Prism Engineering Consultancy Limited - Period Ending 2022-05-31
Prism Engineering Consultancy Limited - Period Ending 2022-05-31
Registration number:
Prism Engineering Consultancy Limited
for the Year Ended 31 May 2022
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Prism Engineering Consultancy Limited
for the Year Ended 31 May 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Prism Engineering Consultancy Limited for the year ended 31 May 2022 as set out on pages 2 to 5 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 at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Prism Engineering Consultancy Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Prism Engineering Consultancy Limited and state those matters that we have agreed to state to the Board of Directors of Prism Engineering Consultancy Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Prism Engineering Consultancy Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Prism Engineering Consultancy Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Prism Engineering Consultancy Limited. You consider that Prism Engineering Consultancy 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 accounts of Prism Engineering Consultancy 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 accounts.
......................................
Chartered Accountants
204 London Road
Waterlooville
Hampshire
PO7 7AN
Prism Engineering Consultancy Limited
(Registration number: 04776686)
Balance Sheet as at 31 May 2022
Note |
2022 |
2021 |
|
Current assets |
|||
Debtors |
|
- |
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net (liabilities)/assets |
( |
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Retained earnings |
(2,923) |
5,149 |
|
Shareholders' (deficit)/funds |
(2,823) |
5,249 |
For the financial year ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his 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.
Approved and authorised by the
......................................... |
Prism Engineering Consultancy Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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.
All figures are presented in British Stirling, which is the functional currency of the company, and are rounded to the nearest £1.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Government grants relating to revenue expenditure are recognised in income over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Prism Engineering Consultancy Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022
Depreciation
Asset class |
Depreciation method and rate |
Fixtures and fittings |
33% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Creditors |
Note |
2022 |
2021 |
|
Due within one year |
|||
Social security and other taxes |
|
|
|
Other payables |
|
|
|
Accrued expenses |
|
|
|
Corporation tax liability |
- |
7,673 |
|
|
|
Prism Engineering Consultancy Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Related party transactions |
Transactions with the director |
2022 |
At 1 June 2021 |
Repayments by director |
Other payments made to company by director |
At 31 May 2022 |
A Thomas |
||||
The directors loan account balance is undated, unsecured, interest free and repayable on demand. |
( |
( |
- |
( |
2021 |
At 1 June 2020 |
Advances to director |
Repayments by director |
At 31 May 2021 |
A Thomas |
||||
The directors loan account balance is undated, unsecured, interest free and repayable on demand. |
( |
|
( |
( |