Premier Marketing & Distribution Limited - Accounts to registrar (filleted) - small 18.2
Premier Marketing & Distribution Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 December 2020 |
| for |
| Premier Marketing & Distribution Limited |
| Premier Marketing & Distribution Limited (Registered number: 03637866) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2020 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 2 |
| Premier Marketing & Distribution Limited (Registered number: 03637866) |
| Balance Sheet |
| 31 December 2020 |
| 31.12.20 | 31.12.19 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Retained earnings | 12 |
| SHAREHOLDERS' FUNDS |
| 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 |
| Premier Marketing & Distribution Limited (Registered number: 03637866) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2020 |
| 1. | STATUTORY INFORMATION |
| Premier Marketing & Distribution Ltd is a private company, limited by shares, registered in England and Wales. The registered office of the company is 5 North End Road, London, NW11 7RJ and the registered number of the company is 03637866. |
| 2. | STATEMENT OF COMPLIANCE |
| The 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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to nearest £. |
| The financial statements has been prepared on going concern basis, under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Premier Marketing & Distribution Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Turnover |
| Turnover represents net value of goods sold to customers excluding VAT. The net vale takes takes into account trade discounts, settlement discounts & rebates. |
| Revenue from sale of goods is recognized when significant risks & rewards of ownership has been transferred to the buyer (on despatch of goods, the amount of revenue can be measured reliably, it is probable that the economic benefit associated with the transaction will flow to the entity. |
| Revenue from provision of services is recognised when it is probable that economic benefit will flow to the entity and the revenue and costs can be reliably measured. |
| Tangible fixed assets |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
| Depreciation is recognised so as to write off the cost or valuation of assets less heir residual values over their useful lives on the following bases: |
| Plant and Machinery 25% straight-line basis |
| Fixtures and Fittings 20% straight-line basis |
| Motor Vehicles 25% written down value |
| The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Premier Marketing & Distribution Limited (Registered number: 03637866) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
| Financial Instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
| 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. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 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. |
| Going concern |
| These financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence fo the foreseeable future. The validity of this assumption is dependent upon the continued support of the director, related companies and trade creditors. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Premier Marketing & Distribution Limited (Registered number: 03637866) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2020 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2020 |
| DEPRECIATION |
| At 1 January 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2020 |
| NET BOOK VALUE |
| At 31 December 2020 |
| At 31 December 2019 |
| The net carrying value of the tangible fixed assets held under hire purchase is as follows:- |
| 2020 | 2019 |
| (£ | ) | (£ | ) |
| Motor Vehicles | 38,224 | 13,146 |
| 38,224 | 13,146 |
| ----------- | ----------- |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2020 |
| and 31 December 2020 |
| NET BOOK VALUE |
| At 31 December 2020 |
| At 31 December 2019 |
| Premier Marketing & Distribution Limited (Registered number: 03637866) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 6. | FIXED ASSET INVESTMENTS - continued |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Registered office: 53/9 Sokolov Street Ramat Hashron Israel |
| Nature of business: |
| % |
| Class of shares: | holding |
| 31.12.20 | 31.12.19 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Profit/(loss) for the year | ( |
) |
| Registered office: Bajza utca 68 fszt. Budapest 1062 Hungary |
| Nature of business: |
| % |
| Class of shares: | holding |
| 31.12.20 | 31.12.19 |
| £ | £ |
| Aggregate capital and reserves | ( |
) |
| (Loss)/profit for the year | ( |
) |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.20 | 31.12.19 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Opeready Systems Ltd | - | 50 |
| AVCO Technologies Ltd | 4,763 | 1,763 |
| S455 -Tax Receivable | 33,699 | 33,699 |
| Directors' current accounts | - | 41,137 |
| Accruals |
| Prepayments |
| Premier Marketing & Distribution Limited (Registered number: 03637866) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.20 | 31.12.19 |
| £ | £ |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Tax | ( |
) |
| Social security and other taxes |
| VAT | 8,545 | 1,818 |
| Other Creditors |
| Pension fund | 1,801 | 1,661 |
| Redundancy | - | 10,558 |
| Directors' current accounts | 13,483 | - |
| Accrued expenses |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.12.20 | 31.12.19 |
| £ | £ |
| Hire purchase contracts (see note 10) |
| Accruals and deferred income |
| 10. | LEASING AGREEMENTS |
| Finance Lease and Hire Purchase Contracts |
| Minimum lease payments under hire purchase fall due as follows:- |
| 2020 | 2019 |
| (£ | ) | (£ | ) |
| Net obligation repayable: |
| Within one year | 17,900 | 1,786 |
| Between one and five years | 23,072 | 14,917 |
| 40,972 | 16,703 |
| ----------- | ----------- |
| Operating Leases |
| The operating lease represents rentals payable by the company for the properties utilized by the business owned by its director. |
| At the reporting date the company has outstanding commitment for future minimum lease payments under non cancellable operating lease as follows:- |
| Premier Marketing & Distribution Limited (Registered number: 03637866) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 10. | LEASING AGREEMENTS - continued |
| Non-cancellable operating | leases |
| 31.12.20 | 31.12.19 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| The company is anticipated to vacate the current premise and move to another premise by March 2023. It has provided notice to the lessor in the break in period. |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.20 | 31.12.19 |
| value: | £ | £ |
| Ordinary | £1 | 2 | 2 |
| 12. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2020 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 December 2020 |
| 13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| As the income statement and director's report has been omitted from the filing copy of the financial statements, the following information in relation to audit report on statutory financial statements is provided in accordance with S444(5B) of the Companies Act 2006. |
| The auditor's report was unqualified. |
| for and behalf of |
| 14. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme. The total amount paid by the company towards the pension scheme was £10,925 (2019- £7,654) |
| Premier Marketing & Distribution Limited (Registered number: 03637866) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 15. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 December 2020 and 31 December 2019: |
| 31.12.20 | 31.12.19 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| The maximum amounts outstanding on the respective loan during the year was £48,983. The loan is unsecured and repayable on demand. Interest totalling £318 has been charged at 2.5% on the above loan. |
| 16. | RELATED PARTY DISCLOSURES |
| Transactions: |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions entered into between two or more members of a group where the wholly owned subsidiary is a party to the transaction. |
| 17. | POST BALANCE SHEET EVENTS |
| In these unprecedented and testing times brought by Covid-19. the director and the staffs have reacted well to the new environment by changing and developing new methods of working to enable the operations to continue smoothly. |
| Undoubtedly, Covid -19 has affected most of the business in general and its future impact still remains uncertain. However the director is of the opinion that they have the resources and expertise in place to react to the prevailing market conditions given the strong client relationship and the adaptable business model. Also as per the management accounts presented by the company for the next year though the revenue has not been affected much and is in line with the current year. This is also due to the fact that most of the services provided by the company are online. |
| The company intends to continue to focus on strengthening its financial performance in the industry by providing responsive and reliable service to the client. |
| The trade deal with EU has been signed and the uncertainty surrounding Brexit has been removed by free trade agreement based on zero tariffs for goods and cross border support for services trade. |
| 18. | ULTIMATE CONTROLLING PARTY |
| The controlling party is M Cohen. |