Prism Decorators Limited - Accounts

Prism Decorators Limited - Accounts

PRISM DECORATORS LIMITED - Company Information

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Registered Number: SC606001
Scotland

 

 

 

PRISM DECORATORS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 September 2021

End date: 31 August 2022

Prism Decorators Limited
Contents Page
For the year ended 31 August 2022
Director's report and financial statements
The director presents his/her/their annual report and the financial statements for the year ended 31 August 2022.
Principal activities
Principal activity of the company during the financial year was of painting contractors.
Director
The director who served the company throughout the year was as follows:
Derek Baillie
Statement of director's responsibilities
The director is responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

On behalf of the board.


----------------------------------
Derek Baillie
Director

Date approved: 30 May 2023
1
 
 		 Notes
 		 2022
£		   2021
£
Fixed assets      
Tangible fixed assets 3 299    401 
299    401 
Current assets      
Debtors 4 3,219    3,251 
Cash at bank and in hand 1,790    1,963 
5,009    5,214 
Creditors: amount falling due within one year 5 (2,682)   (1,353)
Net current assets 2,327    3,861 
 
Total assets less current liabilities 2,626    4,262 
Creditors: amount falling due after more than one year 6 (2,200)   (3,916)
Provisions for liabilities 7 (57)   (76)
Net assets 369    270 
 

Capital and reserves 		     
Called up share capital 8 100    100 
Profit and loss account 269    170 
Shareholder's funds 369    270 
 


For the year ended 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 30 May 2023 and were signed by:


--------------------------------
Derek Baillie
Director
2
General Information
Prism Decorators Limited is a private company, limited by shares, registered in Scotland, registration number SC606001, registration address 59 Bell Quadrant, Carfin, Motherwell, ML1 4GR.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 20% Reducing Balance
Computer Equipment 33% Reducing Balance
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 1 (2021 : 0).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Computer Equipment   Total
  £   £   £
At 01 September 2021 472    528    1,000 
Additions -    -    - 
Disposals -    -    - 
At 31 August 2022 472    528    1,000 
Depreciation
At 01 September 2021 230    369    599 
Charge for year 49    53    102 
On disposals -    -    - 
At 31 August 2022 279    422    701 
Net book values
Closing balance as at 31 August 2022 193    106    299 
Opening balance as at 01 September 2021 242    159    401 


4.

Debtors: amounts falling due within one year

2022
£		   2021
£
Other Debtors 328    328 
Directors' Current Accounts 2,891    2,923 
3,219    3,251 

5.

Creditors: amount falling due within one year

2022
£		   2021
£
Bank Loans & Overdrafts (Secured) 800    0 
Corporation Tax 1,564    1,035 
Accrued Expenses 318    318 
2,682    1,353 

6.

Creditors: amount falling due after more than one year

2022
£		   2021
£
Bank Loans & Overdrafts (secured) 2,200    3,775 
Directors' Loan Accounts 0    141 
2,200    3,916 

7.

Provisions for liabilities

2022
£		   2021
£
Deferred Tax 57    76 
57    76 

8.

Share Capital

Allotted, called up and fully paid
2022
£		   2021
£
100 Class A shares of £1.00 each 100    100 
100    100 

3