PRG Door Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09324585 (England and Wales)

PRG DOOR SYSTEMS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2020

Page

Company Information

1

Accountants' Report

2

Abridged Statement of Financial Position

3

to

4

Notes to the Financial Statements

5

to

8

DIRECTOR:

P R Green

SECRETARY:

T B Green

REGISTERED OFFICE:

Richmond House

Walkern Road

Stevenage

Hertfordshire

SG1 3QP

REGISTERED NUMBER:

09324585 (England and Wales)

ACCOUNTANTS:

Wags LLP t/a Wagstaffs

Richmond House

Walkern Road

Stevenage

Hertfordshire

SG1 3QP

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PRG Door Systems Limited for the year ended 30th November 2020 which comprise the Income Statement, Abridged Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of PRG Door Systems Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of PRG Door Systems Limited and state those matters that we have agreed to state to the director of PRG Door Systems Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PRG Door Systems Limited and its director for our work or for this report.

It is your duty to ensure that PRG Door Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PRG Door Systems Limited. You consider that PRG Door Systems Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of PRG Door Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Wags LLP t/a Wagstaffs

Richmond House

Walkern Road

Stevenage

Hertfordshire

SG1 3QP

17th June 2021

FIXED ASSETS

Property, plant and equipment

5

41,672

30,344

CURRENT ASSETS

Debtors

171,667

68,170

Cash at bank

156,434

149,120

328,101

217,290

CREDITORS

Amounts falling due within one year

(273,547

)

(152,893

)

NET CURRENT ASSETS

54,554

64,397

TOTAL ASSETS LESS CURRENT LIABILITIES

96,226

94,741

CREDITORS

Amounts falling due after more than one year

(20,247

)

(17,677

)

PROVISIONS FOR LIABILITIES

(7,918

)

(5,765

)

NET ASSETS

68,061

71,299

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

67,961

71,199

SHAREHOLDERS' FUNDS

68,061

71,299

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30th November 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 director and authorised for issue on 19th May 2021 and were signed by:

P R Green - Director

1.	STATUTORY INFORMATION

PRG Door Systems 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements are prepared on a going concern basis and under the historical cost convention.

Significant judgements and estimates

No significant judgements or estimates have had to be made by the directors in preparing these financial statements.

Revenue

Revenue represents the total invoice value, excluding value added tax, trade discounts and all other taxes of sales made during the year.

Revenue recognition

Revenue is recognised in the profit and loss account at the date the service is provided.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Tax

Tax 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 tax 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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

Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors.

Going concern

The director has assessed the Balance sheet and likely future cash flows at the date of approving these financial statements. During the year, the rapid spreading of COVID-19 has become a significant emerging risk to the global economy. The director continues to monitor the impact of the virus on the business as more information about the pandemic emerges. The director is confident that the company has sufficient funds available to meet liabilities as they fall due within the next 12 months; however the director acknowledges that the position is changing day by day.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2019 - 5 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Totals

£

Cost

At 1st December 2019

43,681

Additions

22,697

At 30th November 2020

66,378

Depreciation

At 1st December 2019

13,337

Charge for year

11,369

At 30th November 2020

24,706

Net book value

At 30th November 2020

41,672

At 30th November 2019

30,344

The obligations under finance leases are secured against the items of property, plant and equipment to which they relate that have a carrying amount of £41,672 (2019: £30,344).

On these assets depreciation was charged during the year of £11,369 (2019: £10,115).

6.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2020

2019

£

£

Net obligations repayable:

Within one year

16,344

10,670

Between one and five years

20,247

17,677

36,591

28,347

7.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Hire purchase contracts

36,591

28,347

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

50

Ordinary A

£1

50

50

50

Ordinary B

£1

50

50

100

100