Premier Line Markings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08401818 (England and Wales)

PREMIER LINE MARKINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

P F Hopkins

Mrs J M Yates

REGISTERED OFFICE:

26 Park Road

Melton Mowbray

Leicestershire

LE13 1TT

REGISTERED NUMBER:

08401818 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

26 Park Road

Melton Mowbray

Leicestershire

LE13 1TT

FIXED ASSETS

Intangible assets

4

-

-

Property, plant and equipment

5

42,936

40,870

42,936

40,870

CURRENT ASSETS

Inventories

4,500

4,500

Debtors

6

77,346

7,606

Cash at bank

8,243

6,536

90,089

18,642

CREDITORS

Amounts falling due within one year

7

62,281

36,522

NET CURRENT ASSETS/(LIABILITIES)

27,808

(17,880

)

TOTAL ASSETS LESS CURRENT LIABILITIES

70,744

22,990

CREDITORS

Amounts falling due after more than one year

8

(7,162

)

(15,095

)

PROVISIONS FOR LIABILITIES

(8,158

)

(7,765

)

NET ASSETS

55,424

130

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

55,324

30

SHAREHOLDERS' FUNDS

55,424

130

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 3 September 2021 and were signed on its behalf by:

P F Hopkins - Director

1.	STATUTORY INFORMATION

Premier Line Markings Limited 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.

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.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible fixed assets

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of five years.

Property, plant and equipment

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

Plant and machinery etc

-

33% on cost, 25% on reducing balance and 15% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Government grants

Government grants relating to revenue are recognised as income on a systematic basis over the period in which the related costs for which the grant is intended to compensate are recognised.

Government grants receivable for the purpose of giving immediate financial support to the entity with no future related costs are recognised as income in the period in which it becomes receivable.

Inventories

Inventories are valued at the lower of cost and fair value less costs to complete and sell, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position. 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 5 (2020 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

150,000

AMORTISATION

At 1 April 2020

and 31 March 2021

150,000

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

-

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 April 2020

79,616

Additions

12,502

Disposals

(4,606

)

At 31 March 2021

87,512

DEPRECIATION

At 1 April 2020

38,746

Charge for year

10,436

Eliminated on disposal

(4,606

)

At 31 March 2021

44,576

NET BOOK VALUE

At 31 March 2021

42,936

At 31 March 2020

40,870

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

17,658

-

Directors' current accounts

54,331

4,077

Prepayments

5,357

3,529

77,346

7,606

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Hire purchase contracts

7,933

7,211

Trade creditors

810

1,633

Taxation

46,689

13,314

Other taxes and social security

4,206

11,092

Accrued expenses

2,643

3,272

62,281

36,522

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Hire purchase contracts

7,162

15,095

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Hire purchase contracts

15,095

22,306

The hire purchase creditor is secured upon the asset to which it relates.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2021

2020

£

£

Mrs J M Yates and P F Hopkins

Balance outstanding at start of year

4,077

-

Amounts advanced

54,331

4,077

Amounts repaid

(4,077

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

54,331

4,077

Loans to directors are interest free and repayable on demand.