Presco Radiator Caps Limited Filleted accounts for Companies House (small and micro)

PRESCO RADIATOR CAPS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03859389

Presco Radiator Caps Limited

Filleted Unaudited Financial Statements

31 December 2019

Presco Radiator Caps Limited

Statement of Financial Position

31 December 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	6		109,860	101,826

Current assets

Stocks		208,897	177,539
Debtors	7	195,961	228,129
Cash at bank and in hand		263,477	225,282
		---------	---------
		668,335	630,950

Creditors: amounts falling due within one year	8	73,537		91,142
		---------		---------
Net current assets			594,798	539,808
			---------	---------
Total assets less current liabilities			704,658	641,634
			---------	---------
Net assets			704,658	641,634
			---------	---------

Capital and reserves

Called up share capital	100,000	100,000
Profit and loss account	604,658	541,634
	---------	---------
Shareholders funds	704,658	641,634
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Presco Radiator Caps Limited

Statement of Financial Position (continued)

31 December 2019

These financial statements were approved by the board of directors and authorised for issue on 23 July 2020 , and are signed on behalf of the board by:

S Archer
Director

Company registration number: 03859389

Presco Radiator Caps Limited

Notes to the Financial Statements

Year ended 31 December 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 86d, Blackpole Trading Estate West, Worcester, Worcestershire, WR3 8TJ, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & equipment	-	10% straight line
Fixtures & fittings	-	20% straight line
Tooling	-	15% straight line
Computer equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 11 (2018: 11 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2019 and 31 December 2019	30,000
	--------
Amortisation
At 1 January 2019 and 31 December 2019	30,000
	--------
Carrying amount
At 31 December 2019	–
	--------
At 31 December 2018	–
	--------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2019	93,301	22,864	198,416	17,612	332,193
Additions	–	1,905	28,915	2,749	33,569
Disposals	( 20,606)	( 799)	–	( 6,336)	( 27,741)
	--------	--------	---------	--------	---------
At 31 December 2019	72,695	23,970	227,331	14,025	338,021
	--------	--------	---------	--------	---------
Depreciation
At 1 January 2019	66,427	15,243	135,629	13,068	230,367
Charge for the year	4,166	2,438	17,404	1,527	25,535
Disposals	( 20,606)	( 799)	–	( 6,336)	( 27,741)
	--------	--------	---------	--------	---------
At 31 December 2019	49,987	16,882	153,033	8,259	228,161
	--------	--------	---------	--------	---------
Carrying amount
At 31 December 2019	22,708	7,088	74,298	5,766	109,860
	--------	--------	---------	--------	---------
At 31 December 2018	26,874	7,621	62,787	4,544	101,826
	--------	--------	---------	--------	---------

7. Debtors

	2019	2018
	£	£
Trade debtors	128,384	183,295
Other debtors	67,577	44,834
	---------	---------
	195,961	228,129
	---------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	5,008	27,284
Corporation tax	44,470	45,402
Social security and other taxes	6,790	3,088
Other creditors	17,269	15,368
	--------	--------
	73,537	91,142
	--------	--------