Premier Amusement Supplies Limited - Period Ending 2020-01-31

Premier Amusement Supplies Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Premier Amusement Supplies Limited

Company Information

Directors	A J Wilkins J B Thompson

Registered office

51 St John Street Ashbourne Derbyshire DE6 1GP

Accountants

Coates and Partners Limited Chartered Accountants The Old Vicarage 51 St John Street Ashbourne Derbyshire DE6 1GP

Premier Amusement Supplies Limited

(Registration number: 4398635)
Balance Sheet as at 31 January 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	146,171	142,918
Current assets
Stocks		490,616	486,768
Debtors	5	597,029	633,852
Cash at bank and in hand		287,795	570,638
		1,375,440	1,691,258
Creditors: Amounts falling due within one year	6	(799,573)	(1,069,036)
Net current assets		575,867	622,222
Total assets less current liabilities		722,038	765,140
Creditors: Amounts falling due after more than one year	6	(4,143)	(20,872)
Provisions for liabilities		(21,239)	(18,360)
Net assets		696,656	725,908
Capital and reserves
Allotted, called up and fully paid share capital	8	100	100
Profit and loss account		696,556	725,808
		696,656	725,908
Total equity		696,656	725,908

Premier Amusement Supplies Limited

(Registration number: 4398635)
Balance Sheet as at 31 January 2020

For the financial year ending 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

These financial statements have been delivered to the Registrar of Companies in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and directors' report has been taken.

Approved and authorised by the Board on 21 December 2020 and signed on its behalf by:
 

......................................... A J Wilkins Director

Premier Amusement Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020

1	General information

The company is a private company limited by share capital incorporated in England and Wales registration number: 4398635.

The address of its registered office is:
51 St John Street
Ashbourne
Derbyshire
DE6 1GP
England

The principal place of business is:
Unit 4
Intake Road
Bolsover Business Park, Bolsover
Chesterfield
S44 6BB

These financial statements were authorised for issue by the Board on 21 December 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is £ sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises amounts chargeable, net of value added tax, in respect of sale of goods to customers.

The company recognises revenue when:
The amount of revenue can be reliably measured; and
it is probable that future economic benefits will flow to the entity.

Premier Amusement Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020

Foreign currency transactions and balances

Profit and loss account transactions in foreign currencies are translated into sterling at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated on foreign currencies are translated into sterling at the closing rates at the balance sheet date and the exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance basis
Office equipment	33% straight line basis

Stocks

Stocks are stated at the lower of cost and net realisable value. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Premier Amusement Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2019 - 3).

Premier Amusement Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020

4	Tangible assets

	Motor vehicles  £	Plant and machinery £	Total £
Cost or valuation
At 1 February 2019	57,480	161,488	218,968
Additions	-	36,580	36,580
Disposals	-	(26,416)	(26,416)
At 31 January 2020	57,480	171,652	229,132
Depreciation
At 1 February 2019	6,467	69,583	76,050
Charge for the year	7,652	15,076	22,728
Eliminated on disposal	-	(15,817)	(15,817)
At 31 January 2020	14,119	68,842	82,961
Carrying amount
At 31 January 2020	43,361	102,810	146,171
At 31 January 2019	51,013	91,905	142,918

5

Debtors

	2020 £	2019 £
Trade debtors	547,502	554,639
Prepayments	28,527	12,771
Other debtors	21,000	66,442
	597,029	633,852

Premier Amusement Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020

6

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Loans and borrowings	7	16,744	17,324
Trade creditors		722,507	940,199
Taxation and social security		17,089	37,220
Other creditors		43,233	74,293
		799,573	1,069,036
Due after one year
Loans and borrowings	7	4,143	20,872

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	7	4,143	20,872
		4,143	20,872

7	Loans and borrowings

	2020 £	2019 £
Current loans and borrowings
HP and finance lease liabilities	16,744	17,324

	2020 £	2019 £
Non-current loans and borrowings
HP and finance lease liabilities	4,143	20,872

Premier Amusement Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020

8	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100