Premier Marketing & Distribution Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03637866

Financial Statements for the Year Ended 31 December 2018

for

Premier Marketing & Distribution Limited

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

5

31,553

42,070

Investments

6

1,587

1,587

33,140

43,657

CURRENT ASSETS

Debtors

7

459,668

421,854

Cash at bank and in hand

31,171

136,281

490,839

558,135

CREDITORS

Amounts falling due within one year

8

269,324

278,878

NET CURRENT ASSETS

221,515

279,257

TOTAL ASSETS LESS CURRENT LIABILITIES

254,655

322,914

CREDITORS

Amounts falling due after more than one year

9

16,702

-

NET ASSETS

237,953

322,914

CAPITAL AND RESERVES

Called up share capital

11

2

2

Retained earnings

12

237,951

322,912

SHAREHOLDERS' FUNDS

237,953

322,914

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 5 February 2020 and were signed by:

M Cohen - Director

1.	STATUTORY INFORMATION

Premier Marketing & Distribution Limited is a private company, limited by shares , registered in Not

specified/Other. The company's registered number and registered office address are as below:

Registered number:

03637866

Registered office:

5 North End Road

London

NW11 7RJ

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Preparation of consolidated financial statements

The financial statements contain information about Premier Marketing & Distribution Limited as an individual

company and do not contain consolidated financial information as the parent of a group. The company is exempt

under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial

statements.

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.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Going concern

These financial statements have been prepared on a going concern basis which assumes that the company will

continue in operational existence fo the foreseeable future. The validity of this assumption is dependent upon the

continued support of the director, related companies and trade creditors.

Indications have been given that continued funding will be provided to Premier Marketing & Distribution Ltd for

the foreseeable future and to enable it to meet its day to day commitment from cash flows.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2017 - 14 ) .

4.	AUDITORS' REMUNERATION

31.12.18

31.12.17

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

7,750

4,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2018

and 31 December 2018

50,497

28,389

129,178

208,064

DEPRECIATION

At 1 January 2018

50,497

28,389

87,108

165,994

Charge for year

-

-

10,517

10,517

At 31 December 2018

50,497

28,389

97,625

176,511

NET BOOK VALUE

At 31 December 2018

-

-

31,553

31,553

At 31 December 2017

-

-

42,070

42,070

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2018

and 31 December 2018

1,587

NET BOOK VALUE

At 31 December 2018

1,587

At 31 December 2017

1,587

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Renful Premier Technologies Ltd

Registered office: 53/9 Sokolov Street Ramat Hashron Israel

Nature of business: Aviation security & consultancy

%

Class of shares:

holding

Ordinary

100.00

31.12.18

31.12.17

£

£

Aggregate capital and reserves

(49,136

)

(76,708

)

Profit/(loss) for the year

27,040

(18,473

)

Renful Systems Ltd

Registered office: Bajza utca 68 fszt. Budapest 1062 Hungary

Nature of business: Aviation security & consultancy

%

Class of shares:

holding

Ordinary

100.00

31.12.18

31.12.17

£

£

Aggregate capital and reserves

90,492

46,681

Profit for the year

45,243

30,578

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

109,354

185,927

Other debtors

144,082

93,376

Opeready Systems Ltd

708

28,194

AVCO Technologies Ltd

7,212

-

Directors' current accounts

106,355

99,937

VAT

5,749

14,420

Accruals

86,208

-

459,668

421,854

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Hire purchase contracts (see note 10)

1,786

-

Trade creditors

100,176

94,840

Amounts owed to group undertakings

668

668

Amounts owed to participating interests

10,000

10,000

Tax

26,793

66,737

Social security and other taxes

8,688

12,948

Avco Technologies Ltd

-

(46,451

)

Pension fund

1,148

790

Redundancy

10,558

10,558

Accruals and deferred income

24,192

-

Accrued expenses

85,315

128,788

269,324

278,878

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.18

31.12.17

£

£

Hire purchase contracts (see note 10)

16,702

-

10.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.12.18

31.12.17

£

£

Net obligations repayable:

Within one year

1,786

-

Between one and five years

16,702

-

18,488

-

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.18

31.12.17

value:

£

£

2

Ordinary

£1

2

2

12.

RESERVES

Retained

earnings

£

At 1 January 2018

322,912

Deficit for the year

(84,961

)

At 31 December 2018

237,951

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

14.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The total amount paid by the company towards

the pension scheme was £5,497 (2017- £4,475)

15.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2018 and

31 December 2017:

31.12.18

31.12.17

£

£

M Cohen

Balance outstanding at start of year

99,937

(5,000

)

Amounts advanced

12,666

104,937

Amounts repaid

(6,248

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

106,355

99,937

The maximum amounts outstanding on the respective loan during the year was £106,355. The loan is unsecured

and repayable on demand. Interest totalling £2,666 has been charged @2.5% on the above loan.

16.	RELATED PARTY DISCLOSURES

M Cohen

The company has a licencing agreement with Mr. M Cohen by which it has the rights to use software previously

developed by Mr. Cohen. This agreement is renewed annually. No financial reward is given.

17.	ULTIMATE CONTROLLING PARTY

The controlling party is M Cohen.