PREL Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02261576 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

PREL LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C D Grieves

Mrs J T Grieves

SECRETARY:

Mrs J T Grieves

REGISTERED OFFICE:

Park House

200 Drake Street

Rochdale

Lancs

OL16 1PJ

REGISTERED NUMBER:

02261576 (England and Wales)

ACCOUNTANTS:

Wyatt, Morris, Golland Ltd

Park House

200 Drake Street

Rochdale

Lancashire

OL16 1PJ

FIXED ASSETS

Intangible assets

4

12,277

15,004

Tangible assets

5

287,973

289,957

300,250

304,961

CURRENT ASSETS

Stocks

490,131

490,131

Debtors

6

1,461,437

1,269,154

Cash at bank

10,324

17,582

1,961,892

1,776,867

CREDITORS

Amounts falling due within one year

317,050

250,741

NET CURRENT ASSETS

1,644,842

1,526,126

TOTAL ASSETS LESS CURRENT LIABILITIES

1,945,092

1,831,087

CREDITORS

Amounts falling due after more than one year

7

(114,113

)

(74,328

)

PROVISIONS FOR LIABILITIES

(2,084

)

(2,448

)

NET ASSETS

1,828,895

1,754,311

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Revaluation reserve

8

11,547

13,787

Retained earnings

1,816,348

1,739,524

1,828,895

1,754,311

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 13 May 2021 and were signed on its behalf by:

C D Grieves - Director

1.	STATUTORY INFORMATION

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

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

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 etc

-

15% on reducing balance

Government grants - covid 19

Government grants are recognised when there is reasonable assurance that the company will comply with the conditions attaching to the grant and the grant will be received.

Following the outbreak of the Covid-19 Pandemic the company furloughed members of staff and took advantage of the government job retention scheme. Grant income is accrued for in the period matching the period the wages were due for. The company also applied under the Coronavirus Business Interruption Loan Scheme and received a bank loan. For the first 12 months the government will cover the administration charge and interest. The company has not included a charge for this amount which is classified as government assistance as the amount would not be material to the accounts.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2020

and 31 December 2020

60,000

AMORTISATION

At 1 January 2020

44,996

Amortisation for year

2,727

At 31 December 2020

47,723

NET BOOK VALUE

At 31 December 2020

12,277

At 31 December 2019

15,004

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2020

and 31 December 2020

324,364

DEPRECIATION

At 1 January 2020

34,407

Charge for year

1,984

At 31 December 2020

36,391

NET BOOK VALUE

At 31 December 2020

287,973

At 31 December 2019

289,957

6.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Amounts owed by associates

1,166,454

1,085,373

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2020

2019

£

£

Repayable otherwise than by instalments

Bank loans more 5 yrs

58,548

52,816

8.

RESERVES

Revaluation

reserve

£

At 1 January 2020

13,787

Excess depreciation on revalued intangible assets

(2,240

)

At 31 December 2020

11,547

9.	RELATED PARTY DISCLOSURES

Included within debtors at 31 December 2020 is a balance of £1,166,454 due from Hallmark Developments (North West) Limited, a company controlled by Mr C. D. Grieves.