Preston and Company (1953) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00526808 (England and Wales)

PRESTON AND COMPANY (1953) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs J P Shales

Mrs P M Welch

SECRETARY:

Mrs J P Shales

REGISTERED OFFICE:

Clarke Nicklin House

Brooks Drive

Cheadle Royal Business Park

Cheadle

Cheshire

SK8 3TD

REGISTERED NUMBER:

00526808 (England and Wales)

ACCOUNTANTS:

Clarke Nicklin LLP

Chartered Accountants

Clarke Nicklin House

Brooks Drive

Cheadle Royal Business Park

Cheadle

Cheshire

SK8 3TD

BANKERS:

Barclays Bank plc

PO Box 12

190 Stamford Street

Ashton-U-Lyne

Lancashire

OL6 7NZ

FIXED ASSETS

Tangible assets

4

1,567

1,945

Investment property

5

2,018,940

2,018,940

2,020,507

2,020,885

CURRENT ASSETS

Debtors

6

35,602

34,343

Investments

7

38,927

37,290

Cash at bank

35,285

29,996

109,814

101,629

CREDITORS

Amounts falling due within one year

8

15,546

14,342

NET CURRENT ASSETS

94,268

87,287

TOTAL ASSETS LESS CURRENT LIABILITIES

2,114,775

2,108,172

PROVISIONS FOR LIABILITIES

357,771

357,771

NET ASSETS

1,757,004

1,750,401

CAPITAL AND RESERVES

Called up share capital

9

16,830

16,830

Fair value reserve

10

1,523,750

1,523,750

Retained earnings

216,424

209,821

SHAREHOLDERS' FUNDS

1,757,004

1,750,401

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 October 2020 and were signed on its behalf by:

Mrs J P Shales - Director

1.	STATUTORY INFORMATION

Preston and Company (1953) 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 as modified by the revaluation of certain assets.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents operating lease rentals charged to tenants.

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

-

10% on reducing balance

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Investments

Current asset investments are stated at the fair value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 June 2019

and 31 May 2020

10,674

698

5,117

16,489

DEPRECIATION

At 1 June 2019

9,190

698

4,656

14,544

Charge for year

148

-

230

378

At 31 May 2020

9,338

698

4,886

14,922

NET BOOK VALUE

At 31 May 2020

1,336

-

231

1,567

At 31 May 2019

1,484

-

461

1,945

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2019

and 31 May 2020

2,018,940

NET BOOK VALUE

At 31 May 2020

2,018,940

At 31 May 2019

2,018,940

Fair value at 31 May 2020 is represented by:

£

Valuation in 2008

1,881,057

Valuation in 2009

129,733

Valuation in 2019

8,150

2,018,940

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

2020

2019

£

£

Cost

129,733

129,733

Investment property was valued on an open market basis on 31 May 2020 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

27,207

26,139

Other debtors

8,395

8,204

35,602

34,343

7.	CURRENT ASSET INVESTMENTS

2020

2019

£

£

Listed investments

18,322

16,685

Unlisted investments

20,605

20,605

38,927

37,290

The historical cost of listed investments at 31 May 2020 were £7,530 (2019: £7,530).

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Taxation and social security

3,229

3,157

Other creditors

12,317

11,185

15,546

14,342

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

16,830

Ordinary

£1

16,830

16,830

10.

RESERVES

Fair

value

reserve

£

At 1 June 2019

and 31 May 2020

1,523,750

11.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.