertain economic outlook for the general UK economy
• The potential impact of Brexit on our supply chain and exchange rates
• Potential regulatory and legislative changes in the industry regarding health and safety
In addition the company is exposed to the usual business risks associated with it's core operations:
• The credit risk associated with completing works ahead of being paid.
• The availability of working capital to fund large and complex projects
• The impact on customer demand due to changes in the UK economy
• A skills shortage in the labour market
• The inflation risk associated with delivering fixed price contracts
• The health and safety of our team in sometimes challenging operating environments
• The impact of a material reduction in workload on high fixed operating costs
The board regularly monitors and managees these risks through commercial arrangements, employing appropriately skilled and qualified people with a dedication and enthusiasm for their roles and providing appropriate training for all where it is considered necessary.
Future developments
The company is forecasting a return to turnover levels of 2018 in the next financial period, and then an increase beyond current levels for 2021, as the company is continuing to work with major brands specialising in rapid roll out programmes. The company continues to diversify and expand it's customer base.
The company intends to further enhance it's digital capabilities and embrace developing technology.
Page 2 |
Paton Developments Limited
Strategic Report for the Year Ended 31 March 2019
Key performance indicators
The directors use turnover, profitability and overhead as a percentage of turnover as the key financial indicators as well as monitoring future secured pipeline of work.
The directors consider non-financial measures like staff satisfaction, customer satisfaction, delivery and health and safety.
Focusing on these key performance indicators enable the company to successfully deliver high quality projects.
Approved by the
.........................................
Director
Page 3 |
Paton Developments Limited
Directors' Report for the Year Ended 31 March 2019
The directors present their report and the financial statements for the year ended 31 March 2019.
Directors of the company
The directors who held office during the year were as follows:
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £1,550,000 (2018: £1,066,875). The directors do not recommend payment of a further dividend.
Financial instruments
The company does not use any financial instruments to hedge its risks associated with price, credit, liquidity or cash flows.
Research and development
The company did not undertake research and development activities during the year (2018: Nil).
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the
.........................................
Director
Page 4 |
Paton Developments Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 5 |
Paton Developments Limited
Independent Auditor's Report to the Members of Paton Developments Limited
Opinion
We have audited the financial statements of Paton Developments Limited (the 'company') for the year ended 31 March 2019, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 March 2019 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
• |
the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
• |
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 6 |
Paton Developments Limited
Independent Auditor's Report to the Members of Paton Developments Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors’ remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
• |
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
• |
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. |
• |
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
Page 7 |
Paton Developments Limited
Independent Auditor's Report to the Members of Paton Developments Limited
• |
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. |
• |
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
• |
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Knoll House
Knoll Road
Surrey
GU15 3SY
Page 8 |
Paton Developments Limited
Statement of Income and Retained Earnings for the Year Ended 31 March 2019
Note |
2019 |
2018 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Interest payable and similar charges |
( |
( |
|
(2,912) |
(6,097) |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Retained earnings brought forward |
3,823,145 |
4,420,888 |
|
Dividends paid |
( |
( |
|
Retained earnings carried forward |
4,669,645 |
3,823,145 |
Page 9 |
Paton Developments Limited
(Registration number: 02787976)
Statement of Financial Position as at 31 March 2019
Note |
2019 |
2018 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Approved and authorised by the
.........................................
Director
Page 10 |
Paton Developments Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
Capital House
Guildford Road
Runfold
Farnham
Surrey
GU10 1PG
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Summary of disclosure exemptions
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company. The company has therefore taken advantage of exemptions from the following disclosure requirements:.
• Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures;
• Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Disclosures required under paragraphs 11.39 to 11.48A, and paragraphs 12.26 to 12.29;
• Section 33 'Related Party Disclosures' - Compensation for key management personnel.
Name of parent of group
These financial statements are consolidated in the financial statements of Paton Capital Limited.
The financial statements of Paton Capital Limited may be obtained from Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.
Page 11 |
Paton Developments Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Contract revenue recognition
Turnover is recognised at the fair value of the consideration received or receivable for goods or services provided in the normal course of business, and is shown net of VAT.
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date based on surveys and work performed. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.
The 'percentage of completion method' is used to determine the appropriate amount to recognise in a given period.The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining stage of completion. These costs are presented as assets, provided it is probable they will be recovered.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 12 |
Paton Developments Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
Straight line over the lease term |
Plant and machinery |
15% reducing balance |
Computer equipment |
33% reducing balance |
Motor vehicles |
25% reducing balance |
Office equipment |
33% reducing balance |
Cash and cash equivalents
Cash is represented by cash in hand and bank deposits.
Trade debtors
Short term debtors are measured at transaction price, less any impairment.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Costs incurred in connection with future activity on a contract are presented as stock if it is possible that costs will be recovered.
Trade creditors
Short term creditors are measured at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Page 13 |
Paton Developments Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.
Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Recognition and measurement
Page 14 |
Paton Developments Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
2019 |
2018 |
|
Sale of goods |
|
|
Distribution income |
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2019 |
2018 |
|
Miscellaneous other operating income |
|
|
Operating profit |
Arrived at after charging/(crediting)
2019 |
2018 |
|
Depreciation expense |
|
|
Operating lease expense - plant and machinery |
|
|
Interest payable and similar expenses |
2019 |
2018 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
|
Page 15 |
Paton Developments Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2019 |
2018 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other short-term employee benefits |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2019 |
2018 |
|
Administration and support |
|
|
Distribution |
|
|
Other departments |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2019 |
2018 |
|
Remuneration |
|
|
Compensation for loss of office |
- |
|
193,275 |
217,431 |
In respect of the highest paid director:
2019 |
2018 |
|
Remuneration |
|
|
Auditors' remuneration |
2019 |
2018 |
|
Audit of the financial statements |
|
|
Other fees to auditors |
||
All other non-audit services |
|
|
Page 16 |
Paton Developments Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Taxation |
Tax charged/(credited) in the income statement
2019 |
2018 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2018 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2019 |
2018 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Deferred tax movements |
- |
|
Increase in UK and foreign current tax from adjustment for prior periods |
- |
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Tax decrease arising from group relief |
- |
( |
Other tax effects for reconciliation between accounting profit and tax expense (income) |
- |
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
2019 |
Liability |
Accelerated capital allowances |
|
2018 |
Liability |
Accelerated capital allowances |
|
Page 17 |
Paton Developments Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Tangible assets |
Leasehold improvements |
Office equipment |
Plant and machinery |
Computer equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||||
At 1 April 2018 |
|
|
|
|
|
|
Additions |
|
- |
|
|
|
|
Disposals |
- |
- |
- |
- |
( |
( |
At 31 March 2019 |
|
|
|
|
|
|
Depreciation |
||||||
At 1 April 2018 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
- |
- |
( |
( |
At 31 March 2019 |
|
|
|
|
|
|
Carrying amount |
||||||
At 31 March 2019 |
|
|
|
|
|
|
At 31 March 2018 |
|
|
|
|
|
|
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2019 |
2018 |
|
Motor vehicles |
17,842 |
32,174 |
Stocks |
2019 |
2018 |
|
Work in progress |
|
|
Finished goods and goods for resale |
|
|
|
|
The cost of stocks recognised as an expense in the year amounted to £
Page 18 |
Paton Developments Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Debtors |
Note |
2019 |
2018 |
|
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Gross amount due from customers for contract work |
|
|
|
Total current trade and other debtors |
|
|
Included in other debtors is an amount of £64,005 (2018: £76,965) which is recoverable in more than one year.
Cash and cash equivalents |
2019 |
2018 |
|
Cash on hand |
|
- |
Cash at bank |
|
|
|
|
Creditors |
Note |
2019 |
2018 |
|
Due within one year |
|||
HP and finance lease liabilities |
|
|
|
Trade creditors |
|
|
|
Amounts due to related parties |
|
- |
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other payables |
|
|
|
Accrued expenses |
|
|
|
|
|
||
Due after one year |
|||
HP and finance lease liabilities |
- |
|
Page 19 |
Paton Developments Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 April 2018 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 31 March 2019 |
|
|
There are no unused tax losses or unused tax credits. The deferred tax liability relates to accelerated capital allowances that are expected to mature in the same period.
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
|||
No. |
£ |
No. |
£ |
|
|
|
1,000 |
|
1,000 |
Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions: |
Loans and borrowings |
2019 |
2018 |
|
Non-current loans and borrowings |
||
HP and finance lease liabilities |
- |
|
2019 |
2018 |
|
Current loans and borrowings |
||
HP and finance lease liabilities |
|
|
Page 20 |
Paton Developments Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Obligations under leases and hire purchase contracts |
Finance leases
Finance lease payments represents rentals payable by the company for certain items of motor vehicles. No restrictions are placed on the use of the assets and no arrangements have been entered into for contingent rental payments.
The total of future minimum lease payments is as follows:
2019 |
2018 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
- |
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
2019 |
2018 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Dividends |
2019 |
2018 |
|||
£ |
£ |
|||
Interim dividend of £ |
1,550,000 |
1,066,875 |
||
Page 21 |
Paton Developments Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Related party transactions |
The company has taken advantage of the exemption available under the provisions of FRS 102 and has not disclosed transactions with wholly owned group companies.
Amounts due to related parties within creditors includes an amount of £210,952 (2018: £140,871 shown as part of other creditors) owed to a connected company. Amounts owed by related parties within debtors includes an amount of £14,063 (2018: £323,336) owed by a connected company. These companies are connected by virtue of having common directors. The movements in the year relates to sales, purchases and recharges of costs in the normal course of business. These are on normal commercial terms.
Also included in Amounts owed by related parties within debtors is an amount of £339,082 owed by a director (2018: £1,244,710). An amount of £1,558 is included in Amounts due to related parties in creditors being the year end balance owed to one of the directors (2018: £Nil due to the directors). The overall movement in the year on these amounts relates to private expenses paid by the company and net payments made on behalf of the parent company of £363,713 (2018: £1,346,118), less amounts repaid to the company of £1,271,000 (2018: £726,636).
The remaining balance within Amounts due to related parties is with group companies.
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ
The ultimate controlling party is
The parent of the largest group in which these financial statements are consolidated is
Page 22 |