Prior R Sot Limited - Limited company accounts 18.2

REGISTERED NUMBER: 04443794 (England and Wales)

REPORT OF THE DIRECTOR AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2018

FOR

PRIOR R SOT LIMITED

Page

Company Information

1

Report of the Director

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTOR:

R Prior

SECRETARY:

Mrs L A Prior

REGISTERED OFFICE:

First Floor

Black Country House

Rounds Green Road

Oldbury

West Midlands

B69 2DG

REGISTERED NUMBER:

04443794 (England and Wales)

The director presents his report with the financial statements of the company for the year ended 31 May 2018.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the selling of engineering

tools and related products.

DIRECTOR

R Prior held office during the whole of the period from 1 June 2017 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act

2006 relating to small companies.

ON BEHALF OF THE BOARD:

R Prior - Director

19 February 2019

TURNOVER

291,760

319,283

Cost of sales

230,450

247,465

GROSS PROFIT

61,310

71,818

Administrative expenses

49,611

43,778

OPERATING PROFIT

4

11,699

28,040

Interest payable and similar
expenses

2,224

2,055

PROFIT BEFORE TAXATION

9,475

25,985

Tax on profit

2,301

3,063

PROFIT FOR THE FINANCIAL YEAR

7,174

22,922

FIXED ASSETS

Tangible assets

6

7,906

10,542

CURRENT ASSETS

Stocks

45,539

51,834

Debtors

7

56,846

49,091

Cash at bank

8

1

102,393

100,926

CREDITORS

Amounts falling due within one year

8

81,201

75,623

NET CURRENT ASSETS

21,192

25,303

TOTAL ASSETS LESS CURRENT
LIABILITIES

29,098

35,845

CREDITORS

Amounts falling due after more than
one year

9

2,563

7,084

NET ASSETS

26,535

28,761

CAPITAL AND RESERVES

Called up share capital

1

Retained earnings

26,534

28,760

SHAREHOLDERS' FUNDS

26,535

28,761

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 19 February 2019 and were signed by:

R Prior - Director

1.	STATUTORY INFORMATION

Prior R Sot 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 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 each asset over its estimated useful life.

Motor vehicles

-

25% on reducing balance

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2018

2017

£

Depreciation - owned assets

2,636

958

5.

DIVIDENDS

2018

2017

£

Ordinary share share of £`1

Dividends paid

9,400

12,000

6.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

At 1 June 2017

and 31 May 2018

11,500

DEPRECIATION

At 1 June 2017

958

Charge for year

2,636

At 31 May 2018

3,594

NET BOOK VALUE

At 31 May 2018

7,906

At 31 May 2017

10,542

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

Trade debtors

55,330

46,972

Other debtors

1,516

2,102

Prepayments

-

17

56,846

49,091

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

Bank loans and overdrafts

13,399

7,465

Trade creditors

21,801

23,946

Corporation tax

2,301

3,063

Social security and other taxes

116

-

VAT

2,210

1,390

Other creditors

7,101

10,911

Directors' current accounts

34,273

28,848

81,201

75,623

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

2018

2017

£

Bank loans - 2-5 years

2,563

7,084