Premier Amusement Supplies Limited - Period Ending 2023-01-31

Premier Amusement Supplies Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Premier Amusement Supplies Limited

Company Information

Directors	A J Wilkins J B Thompson

Registered office

51 St John Street Ashbourne Derbyshire DE6 1GP

Accountants

Coates and Partners Limited Chartered Accountants The Old Vicarage 51 St John Street Ashbourne Derbyshire DE6 1GP

Premier Amusement Supplies Limited

(Registration number: 4398635)
Balance Sheet as at 31 January 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	4	115,141	145,410
Current assets
Stocks		401,918	196,023
Debtors	5	163,749	118,266
Cash at bank and in hand		615,740	1,005,935
		1,181,407	1,320,224
Creditors: Amounts falling due within one year	6	(254,942)	(385,723)
Net current assets		926,465	934,501
Total assets less current liabilities		1,041,606	1,079,911
Creditors: Amounts falling due after more than one year	6	(286,001)	(333,363)
Provisions for liabilities		(23,405)	(23,000)
Net assets		732,200	723,548
Capital and reserves
Allotted, called up and fully paid share capital		100	100
Profit and loss account		732,100	723,448
		732,200	723,548
Total equity		732,200	723,548

Premier Amusement Supplies Limited

(Registration number: 4398635)
Balance Sheet as at 31 January 2023 (continued)

For the financial year ending 31 January 2023 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

Approved and authorised by the Board on 30 June 2023 and signed on its behalf by:
 

......................................... A J Wilkins Director

Premier Amusement Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1	General information

The company is a private company limited by share capital incorporated in England and Wales registration number: 4398635.

The address of its registered office is:
51 St John Street
Ashbourne
Derbyshire
DE6 1GP
England

The principal place of business is:
Unit 4
Intake Road
Bolsover Business Park, Bolsover
Chesterfield
S44 6BB

These financial statements were authorised for issue by the Board on 30 June 2023.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is £ sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Premier Amusement Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

2	Accounting policies (continued)

Revenue recognition

Turnover comprises amounts chargeable, net of value added tax, in respect of sale of goods to customers.

The company recognises revenue when:
The amount of revenue can be reliably measured; and
it is probable that future economic benefits will flow to the entity.

Foreign currency transactions and balances

Profit and loss account transactions in foreign currencies are translated into sterling at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated on foreign currencies are translated into sterling at the closing rates at the balance sheet date and the exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance basis
Office equipment	33% straight line basis

Stocks

Stocks are stated at the lower of cost and net realisable value. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Premier Amusement Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

2	Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

Premier Amusement Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

4	Tangible assets

	Motor vehicles  £	Plant and machinery £	Total £
Cost or valuation
At 1 February 2022	57,480	217,753	275,233
Disposals	-	(25,600)	(25,600)
At 31 January 2023	57,480	192,153	249,633
Depreciation
At 1 February 2022	26,151	103,673	129,824
Charge for the year	4,700	17,464	22,164
Eliminated on disposal	-	(17,496)	(17,496)
At 31 January 2023	30,851	103,641	134,492
Carrying amount
At 31 January 2023	26,629	88,512	115,141
At 31 January 2022	31,329	114,081	145,410

5

Debtors

Current	2023 £	2022 £
Trade debtors	135,504	96,096
Prepayments	17,245	11,169
Other debtors	11,000	11,001
	163,749	118,266

Premier Amusement Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

	Note	2023 £	2022 £
Due within one year
Loans and borrowings	7	47,362	46,881
Trade creditors		55,409	140,329
Taxation and social security		65,908	81,178
Other creditors		86,263	117,335
		254,942	385,723
Due after one year
Loans and borrowings	7	97,200	144,562
Other creditors		188,801	188,801
		286,001	333,363

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £47,632 (2022 - £46,881). The bank loan of £40,000 is supported by the Coronavirus Business Interruption Loan Scheme which is partially guaranteed by the Secretary of State for Business, Energy and Industrial Strategy.

Creditors: amounts falling due after more than one year

	Note	2023 £	2022 £
Due after one year
Loans and borrowings	7	97,200	144,562
Other creditors		188,801	188,801
		286,001	333,363

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £97,200 (2022 - £144,562). The bank loan of £90,000 is supported by the Coronavirus Business Interruption Loan Scheme which is partially guaranteed by the Secretary of State for Business, Energy and Industrial Strategy.

Premier Amusement Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

7	Loans and borrowings

	2023 £	2022 £
Current loans and borrowings
Bank borrowings	40,000	40,000
HP and finance lease liabilities	7,362	6,881
	47,362	46,881

	2023 £	2022 £
Non-current loans and borrowings
Bank borrowings	90,000	130,000
HP and finance lease liabilities	7,200	14,562
	97,200	144,562

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £3,428 (2022 - £3,428). The financial commitments relate to operating lease payments due with £3,428 due within one year (2022: £3,428).