Prestige UPVC Systems Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06825332 (England and Wales)

PRESTIGE UPVC SYSTEMS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JULY 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs B A Hales

REGISTERED OFFICE:

The Hackney Stables

Manor Road

Wales

Sheffield

South Yorkshire

S26 5PD

REGISTERED NUMBER:

06825332 (England and Wales)

FIXED ASSETS

Tangible assets

4

800

2,077

CURRENT ASSETS

Stocks

5,000

4,751

Debtors

5

64,190

18,840

Cash at bank

74,639

25,550

143,829

49,141

CREDITORS

Amounts falling due within one year

6

125,723

38,112

NET CURRENT ASSETS

18,106

11,029

TOTAL ASSETS LESS CURRENT LIABILITIES

18,906

13,106

CREDITORS

Amounts falling due after more than one year

7

-

2,167

NET ASSETS

18,906

10,939

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

18,806

10,839

SHAREHOLDERS' FUNDS

18,906

10,939

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 14 December 2020 and were signed by:

Mrs B A Hales - Director

1.	STATUTORY INFORMATION

Prestige UPVC Systems 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.

The director considers it appropriate to prepare the accounts on the going concern basis as a result of continuing financial support from herself.

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.

Fixtures and fittings

-

10% on cost

Computer equipment

-

25% on cost

Government grants

Grant income relating to revenue is recognised on an accruals basis. Income is recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support with no future related costs is recognised in income in the period in which it becomes receivable.

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.

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 5 (2019 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 August 2019

and 31 July 2020

7,607

2,588

6,918

17,113

DEPRECIATION

At 1 August 2019

6,782

2,442

5,812

15,036

Charge for year

589

140

548

1,277

At 31 July 2020

7,371

2,582

6,360

16,313

NET BOOK VALUE

At 31 July 2020

236

6

558

800

At 31 July 2019

825

146

1,106

2,077

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

53,840

6,760

Other debtors

10,350

12,080

64,190

18,840

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

50,000

-

Trade creditors

34,876

9,959

Taxation and social security

28,679

14,498

Other creditors

12,168

13,655

125,723

38,112

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Other creditors

-

2,167

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the year end the company owed the director £7,877 (2019: director owed to the company £6,375). The loan is interest free and has no formal repayment terms.

9.	POST BALANCE SHEET EVENTS

On 30th January 2020 the World Health Organization declared the outbreak of coronavirus ("COVID-19") to be a public health emergency. This pandemic has severely restricted the level of worldwide economic activity.

The effects of the coronavirus pandemic continue to have a significant impact on the Company's trade after the balance sheet date, both directly and indirectly through the effect on the wider UK economy.

The Company has taken advantage of the significant financial support offered by HM Government and along with the support of its principal creditors is confident the Company continues to be a going concern.

The Company continues to monitor developments closely and adjust its plans accordingly.

10.	GOVERNMENT ASSISTANCE

During the year the company has received grant income under HM Government Coronavirus Job Retention Scheme totalling £34220.95 and from Sheffield District Council under the Small Business Grants Fund totalling £20,000.00. The company has taken out a bank loan under the Coronavirus Business Interruption Loan ("CBIL") scheme. The loan interest in the first 12 months is covered by HM Government by the Business Interruption payment. The amount recognised in the period in respect of this is £50,000.00. No grant income was received in 2019. Amounts recognised are included in Other Income.

The company has received assistance from HM Government by way of relief from business rates for the 2020/21 financial year.