P J Pryce Plasterers Limited Filleted accounts for Companies House (small and micro)

P J PRYCE PLASTERERS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05429007

P J Pryce Plasterers Limited

Filleted Unaudited Financial Statements

30 April 2021

P J Pryce Plasterers Limited

Financial Statements

Year ended 30th April 2021

Contents	Page

Officers and professional advisers	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

P J Pryce Plasterers Limited

Officers and Professional Advisers

The board of directors	Mr P J Pryce
	Mrs J Pryce

Registered office	St Johns Chambers
	Love Street
	Chester
	Cheshire
	CH1 1QN

Accountants	UHY Hacker Young
	Chartered Accountants
	St John's Chambers
	Love Street
	Chester
	Cheshire
	CH1 1QN

P J Pryce Plasterers Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of P J Pryce Plasterers Limited

Year ended 30th April 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of P J Pryce Plasterers Limited for the year ended 30th April 2021, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of P J Pryce Plasterers Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of P J Pryce Plasterers Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P J Pryce Plasterers Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that P J Pryce Plasterers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of P J Pryce Plasterers Limited. You consider that P J Pryce Plasterers Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of P J Pryce Plasterers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

UHY Hacker Young Chartered Accountants

St John's Chambers Love Street Chester Cheshire CH1 1QN

27 January 2022

P J Pryce Plasterers Limited

Statement of Financial Position

30 April 2021

	2021		2020
Note	£	£	£

FIXED ASSETS

Tangible assets	5		26,386	1,193

CURRENT ASSETS

Debtors	6	15,089	8,895
Cash at bank and in hand		16,393	14,094
		---------	---------
		31,482	22,989

CREDITORS: amounts falling due within one year	7	13,799		17,327
		---------		---------
NET CURRENT ASSETS			17,683	5,662
			---------	--------
TOTAL ASSETS LESS CURRENT LIABILITIES			44,069	6,855

CREDITORS: amounts falling due after more than one year	8	33,333	–
		---------	--------
NET ASSETS		10,736	6,855
		---------	--------

P J Pryce Plasterers Limited

Statement of Financial Position (continued)

30 April 2021

	2021		2020
Note	£	£	£

CAPITAL AND RESERVES

Called up share capital	2	2
Profit and loss account	10,734	6,853
	---------	--------
SHAREHOLDERS FUNDS	10,736	6,855
	---------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30th April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 27 January 2022 , and are signed on behalf of the board by:

Mrs J Pryce

Director

Company registration number: 05429007

P J Pryce Plasterers Limited

Notes to the Financial Statements

Year ended 30th April 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Johns Chambers, Love Street, Chester, CH1 1QN, Cheshire.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2020: 1 ).

5. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1st May 2020	750	4,626	5,376
Additions	26,600	–	26,600
	---------	--------	---------
At 30th April 2021	27,350	4,626	31,976
	---------	--------	---------
Depreciation
At 1st May 2020	732	3,451	4,183
Charge for the year	1,113	294	1,407
	---------	--------	---------
At 30th April 2021	1,845	3,745	5,590
	---------	--------	---------
Carrying amount
At 30th April 2021	25,505	881	26,386
	---------	--------	---------
At 30th April 2020	18	1,175	1,193
	---------	--------	---------

6. Debtors

	2021	2020
	£	£
Trade debtors	9,452	7,275
Other debtors	5,637	1,620
	---------	--------
	15,089	8,895
	---------	--------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	6,667	–
Trade creditors	642	242
Corporation tax	396	3,690
Social security and other taxes	1,077	7,522
Other creditors	5,017	5,873
	---------	---------
	13,799	17,327
	---------	---------

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	33,333	–
	---------	--------

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2021
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr P J Pryce	( 1,073)	24,784	( 23,844)	( 133)
	--------	---------	---------	--------

	2020
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr P J Pryce	( 225)	26,697	( 27,545)	( 1,073)
	--------	---------	---------	--------

10. Related party transactions

The company was under the control of Mr PJ and Mrs J Pryce throughout the current and previous year. Mr Pryce is the managing director. At the year end £133 was owed by the company to the directors (2020: £1,073) by way of the Directors Loan Account. Interest charged on the Directors Loan Account during the year totalled £232 (2020: £239). Dividends totalling £23,000 (2020: £27,000) were paid to the shareholders during the year. No other transactions with related parties were undertaken such as are required to be disclosed under FRS102.