Prestige Brickwork Ltd
Prestige Brickwork Ltd
Registered number: 08209035
Unaudited Financial Statements
For The Year Ended
31 October 2021
Prestige Brickwork Ltd
Unaudited Financial Statements
For The Year Ended
31 October 2021
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—8 |
Prestige Brickwork Ltd
Balance Sheet
As at
31 October 2021
Balance Sheet
Registered number:
08209035
For the year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2021 | 2020 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 5 |
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| CURRENT ASSETS | |||||
| Stocks | 6 |
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| Debtors | 7 |
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| Investments | 8 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 9 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 10 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 11 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 12 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 1,298,837 | 1,478,734 | |||
Prestige Brickwork Ltd
Balance Sheet (continued)
As at
31 October 2021
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 4 to 8 form part of these financial statements.
Prestige Brickwork Ltd
Notes to the Financial Statements
For The Year Ended
31 October 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Motor Vehicles |
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| Fixtures & Fittings |
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1.4.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Prestige Brickwork Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 October 2021
1.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.8.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.9.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2020: 4)
Prestige Brickwork Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 October 2021
5.
Tangible Assets
| Investment Properties | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total | |
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| £ | £ | £ | £ | £ | |
| Cost | |||||
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| Additions | 114,130 |
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| Depreciation | |||||
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| Provided during the period | - |
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| Net Book Value | |||||
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Investment property is recognised at fair value represented by:
Historical cost: £114,130 (2020: £Nil)
Valuation: -£114,130 (2020: -£Nil)
The director has considered the valuation of the investment properties and in their opinion the revalued amount shown is in line with the open market value. Revaluation gains and losses are taken to the fair value reserve in accordance with the accounting policy.
6.
Stocks
| 2021 | 2020 | ||
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| £ | £ | ||
| Stock - materials and work in progress | 3,104 | 2,700 | |
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7.
Debtors
| 2021 | 2020 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| VAT |
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| Amounts owed by related parties |
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8.
Current Asset Investments
| 2021 | 2020 | ||
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| £ | £ | ||
| Unlisted investments | 30,000 | 30,000 | |
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Prestige Brickwork Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 October 2021
9.
Creditors: Amounts Falling Due Within One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| Net wages | 4,004 | - | |
| Other creditors |
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| Accruals and deferred income |
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| Director's loan account |
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10.
Creditors: Amounts Falling Due After More Than One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Bank loans |
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11.
Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
| 2021 | 2020 | ||
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| £ | £ | ||
| Deferred tax |
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13.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| Land and buildings | ||
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| 2021 | 2020 | |
| £ | £ | |
| Within 1 year | 24,000 | - |
| Between 1 and 5 years | 44,000 | - |
| 68,000 | - | |
14.
Pension Commitments
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Included within Other Creditors at the balance sheet date are unpaid contributions of £68 (2020: £42) due to the fund.
Prestige Brickwork Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 October 2021
15.
Related Party Transactions
Included within other creditors at the reporting date is a balance of £365 (2020: £561) owed to directors. No interest has been charged on the outstanding balance and there were no conditions attached.
Muxton Developments Limited
A company in which the directors holds an interest
Included within other debtors is a balance of £Nil (2020: £164,895) owed by Muxton Developments Limited. No interest has been charged on the outstanding balance and there were no conditions attached.
During the year dividends of £764,895 (2020: £Nil) were paid to the holding company.
16.
Ultimate Controlling Party
The company was under the control of the director until 30th September 2021 when the company's ultimately controlling party became PJD Holding (Shropshire) Ltd by virtue of it's ownership of 100% of the issued share capital in the company.
17.
General Information
Prestige Brickwork Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
08209035
. The registered office is Prestige Brickwork Ltd, Halesfield 13, Telford, Shropshire, TF7 4PL.
The financial statements are presented in pound sterling (£) and rounded to the nearest whole £.