Prestige Industrial Roofing Supplies - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11456870 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

PRESTIGE INDUSTRIAL ROOFING SUPPLIES

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Clarke

C C Bennion

REGISTERED OFFICE:

The Maltings

Rosemary Lane

Halstead

Essex

CO9 1HZ

REGISTERED NUMBER:

11456870 (England and Wales)

ACCOUNTANTS:

RE Group Accountants Limited

Chartered Certified Accountants

The Maltings

Rosemary Lane

Halstead

Essex

CO9 1HZ

FIXED ASSETS

Tangible assets

4

44,727

54,641

CURRENT ASSETS

Stocks

19,000

16,242

Debtors

5

879,213

379,766

Cash at bank and in hand

401,658

107,460

1,299,871

503,468

CREDITORS

Amounts falling due within one year

6

743,732

367,554

NET CURRENT ASSETS

556,139

135,914

TOTAL ASSETS LESS CURRENT LIABILITIES

600,866

190,555

CREDITORS

Amounts falling due after more than one year

7

(11,301

)

(17,450

)

PROVISIONS FOR LIABILITIES

(6,655

)

(8,134

)

NET ASSETS

582,910

164,971

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

582,810

164,871

SHAREHOLDERS' FUNDS

582,910

164,971

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 23 June 2020 and were signed on its behalf by:

M Clarke - Director

C C Bennion - Director

1.	STATUTORY INFORMATION

Prestige Industrial Roofing Supplies 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.

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 machinery etc

-

25% 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.

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 5 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

58,131

Additions

5,000

At 31 March 2020

63,131

DEPRECIATION

At 1 April 2019

3,490

Charge for year

14,914

At 31 March 2020

18,404

NET BOOK VALUE

At 31 March 2020

44,727

At 31 March 2019

54,641

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

Plant and

machinery

etc

£

COST

At 1 April 2019

and 31 March 2020

27,100

DEPRECIATION

At 1 April 2019

965

Charge for year

6,534

At 31 March 2020

7,499

NET BOOK VALUE

At 31 March 2020

19,601

At 31 March 2019

26,135

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

873,146

367,131

Other debtors

6,067

12,635

879,213

379,766

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Hire purchase contracts (see note 8)

6,151

6,528

Trade creditors

545,016

254,602

Taxation and social security

168,172

49,251

Other creditors

24,393

57,173

743,732

367,554

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts (see note 8)

11,301

17,450

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2020

2019

£

£

Gross obligations repayable:

Within one year

7,280

8,473

Between one and five years

12,173

19,452

19,453

27,925

Finance charges repayable:

Within one year

1,129

1,945

Between one and five years

872

2,002

2,001

3,947

Net obligations repayable:

Within one year

6,151

6,528

Between one and five years

11,301

17,450

17,452

23,978

Non-cancellable operating

leases

2020

2019

£

£

Within one year

4,792

11,500

Between one and five years

-

4,792

4,792

16,292

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal Value:

31.03.20 £

31.03.19 £

NIL

Ordinary

£1

-

100

50

Ordinary A

£1

50

-

50

Ordinary B

£1

50

-

100

100