Prestige Building Supplies Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07914245 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

PRESTIGE BUILDING SUPPLIES LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Foulds

Miss N Parkinson

REGISTERED OFFICE:

Park House

200 Drake Street

Rochdale

Lancashire

OL16 1PJ

REGISTERED NUMBER:

07914245 (England and Wales)

ACCOUNTANTS:

Wyatt, Morris, Golland Ltd

Park House

200 Drake Street

Rochdale

Lancashire

OL16 1PJ

FIXED ASSETS

Intangible assets

4

88,716

1,937

Tangible assets

5

336,891

366,108

Investments

6

100

100

425,707

368,145

CURRENT ASSETS

Stocks

330,129

236,720

Debtors

1,277,869

1,133,609

Cash at bank and in hand

434,045

321,606

2,042,043

1,691,935

CREDITORS

Amounts falling due within one year

1,967,523

1,471,190

NET CURRENT ASSETS

74,520

220,745

TOTAL ASSETS LESS CURRENT LIABILITIES

500,227

588,890

CREDITORS

Amounts falling due after more than one year

(168,122

)

(214,906

)

PROVISIONS FOR LIABILITIES

(74,627

)

(62,924

)

NET ASSETS

257,478

311,060

CAPITAL AND RESERVES

Called up share capital

1,002

1,002

Retained earnings

256,476

310,058

SHAREHOLDERS' FUNDS

257,478

311,060

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 Statement of Income and Retained Earnings and an abridged Balance Sheet for the year ended 31 December 2021 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 September 2022 and were signed on its behalf by:

M Foulds - Director

1.	STATUTORY INFORMATION

Prestige Building Supplies Ltd 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

The company has acquired client databases in 2013 and 2014 which are each being amortised over their estimated useful life of 5 years.

The company acquired software in 2021 which is being amortised over it's estimated useful life of 5 years

The company acquired private vehicle registrations in 2020 and 2021 which are each being amortised over their estimated useful life of 5 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

25% on cost

Government grants

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.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2020 - 33 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2021

51,371

Additions

88,772

At 31 December 2021

140,143

AMORTISATION

At 1 January 2021

49,434

Amortisation for year

1,993

At 31 December 2021

51,427

NET BOOK VALUE

At 31 December 2021

88,716

At 31 December 2020

1,937

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2021

468,943

Additions

51,871

At 31 December 2021

520,814

DEPRECIATION

At 1 January 2021

102,835

Charge for year

81,088

At 31 December 2021

183,923

NET BOOK VALUE

At 31 December 2021

336,891

At 31 December 2020

366,108

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 January 2021

327,847

Additions

19,563

At 31 December 2021

347,410

DEPRECIATION

At 1 January 2021

(11,174

)

Charge for year

95,643

At 31 December 2021

84,469

NET BOOK VALUE

At 31 December 2021

262,941

At 31 December 2020

339,021

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 January 2021

and 31 December 2021

100

NET BOOK VALUE

At 31 December 2021

100

At 31 December 2020

100

7.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2021

2020

£

£

Net obligations repayable:

Within one year

72,222

73,630

Between one and five years

168,122

214,906

240,344

288,536

Non-cancellable operating

leases

2021

2020

£

£

Within one year

24,227

24,227

Between one and five years

38,359

62,587

62,586

86,814

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Hire purchase contracts

240,344

288,536

Invoice finance facility

957,333

795,759

1,197,677

1,084,295

HSBC Invoice Finance (UK) Ltd have a fixed and floating charge over the assets of the company.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2021 and 31 December 2020:

2021

2020

£

£

M Foulds

Balance outstanding at start of year

49,423

40,677

Amounts advanced

78,360

49,423

Amounts repaid

(49,423

)

(40,677

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

78,360

49,423

Miss N Parkinson

Balance outstanding at start of year

51,024

40,662

Amounts advanced

82,285

51,024

Amounts repaid

(51,024

)

(40,662

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

82,285

51,024

Interest of £2,482 has been charged during the year on the Director loan accounts.

10.	RELATED PARTY DISCLOSURES