Prescott Engineering Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC212328 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2019

FOR

PRESCOTT ENGINEERING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

W Muir

C Muir

W K Muir

SECRETARY:

C Muir

REGISTERED OFFICE:

9 Kilwinning Road

Irvine

Ayrshire

KA12 8RR

BUSINESS ADDRESS:

11-19 Lister Street

Hillington

Glasgow

G52 4BH

REGISTERED NUMBER:

SC212328 (Scotland)

ACCOUNTANTS:

Robert J Hart & Company

Chartered Accountants

Riversleigh

9 Kilwinning Road

Irvine

Ayrshire

KA12 8RR

FIXED ASSETS

Tangible assets

4

85,267

7,604

CURRENT ASSETS

Stocks

2,500

2,450

Debtors

5

127,356

141,031

Cash at bank and in hand

74,596

24,145

204,452

167,626

CREDITORS

Amounts falling due within one year

6

78,924

68,769

NET CURRENT ASSETS

125,528

98,857

TOTAL ASSETS LESS CURRENT LIABILITIES

210,795

106,461

CREDITORS

Amounts falling due after more than one year

7

(54,390

)

-

PROVISIONS FOR LIABILITIES

10

(16,201

)

-

NET ASSETS

140,204

106,461

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

140,104

106,361

SHAREHOLDERS' FUNDS

140,204

106,461

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 28 October 2020 and were signed on its behalf by:

W K Muir - Director

1.	STATUTORY INFORMATION

Prescott Engineering Limited is a private company, limited by shares , registered in Scotland. 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.

Plant and machinery etc

-

15% 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

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 6 (2018 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2018

38,550

Additions

92,710

At 31 October 2019

131,260

DEPRECIATION

At 1 November 2018

30,946

Charge for year

15,047

At 31 October 2019

45,993

NET BOOK VALUE

At 31 October 2019

85,267

At 31 October 2018

7,604

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Trade debtors

50,079

62,497

Other debtors

77,277

78,534

127,356

141,031

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Bank loans and overdrafts

1,242

-

Hire purchase contracts (see note 8)

14,834

-

Trade creditors

18,294

25,930

Taxation and social security

39,509

41,171

Other creditors

5,045

1,668

78,924

68,769

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.19

31.10.18

£

£

Hire purchase contracts (see note 8)

54,390

-

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.10.19

31.10.18

£

£

Net obligations repayable:

Within one year

14,834

-

Between one and five years

54,390

-

69,224

-

Non-cancellable operating

leases

31.10.19

31.10.18

£

£

Between one and five years

36,636

54,954

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.19

31.10.18

£

£

Hire purchase contracts

69,224

-

10.	PROVISIONS FOR LIABILITIES

31.10.19

31.10.18

£

£

Deferred tax

16,201

-

Deferred

tax

£

Provided during year

16,201

Balance at 31 October 2019

16,201

11.	RELATED PARTY DISCLOSURES

At the balance sheet date a balance of £55,000 (2018: £55,000) was owed by a company with common directors.

The balance is interest free and repayable on demand.

At the balance sheet date a balance of £20,652 (2018: £22,262) was owed by a partnership in which the

directors have an interest. The balance is interest free and repayable on demand.