Prestige Sealants Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04276528 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

FOR

PRESTIGE SEALANTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

I M Delves

SECRETARY:

Mrs J A Delves

REGISTERED OFFICE:

Turnpike House

1208/1210 London Road

Leigh on Sea

Essex

SS9 2UA

REGISTERED NUMBER:

04276528 (England and Wales)

ACCOUNTANTS:

Segrave & Partners LLP

Chartered Accountants

Turnpike House

1208/1210 London Road

Leigh on Sea

Essex

SS9 2UA

FIXED ASSETS

Tangible assets

4

8,992

11,899

CURRENT ASSETS

Stocks

449

328

Debtors

5

46,543

27,772

Cash at bank

42,150

75,185

89,142

103,285

CREDITORS

Amounts falling due within one year

6

38,740

45,068

NET CURRENT ASSETS

50,402

58,217

TOTAL ASSETS LESS CURRENT LIABILITIES

59,394

70,116

CREDITORS

Amounts falling due after more than one year

7

-

8,870

NET ASSETS

59,394

61,246

CAPITAL AND RESERVES

Called up share capital

400

400

Retained earnings

58,994

60,846

SHAREHOLDERS' FUNDS

59,394

61,246

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2019 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 applicable to companies subject to the small companies regime.

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 27 November 2019 and were signed by:

I M Delves - Director

1.	STATUTORY INFORMATION

Prestige Sealants 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 represents net invoiced sales of services, excluding value added tax.

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.

Motor vehicles

-

25% on reducing balance

Computer equipment

-

15% 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 October 2018

and 30 September 2019

26,599

4,342

30,941

DEPRECIATION

At 1 October 2018

15,378

3,664

19,042

Charge for year

2,805

102

2,907

At 30 September 2019

18,183

3,766

21,949

NET BOOK VALUE

At 30 September 2019

8,416

576

8,992

At 30 September 2018

11,221

678

11,899

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

Motor

vehicles

£

COST

At 1 October 2018

and 30 September 2019

26,599

DEPRECIATION

At 1 October 2018

15,378

Charge for year

2,805

At 30 September 2019

18,183

NET BOOK VALUE

At 30 September 2019

8,416

At 30 September 2018

11,221

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

37,894

27,772

Other debtors

8,649

-

46,543

27,772

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

8,871

3,927

Trade creditors

2,998

3,129

Tax

16,784

18,002

Social security and other taxes

440

818

VAT

2,802

11,350

Other creditors

678

1,024

Directors' loan accounts

3,967

4,943

Accrued expenses

2,200

1,875

38,740

45,068

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

-

8,870

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

8,871

12,797

The hire purchase creditors are secured on the assets to which they relate.