Premier Framing Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08929762 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

PREMIER FRAMING LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G M Townsend

Mrs M Townsend

M Murray

SECRETARY:

REGISTERED OFFICE:

Saxon House

Hellesdon Park Road

Drayton High Road

Norwich

Norfolk

NR6 5DR

REGISTERED NUMBER:

08929762 (England and Wales)

ACCOUNTANTS:

Quinneys

Chartered Certified Accountants

Saxon House

Hellesdon Park Road

Norwich

Norfolk

NR6 5DR

FIXED ASSETS

Intangible assets

4

42,000

52,500

Tangible assets

5

25,900

31,800

67,900

84,300

CURRENT ASSETS

Stocks

133,683

90,883

Debtors

6

92,885

91,199

Prepayments and accrued income

934

-

227,502

182,082

CREDITORS

Amounts falling due within one year

7

226,822

229,224

NET CURRENT ASSETS/(LIABILITIES)

680

(47,142

)

TOTAL ASSETS LESS CURRENT LIABILITIES

68,580

37,158

CREDITORS

Amounts falling due after more than one year

8

(50,337

)

(10,698

)

PROVISIONS FOR LIABILITIES

(4,921

)

(6,042

)

NET ASSETS

13,322

20,418

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

13,222

20,318

13,322

20,418

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 30 December 2020 and were signed on its behalf by:

G M Townsend - Director

1.	STATUTORY INFORMATION

Premier Framing Ltd 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

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.

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 26 (2019 - 26 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

and 31 March 2020

105,000

AMORTISATION

At 1 April 2019

52,500

Charge for year

10,500

At 31 March 2020

63,000

NET BOOK VALUE

At 31 March 2020

42,000

At 31 March 2019

52,500

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

73,353

Additions

424

At 31 March 2020

73,777

DEPRECIATION

At 1 April 2019

41,553

Charge for year

6,324

At 31 March 2020

47,877

NET BOOK VALUE

At 31 March 2020

25,900

At 31 March 2019

31,800

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2019

and 31 March 2020

14,804

DEPRECIATION

At 1 April 2019

11,382

Charge for year

855

At 31 March 2020

12,237

NET BOOK VALUE

At 31 March 2020

2,567

At 31 March 2019

3,422

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

2,447

8,187

Other debtors

90,438

83,012

92,885

91,199

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

11,357

38,689

Hire purchase contracts

3,774

3,774

Trade creditors

94,235

89,700

Taxation and social security

95,946

77,385

Other creditors

21,510

19,676

226,822

229,224

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

43,413

-

Hire purchase contracts

6,924

10,698

50,337

10,698

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date Mr G Townsend and Mrs M Townsend owed the company £80,519 (2019 £78,621).