Prodrive (Joinery & Shop Fitting) Limite - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04621474 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Prodrive (Joinery & Shop Fitting)

Limited

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

17,631

28,221

CURRENT ASSETS

Stocks

141,828

84,673

Debtors

5

430,153

502,838

Cash at bank and in hand

515,736

499,989

1,087,717

1,087,500

CREDITORS

Amounts falling due within one year

6

552,181

796,320

NET CURRENT ASSETS

535,536

291,180

TOTAL ASSETS LESS CURRENT LIABILITIES

553,167

319,401

PROVISIONS FOR LIABILITIES

2,630

5,100

NET ASSETS

550,537

314,301

CAPITAL AND RESERVES

Allotted, called up and fully paid share capital

100

100

Retained earnings

550,437

314,201

550,537

314,301

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 director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 June 2021 and were signed by:

Mr G Downes - Director

1.	STATUTORY INFORMATION

Prodrive (Joinery & Shop Fitting) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

04621474

Registered office:

Station Yard

Station Road

Stokesley

North Yorkshire

TS9 7AB

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost and 20% on 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

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2020 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

133,221

Additions

2,015

At 31 March 2021

135,236

DEPRECIATION

At 1 April 2020

105,000

Charge for year

12,605

At 31 March 2021

117,605

NET BOOK VALUE

At 31 March 2021

17,631

At 31 March 2020

28,221

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

366,408

453,712

Other debtors

14,800

5,066

Prepayments

48,945

44,060

430,153

502,838

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

195,025

349,360

Tax

98,654

21,859

Social security and other taxes

16,840

26,502

VAT

71,501

88,066

Other creditors

15,041

201

Directors' current accounts

8

132,920

Accrued expenses

155,112

177,412

552,181

796,320

7.	OTHER FINANCIAL COMMITMENTS

The company had operating lease commitments at 31 March 2021 of £193,521 (2020 - £248,358).