Prestige Business Forms Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02120245 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2019

FOR

PRESTIGE BUSINESS FORMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

D D Dhulashia

H Dhulashia

SECRETARY:

J Patel

REGISTERED OFFICE:

Print House

Halesfield 17

Telford

Shropshire

TF7 4PW

REGISTERED NUMBER:

02120245 (England and Wales)

ACCOUNTANTS:

D.R.E. & Co.

Chartered Accountants

6 Claremont Buildings

Claremont Bank

Shrewsbury

Shropshire

SY1 1RJ

FIXED ASSETS

Tangible assets

5

-

775,221

Investments

6

100

-

Investment property

7

750,000

-

750,100

775,221

CURRENT ASSETS

Stocks

-

7,448

Debtors

8

207,370

122,495

Cash at bank and in hand

6,124

64,902

213,494

194,845

CREDITORS

Amounts falling due within one year

9

33,601

118,271

NET CURRENT ASSETS

179,893

76,574

TOTAL ASSETS LESS CURRENT LIABILITIES

929,993

851,795

CREDITORS

Amounts falling due after more than one year

10

(232,989

)

(258,687

)

PROVISIONS FOR LIABILITIES

-

(19,434

)

NET ASSETS

697,004

573,674

CAPITAL AND RESERVES

Called up share capital

40,000

40,000

Fair value reserve

100,000

-

Retained earnings

557,004

533,674

697,004

573,674

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 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 and authorised for issue on 16 June 2020 and were signed on its behalf by:

D D Dhulashia - Director

1.	STATUTORY INFORMATION

Prestige Business Forms 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention. The accounts have been

prepared on a going concern basis.

The financial statements are presented in Sterling (£) rounded to the nearest £1.

Preparation of consolidated financial statements

The financial statements contain information about Prestige Business Forms 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

not provided

Plant and machinery

-

at varying rates on cost

Investments in subsidiaries

Investments in subsidiaries and other participating interests are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments.

Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised

at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of

impairment. Any impairment is recognised in profit and loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are

settled, or (b) substantially all the risks and rewards or control of the ownership of the asset are transferred to

another party.

Basic financial liabilities including trade and other creditors are initially recognised at transaction price and

subsequently carried at amortised cost.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is

discharged, cancelled or expires.

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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2018 - 16 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 October 2018

650,000

441,356

93,409

29,029

1,213,794

Disposals

-

(441,356

)

(93,409

)

(29,029

)

(563,794

)

Reclassification/transfer

(650,000

)

-

-

-

(650,000

)

At 30 September 2019

-

-

-

-

-

DEPRECIATION

At 1 October 2018

-

322,105

91,941

24,527

438,573

Charge for year

-

7,962

301

98

8,361

Eliminated on disposal

-

(330,067

)

(92,242

)

(24,625

)

(446,934

)

At 30 September 2019

-

-

-

-

-

NET BOOK VALUE

At 30 September 2019

-

-

-

-

-

At 30 September 2018

650,000

119,251

1,468

4,502

775,221

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

Plant and

machinery

£

COST

At 1 October 2018

141,718

Disposals

(141,718

)

At 30 September 2019

-

DEPRECIATION

At 1 October 2018

83,070

Eliminated on disposal

(83,070

)

At 30 September 2019

-

NET BOOK VALUE

At 30 September 2019

-

At 30 September 2018

58,648

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

100

At 30 September 2019

100

NET BOOK VALUE

At 30 September 2019

100

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

Prestige Print (Telford) Ltd

Registered office: Print House, Halesfield 17, Telford, Shropshire, TF7 4PW

Nature of business: Manufacture of paper stationery.

%

Class of shares:

holding

Ordinary

100.00

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Revaluations

100,000

Reclassification/transfer

650,000

At 30 September 2019

750,000

NET BOOK VALUE

At 30 September 2019

750,000

Fair value at 30 September 2019 is represented by:

£

Valuation in 2019

100,000

Cost

650,000

750,000

If the investment property had not been revalued it would have been included at the following historical cost:

30.9.19

30.9.18

£

£

Cost

650,000

-

Investment property was valued on an open market basis on 30 September 2019 by the Directors .

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Trade debtors

8,100

117,205

Amounts owed by group undertakings

199,270

-

Directors' current accounts

-

950

Prepayments and accrued income

-

4,340

207,370

122,495

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Bank loans and overdrafts

17,316

16,503

Hire purchase contracts

-

3,788

Trade creditors

740

50,572

Tax

12,258

29,309

Social security and other taxes

-

4,322

VAT

2,267

7,686

Accruals and deferred income

1,020

6,091

33,601

118,271

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.19

30.9.18

£

£

Bank loans - 1-2 years

17,316

17,316

Bank loans - 2-5 years

52,809

52,809

Bank loans more 5 yr by instal

162,864

188,562

232,989

258,687

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

162,864

188,562

11.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.19

30.9.18

£

£

Bank loan

250,305

275,190

The mortgages are secured on the assets of the company.

There are fixed and floating charges over the assets of the company in respect of the mortgages.

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £28,000 (2018 - £28,000) were paid to the directors .

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Prestige Business Forms Limited for the year ended 30 September 2019 which comprise the

Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting

records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Prestige Business Forms Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Prestige Business Forms Limited and state those matters that we have agreed to state to the Board of Directors of Prestige Business Forms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Prestige Business Forms Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Prestige Business Forms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Prestige Business Forms Limited. You consider that Prestige Business Forms Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Prestige Business Forms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

D.R.E. & Co.

Chartered Accountants

6 Claremont Buildings

Claremont Bank

Shrewsbury

Shropshire

SY1 1RJ

17 June 2020