Premier Framing Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08929762 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

PREMIER FRAMING LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G M Townsend

Mrs M Townsend

M Murray

SECRETARY:

REGISTERED OFFICE:

Saxon House

Hellesdon Park Road

Norwich

Norfolk

NR6 5DR

REGISTERED NUMBER:

08929762 (England and Wales)

FIXED ASSETS

Intangible assets

4

52,500

63,000

Tangible assets

5

31,800

20,338

84,300

83,338

CURRENT ASSETS

Stocks

90,883

75,333

Debtors

6

91,199

128,647

182,082

203,980

CREDITORS

Amounts falling due within one year

7

229,224

270,704

NET CURRENT LIABILITIES

(47,142

)

(66,724

)

TOTAL ASSETS LESS CURRENT LIABILITIES

37,158

16,614

CREDITORS

Amounts falling due after more than one year

8

(10,698

)

-

PROVISIONS FOR LIABILITIES

(6,042

)

(4,854

)

NET ASSETS

20,418

11,760

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

20,318

11,660

20,418

11,760

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 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 Board of Directors on 30 December 2019 and were signed on its behalf by:

G M Townsend - Director

1.	STATUTORY INFORMATION

Premier Framing Ltd 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 2014, is being amortised evenly over its estimated useful life of ten 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.

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.

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 (2018 - 24 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

105,000

AMORTISATION

At 1 April 2018

42,000

Charge for year

10,500

At 31 March 2019

52,500

NET BOOK VALUE

At 31 March 2019

52,500

At 31 March 2018

63,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

56,238

Additions

17,115

At 31 March 2019

73,353

DEPRECIATION

At 1 April 2018

35,900

Charge for year

5,653

At 31 March 2019

41,553

NET BOOK VALUE

At 31 March 2019

31,800

At 31 March 2018

20,338

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

Plant and

machinery

etc

£

COST

At 1 April 2018

and 31 March 2019

14,804

DEPRECIATION

At 1 April 2018

10,241

Charge for year

1,141

At 31 March 2019

11,382

NET BOOK VALUE

At 31 March 2019

3,422

At 31 March 2018

4,563

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

8,187

20,273

Other debtors

83,012

108,374

91,199

128,647

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

38,689

37,125

Hire purchase contracts

3,774

18,047

Trade creditors

89,700

125,790

Taxation and social security

77,385

43,447

Other creditors

19,676

46,295

229,224

270,704

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

10,698

-

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date Mr G Townsend and Mrs M Townsend owed the company £78,621 (2018 £107,764)..