Prestons Accountancy Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08119853 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Prestons Accountancy Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Mehta

Anver Patel

REGISTERED OFFICE:

364-368 Cranbrook Road

Gants Hill

Ilford

Essex

IG2 6HY

REGISTERED NUMBER:

08119853 (England and Wales)

FIXED ASSETS

Intangible assets

4

233,336

266,669

Tangible assets

5

5,292

7,493

Investments

6

145,433

145,433

384,061

419,595

CURRENT ASSETS

Stocks

92,688

96,500

Debtors

7

491,672

501,289

Cash at bank and in hand

273,798

148,943

858,158

746,732

CREDITORS

Amounts falling due within one year

8

461,157

400,552

NET CURRENT ASSETS

397,001

346,180

TOTAL ASSETS LESS CURRENT LIABILITIES

781,062

765,775

CAPITAL AND RESERVES

Called up share capital

9

365,398

389,398

Retained earnings

415,664

376,377

SHAREHOLDERS' FUNDS

781,062

765,775

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2022 and were signed on its behalf by:

Anver Patel - Director

1.	STATUTORY INFORMATION

Prestons Accountancy 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 represents net income receivable from sale of goods and services in the year, excluding value added tax. Income is recognised when company has legal title to it.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of fifteen years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the costs of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Plant and Machinery - 25% Straight Line

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit and loss.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

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.

Hire purchase and leasing commitments

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 2 (2020 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

500,000

AMORTISATION

At 1 April 2020

233,331

Charge for year

33,333

At 31 March 2021

266,664

NET BOOK VALUE

At 31 March 2021

233,336

At 31 March 2020

266,669

5.	TANGIBLE FIXED ASSETS

Plant and

machiner

etc

£

COST

At 1 April 2020

46,392

Additions

1,856

At 31 March 2021

48,248

DEPRECIATION

At 1 April 2020

38,899

Charge for year

4,057

At 31 March 2021

42,956

NET BOOK VALUE

At 31 March 2021

5,292

At 31 March 2020

7,493

6.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 April 2020

and 31 March 2021

2

145,431

145,433

NET BOOK VALUE

At 31 March 2021

2

145,431

145,433

At 31 March 2020

2

145,431

145,433

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

365,225

393,159

Other debtors

126,447

108,130

491,672

501,289

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade creditors

95,429

287,683

Taxation and social security

91,664

84,960

Other creditors

274,064

27,909

461,157

400,552

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.21

31.3.20

value:

£

£

200

Ordinary

1

200

200

363,198

Redeemable Preference

£1

365,198

389,198

365,398

389,398