PRB Hampshire Limited
PRB Hampshire Limited
Registered number: 09644459
Financial Statements
For The Year Ended
31 May 2022
Goldstar Accountants Ltd
Chartered Certified Accountants & Registered Auditors
63 London Street
Reading
RG1 4PS
PRB Hampshire Limited
Financial Statements
For The Year Ended
31 May 2022
Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
PRB Hampshire Limited
Balance Sheet
As at
31 May 2022
Balance Sheet
Registered number:
09644459
For the year ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 2022 | 2021 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 3 |
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| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Stocks | 5 |
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| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 8 |
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| NET LIABILITIES |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (704,498) | (713,153) | |||
PRB Hampshire Limited
Balance Sheet (continued)
As at
31 May 2022
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 7 form part of these financial statements.
PRB Hampshire Limited
Notes to the Financial Statements
For The Year Ended
31 May 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Leasehold |
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| Plant & Machinery |
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| Motor Vehicles |
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| Fixtures & Equipment |
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| Computer Equipment |
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1.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
PRB Hampshire Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2022
1.6.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.
Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2021: 4)
3.
Intangible Assets
| Goodwill | |||
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| Cost | |||
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| Amortisation | |||
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| Provided during the period |
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| Net Book Value | |||
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PRB Hampshire Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2022
4.
Tangible Assets
| Land & Property | ||||
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| Leasehold | Plant & Machinery | Motor Vehicles | Fixtures & Equipment | |
| £ | £ | £ | £ | |
| Cost or Valuation | ||||
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| Additions |
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| Depreciation | ||||
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| Provided during the period |
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| On revaluations |
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| Net Book Value | ||||
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| Computer Equipment | Total | |
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| Cost or Valuation | ||
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| Additions |
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| Depreciation | ||
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| Provided during the period |
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| On revaluations | - | 1,756 |
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| Net Book Value | ||
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PRB Hampshire Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2022
5.
Stocks
| 2022 | 2021 | ||
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| £ | £ | ||
| Stock - materials |
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6.
Debtors
| 2022 | 2021 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Due after more than one year | |||
| Other debtors |
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7.
Creditors: Amounts Falling Due Within One Year
| 2022 | 2021 | ||
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| £ | £ | ||
| Trade creditors |
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| Other taxes and social security |
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| VAT |
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| Net wages | 8,991 | 2,802 | |
| Other creditors |
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PRB Hampshire Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2022
8.
Creditors: Amounts Falling Due After More Than One Year
| 2022 | 2021 | ||
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| £ | £ | ||
| Bank loans |
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| Other creditors |
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| Directors loan account |
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Diretors confirmed that the directors loan account above is not repayable within 12 months and therefore is shown as due for more than 1 years.
Directors loan amount comparatives restated as amount due for more than 1 years from amount due within 1 year.
10.
Transition to FRS 102
The company's transaction to FRS102 has resulted adjustments in prior year comparatives. This is the first year the company has adopted FRS102 although the company do qualify for FRS 105. The directors believe the company will be no longer Micro company from 2022/23 financial year and therefore FRS102 adopted early.
11.
General Information
PRB Hampshire Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
09644459
. The registered office is Empire Banqueting & Hall
, High Street, Aldershot, Hampshire, GU11 1DJ.