P R Elford Limited - Accounts to registrar (filleted) - small 18.2

P R Elford Limited - Accounts to registrar (filleted) - small 18.2

P.R. ELFORD LIMITED - Company Information

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REGISTERED NUMBER: 06741244 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

P R ELFORD LIMITED
P R ELFORD LIMITED (REGISTERED NUMBER: 06741244)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


P R ELFORD LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2018







DIRECTORS: P R Elford
Miss J Barrett





REGISTERED OFFICE: 18 High West Street
Dorchester
Dorset
DT1 1UW





REGISTERED NUMBER: 06741244 (England and Wales)





ACCOUNTANTS: Pugsley Revill
18 High West Street
Dorchester
Dorset
DT1 1UW
Page 1
P R ELFORD LIMITED (REGISTERED NUMBER: 06741244)

BALANCE SHEET
31 DECEMBER 2018

2018 2017
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 100,000 110,000
Tangible assets 5 69,239 89,534
169,239 199,534

CURRENT ASSETS
Stocks 55,497 43,785
Debtors 6 111,388 107,386
Cash at bank 42,487 91,376
209,372 242,547
CREDITORS
Amounts falling due within one year 7 293,074 337,674
NET CURRENT LIABILITIES (83,702 ) (95,127 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
85,537
104,407

CREDITORS
Amounts falling due after more than one
year
8
(25,752
)
(26,095
)

PROVISIONS FOR LIABILITIES 10 (12,741 ) (16,506 )
NET ASSETS 47,044 61,806

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 46,944 61,706
SHAREHOLDERS' FUNDS 47,044 61,806

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The notes form part of these financial statements

Page 2 continued...
P R ELFORD LIMITED (REGISTERED NUMBER: 06741244)

BALANCE SHEET - continued
31 DECEMBER 2018


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors on 17 September 2019 and were signed on its
behalf by:




P R Elford - Director



Miss J Barrett - Director


The notes form part of these financial statements

Page 3
P R ELFORD LIMITED (REGISTERED NUMBER: 06741244)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018

1. STATUTORY INFORMATION

P R Elford 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of twenty 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 equipment - 20% on reducing balance
Furniture and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Office and computer equipment - 25% on reducing balance

Stocks
Stock and work in progress are valued at the lower of cost and net realisable value, after making due
provision for obsolete and slow-moving items.

Cost includes all direct costs and an appropriate proportion of fixed and variable overheads and in the
case
of work in progress a proportion of attributable profit.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income
and Retained Earnings, 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.


Page 4 continued...
P R ELFORD LIMITED (REGISTERED NUMBER: 06741244)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2018

2. ACCOUNTING POLICIES - continued
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.

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

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 26 (2017 - 26 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2018
and 31 December 2018 200,000
AMORTISATION
At 1 January 2018 90,000
Amortisation for year 10,000
At 31 December 2018 100,000
NET BOOK VALUE
At 31 December 2018 100,000
At 31 December 2017 110,000

Page 5 continued...
P R ELFORD LIMITED (REGISTERED NUMBER: 06741244)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2018

5. TANGIBLE FIXED ASSETS
Office
Furniture and
Plant and and Motor computer
equipment fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2018 30,861 6,112 182,588 18,289 237,850
Additions 1,167 - - 808 1,975
At 31 December 2018 32,028 6,112 182,588 19,097 239,825
DEPRECIATION
At 1 January 2018 21,735 4,270 108,319 13,992 148,316
Charge for year 2,059 368 18,567 1,276 22,270
At 31 December 2018 23,794 4,638 126,886 15,268 170,586
NET BOOK VALUE
At 31 December 2018 8,234 1,474 55,702 3,829 69,239
At 31 December 2017 9,126 1,842 74,269 4,297 89,534

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2018
and 31 December 2018 68,386
DEPRECIATION
At 1 January 2018 18,386
Charge for year 12,500
At 31 December 2018 30,886
NET BOOK VALUE
At 31 December 2018 37,500
At 31 December 2017 50,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Trade debtors 111,388 106,896
Other debtors - 250
Prepayments - 240
111,388 107,386

Page 6 continued...
P R ELFORD LIMITED (REGISTERED NUMBER: 06741244)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2018

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Bank loans and overdrafts 4,274 7,933
Hire purchase contracts 14,333 18,951
Trade creditors 211,820 245,801
Credit card 2,545 5,787
Corporation tax 10,623 8,227
Social security and other taxes 5,282 12,402
VAT 34,053 34,741
Other creditors 847 515
Directors' loan accounts 6,657 592
Accruals 2,640 2,725
293,074 337,674

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2018 2017
£    £   
Bank loans - 1-2 years 14,250 261
Hire purchase contracts 11,502 25,834
25,752 26,095

9. SECURED DEBTS

The following secured debts are included within creditors:

2018 2017
£    £   
Bank loans 18,524 8,194
Hire purchase contracts 25,835 44,785
44,359 52,979

Barclays Bank PLC hold a £100,000 personal guarantee from the directors in respect of any overdrawn
bank balances or loans.

10. PROVISIONS FOR LIABILITIES
2018 2017
£    £   
Deferred tax 12,741 16,506

Deferred
tax
£   
Balance at 1 January 2018 16,506
Credit for year (3,765 )
Balance at 31 December 2018 12,741

Page 7 continued...
P R ELFORD LIMITED (REGISTERED NUMBER: 06741244)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2018

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2018 2017
value: £    £   
100 Ordinary A £1 100 100

Page 8