Prescott Engineering Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC212328 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

FOR

PRESCOTT ENGINEERING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

W Muir

C Muir

W K Muir

SECRETARY:

C Muir

REGISTERED OFFICE:

Arran House

15d Syke Road

Prestwick

Ayrshire

KA9 2TA

REGISTERED NUMBER:

SC212328 (Scotland)

ACCOUNTANTS:

Robert J Hart & Company

Chartered Accountants

Arran House

15D Skye Road

Prestwick

Ayrshire

KA9 2TA

FIXED ASSETS

Tangible assets

4

57,944

68,531

CURRENT ASSETS

Stocks

2,500

2,500

Debtors

5

229,664

203,944

Cash at bank and in hand

23,873

72,073

256,037

278,517

CREDITORS

Amounts falling due within one year

6

99,313

88,862

NET CURRENT ASSETS

156,724

189,655

TOTAL ASSETS LESS CURRENT LIABILITIES

214,668

258,186

CREDITORS

Amounts falling due after more than one year

7

(9,889

)

(24,723

)

PROVISIONS FOR LIABILITIES

10

(11,009

)

(13,021

)

NET ASSETS

193,770

220,442

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

193,670

220,342

SHAREHOLDERS' FUNDS

193,770

220,442

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 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 4 October 2023 and were signed on its behalf by:

W K Muir - Director

1.	STATUTORY INFORMATION

Prescott Engineering Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover

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

Tangible fixed assets

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

Plant and machinery etc

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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

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 9 (2021 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2021

and 31 October 2022

139,576

DEPRECIATION

At 1 November 2021

71,045

Charge for year

10,587

At 31 October 2022

81,632

NET BOOK VALUE

At 31 October 2022

57,944

At 31 October 2021

68,531

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.22

31.10.21

£

£

Trade debtors

78,014

56,301

Other debtors

151,650

147,643

229,664

203,944

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.22

31.10.21

£

£

Hire purchase contracts (see note 8)

14,834

14,834

Trade creditors

27,254

35,707

Taxation and social security

33,806

33,847

Other creditors

23,419

4,474

99,313

88,862

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.22

31.10.21

£

£

Hire purchase contracts (see note 8)

9,889

24,723

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.10.22

31.10.21

£

£

Net obligations repayable:

Within one year

14,834

14,834

Between one and five years

9,889

24,723

24,723

39,557

Non-cancellable operating

leases

31.10.22

31.10.21

£

£

Between one and five years

39,983

8,636

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.22

31.10.21

£

£

Hire purchase contracts

24,723

39,557

10.	PROVISIONS FOR LIABILITIES

31.10.22

31.10.21

£

£

Deferred tax

11,009

13,021

Deferred

tax

£

Balance at 1 November 2021

13,021

Credit to Income Statement during year

(2,012

)

Balance at 31 October 2022

11,009

11.	RELATED PARTY DISCLOSURES

At the balance sheet date a balance of £55,000 (2021: £55,000) was owed by a company with common directors. The balance is interest free and repayable on demand.

At the balance sheet date a balance of £86,834 (2021: £88,904) was owed by a partnership in which the directors have an interest. The balance is interest free and repayable on demand.