Premier Framing Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08929762 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

PREMIER FRAMING LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G M Townsend

Mrs M Townsend

M Murray

SECRETARY:

REGISTERED OFFICE:

Saxon House

Hellesdon Park Road

Drayton High Road

Norwich

Norfolk

NR6 5DR

REGISTERED NUMBER:

08929762 (England and Wales)

ACCOUNTANTS:

Quinneys

Chartered Certified Accountants

Saxon House

Hellesdon Park Road

Norwich

Norfolk

NR6 5DR

FIXED ASSETS

Intangible assets

4

31,500

42,000

Tangible assets

5

22,761

25,900

54,261

67,900

CURRENT ASSETS

Stocks

118,700

133,683

Debtors

6

109,888

93,819

Cash at bank

127,571

-

356,159

227,502

CREDITORS

Amounts falling due within one year

7

304,962

226,822

NET CURRENT ASSETS

51,197

680

TOTAL ASSETS LESS CURRENT LIABILITIES

105,458

68,580

CREDITORS

Amounts falling due after more than one year

8

(75,354

)

(50,337

)

PROVISIONS FOR LIABILITIES

(5,517

)

(4,921

)

NET ASSETS

24,587

13,322

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

24,487

13,222

24,587

13,322

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 26 August 2021 and were signed on its behalf by:

G M Townsend - Director

1.	STATUTORY INFORMATION

Premier Framing 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

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 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

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.

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 25 (2020 - 26 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

105,000

AMORTISATION

At 1 April 2020

63,000

Charge for year

10,500

At 31 March 2021

73,500

NET BOOK VALUE

At 31 March 2021

31,500

At 31 March 2020

42,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

73,777

Additions

3,025

At 31 March 2021

76,802

DEPRECIATION

At 1 April 2020

47,877

Charge for year

6,164

At 31 March 2021

54,041

NET BOOK VALUE

At 31 March 2021

22,761

At 31 March 2020

25,900

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

Plant and

machinery

etc

£

COST

At 1 April 2020

and 31 March 2021

14,804

DEPRECIATION

At 1 April 2020

12,237

Charge for year

642

At 31 March 2021

12,879

NET BOOK VALUE

At 31 March 2021

1,925

At 31 March 2020

2,567

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

41,066

2,447

Other debtors

68,822

91,372

109,888

93,819

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

22,417

11,357

Hire purchase contracts

3,774

3,774

Trade creditors

68,623

94,235

Taxation and social security

146,195

95,946

Other creditors

63,953

21,510

304,962

226,822

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

72,205

43,413

Hire purchase contracts

3,149

6,924

75,354

50,337

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date Mr G Townsend and Mrs M Townsend owed the company £68,017 (2020 £80,519).