Premier Amusement Supplies Limited - Period Ending 2022-01-31

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 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	145,410	130,106
Current assets
Stocks		196,023	572,269
Debtors	5	118,266	207,069
Cash at bank and in hand		1,005,935	303,247
		1,320,224	1,082,585
Creditors: Amounts falling due within one year	6	(385,723)	(175,761)
Net current assets		934,501	906,824
Total assets less current liabilities		1,079,911	1,036,930
Creditors: Amounts falling due after more than one year	6	(333,363)	(320,023)
Provisions for liabilities		(23,000)	(19,000)
Net assets		723,548	697,907
Capital and reserves
Allotted, called up and fully paid share capital		100	100
Profit and loss account		723,448	697,807
		723,548	697,907
Total equity		723,548	697,907

Premier Amusement Supplies Limited

(Registration number: 4398635)
Balance Sheet as at 31 January 2022

For the financial year ending 31 January 2022 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'.

Approved and authorised by the Board on 6 July 2022 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 2022

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 6 July 2022.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Premier Amusement Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

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.

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.

Premier Amusement Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

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.

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 (2021 - 3).

Premier Amusement Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

4	Tangible assets

	Motor vehicles  £	Plant and machinery £	Total £
Cost or valuation
At 1 February 2021	57,480	181,090	238,570
Additions	-	37,138	37,138
Disposals	-	(475)	(475)
At 31 January 2022	57,480	217,753	275,233
Depreciation
At 1 February 2021	20,623	87,844	108,467
Charge for the year	5,528	16,303	21,831
Eliminated on disposal	-	(475)	(475)
At 31 January 2022	26,151	103,672	129,823
Carrying amount
At 31 January 2022	31,329	114,081	145,410
At 31 January 2021	36,857	93,249	130,106

5

Debtors

Current	2022 £	2021 £
Trade debtors	96,096	77,509
Prepayments	11,169	23,801
Other debtors	11,001	105,759
	118,266	207,069

Premier Amusement Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

6

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Loans and borrowings	7	46,881	42,661
Trade creditors		140,329	4,728
Taxation and social security		81,178	22,125
Other creditors		117,335	106,247
		385,723	175,761
Due after one year
Loans and borrowings	7	144,562	170,000
Other creditors		188,801	150,023
		333,363	320,023

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £46,881 (2021 - £42,661). The bank loan of £40,000 is supported by the Coronavirus Business Interruption Loan Scheme which is partially guaranteed by the Secretary of State for Business, Energy and Industrial Strategy.

Creditors: amounts falling due after more than one year

	Note	2022 £	2021 £
Due after one year
Loans and borrowings	7	144,562	170,000
Other creditors		188,801	150,023
		333,363	320,023

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £144,562 (2021 - £170,000). The bank loan of £130,000 is supported by the Coronavirus Business Interruption Loan Scheme which is partially guaranteed by the Secretary of State for Business, Energy and Industrial Strategy.

Premier Amusement Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

7	Loans and borrowings

	2022 £	2021 £
Current loans and borrowings
Bank borrowings	40,000	30,000
HP and finance lease liabilities	6,881	12,661
	46,881	42,661

	2022 £	2021 £
Non-current loans and borrowings
Bank borrowings	130,000	170,000
HP and finance lease liabilities	14,562	-
	144,562	170,000

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £3,428 (2021 - £3,428). The financial commitments relate to operating lease payments due with £3,428 due within one year (2021: £3,428).