Prestige Sealants Limited - Accounts to registrar (filleted) - small 18.2

Prestige Sealants Limited - Accounts to registrar (filleted) - small 18.2

PRESTIGE SEALANTS LIMITED - Company Information

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REGISTERED NUMBER: 04276528 (England and Wales)












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

FOR

PRESTIGE SEALANTS LIMITED
PRESTIGE SEALANTS LIMITED (REGISTERED NUMBER: 04276528)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PRESTIGE SEALANTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2020







DIRECTOR: I M Delves





SECRETARY: Mrs J A Delves





REGISTERED OFFICE: Turnpike House
1208/1210 London Road
Leigh on Sea
Essex
SS9 2UA





REGISTERED NUMBER: 04276528 (England and Wales)





ACCOUNTANTS: Segrave & Partners LLP
Chartered Accountants
Turnpike House
1208/1210 London Road
Leigh on Sea
Essex
SS9 2UA
Page 1
PRESTIGE SEALANTS LIMITED (REGISTERED NUMBER: 04276528)

BALANCE SHEET
30 SEPTEMBER 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,802 8,992

CURRENT ASSETS
Stocks 380 449
Debtors 5 11,627 46,543
Cash at bank 42,881 42,150
54,888 89,142
CREDITORS
Amounts falling due within one year 6 20,193 38,740
NET CURRENT ASSETS 34,695 50,402
TOTAL ASSETS LESS CURRENT
LIABILITIES
41,497
59,394

CAPITAL AND RESERVES
Called up share capital 400 400
Retained earnings 41,097 58,994
SHAREHOLDERS' FUNDS 41,497 59,394

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 13 November 2020 and were signed
by:





I M Delves - Director


The notes form part of these financial statements

Page 2
PRESTIGE SEALANTS LIMITED (REGISTERED NUMBER: 04276528)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020

1. STATUTORY INFORMATION

Prestige Sealants 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 represents net invoiced sales of services, excluding value added tax.

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.
Motor vehicles - 25% on reducing balance
Computer equipment - 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
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.

3. EMPLOYEES AND DIRECTORS

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

Page 3 continued...
PRESTIGE SEALANTS LIMITED (REGISTERED NUMBER: 04276528)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020

4. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 October 2019
and 30 September 2020 26,599 4,342 30,941
DEPRECIATION
At 1 October 2019 18,183 3,766 21,949
Charge for year 2,104 86 2,190
At 30 September 2020 20,287 3,852 24,139
NET BOOK VALUE
At 30 September 2020 6,312 490 6,802
At 30 September 2019 8,416 576 8,992

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 October 2019 26,599
Transfer to ownership (26,599 )
At 30 September 2020 -
DEPRECIATION
At 1 October 2019 18,183
Transfer to ownership (18,183 )
At 30 September 2020 -
NET BOOK VALUE
At 30 September 2020 -
At 30 September 2019 8,416

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 10,609 37,894
Other debtors 1,018 8,649
11,627 46,543

Page 4 continued...
PRESTIGE SEALANTS LIMITED (REGISTERED NUMBER: 04276528)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Hire purchase contracts - 8,871
Trade creditors 1,010 2,998
Tax 14,438 16,784
Social security and other taxes 142 440
VAT 1,592 2,802
Other creditors 571 678
Directors' loan accounts 640 3,967
Accrued expenses 1,800 2,200
20,193 38,740

7. SECURED DEBTS

The following secured debts are included within creditors:

2020 2019
£    £   
Hire purchase contracts - 8,871

The hire purchase creditors are secured on the assets to which they relate.

Page 5