Prichard Developments Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC498824 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

PRICHARD DEVELOPMENTS LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

F Prichard

REGISTERED OFFICE:

Office 2, FRIC

Ajax Way

Methil

Fife

KY8 3RS

REGISTERED NUMBER:

SC498824 (Scotland)

ACCOUNTANTS:

J.H. Greenwood & Company

Chartered Accountants

Ava Lodge

Castle Terrace

Berwick Upon Tweed

Northumberland

TD15 1NP

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Prichard Developments Limited for the year ended 31 March 2023 which comprise the Profit and Loss Account, Balance Sheet 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Prichard Developments Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Prichard Developments Limited and state those matters that we have agreed to state to the director of Prichard Developments Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Prichard Developments Limited and its director for our work or for this report.

It is your duty to ensure that Prichard Developments 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 Prichard Developments Limited. You consider that Prichard Developments 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 Prichard Developments 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.

J.H. Greenwood & Company

Chartered Accountants

Ava Lodge

Castle Terrace

Berwick Upon Tweed

Northumberland

TD15 1NP

20 December 2023

FIXED ASSETS

Intangible assets

4

2,000

3,000

Tangible assets

5

52,006

96,612

54,006

99,612

CURRENT ASSETS

Stocks

-

45,000

Debtors

6

41,300

2,906

Cash at bank

7,099

26,421

48,399

74,327

CREDITORS

Amounts falling due within one year

7

81,882

117,256

NET CURRENT LIABILITIES

(33,483

)

(42,929

)

TOTAL ASSETS LESS CURRENT LIABILITIES

20,523

56,683

CREDITORS

Amounts falling due after more than one year

8

(7,534

)

(23,747

)

PROVISIONS FOR LIABILITIES

(9,205

)

(6,728

)

NET ASSETS

3,784

26,208

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

3,684

26,108

3,784

26,208

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 December 2023 and were signed by:

F Prichard - Director

1.	STATUTORY INFORMATION

Prichard Developments 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 4 years

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

10,000

AMORTISATION

At 1 April 2022

7,000

Charge for year

1,000

At 31 March 2023

8,000

NET BOOK VALUE

At 31 March 2023

2,000

At 31 March 2022

3,000

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2022

30,567

95,812

1,885

128,264

Disposals

-

(48,614

)

-

(48,614

)

At 31 March 2023

30,567

47,198

1,885

79,650

DEPRECIATION

At 1 April 2022

11,461

18,524

1,667

31,652

Charge for year

2,865

5,163

84

8,112

Eliminated on disposal

-

(12,120

)

-

(12,120

)

At 31 March 2023

14,326

11,567

1,751

27,644

NET BOOK VALUE

At 31 March 2023

16,241

35,631

134

52,006

At 31 March 2022

19,106

77,288

218

96,612

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2022

95,506

Disposals

(48,614

)

At 31 March 2023

46,892

DEPRECIATION

At 1 April 2022

18,258

Charge for year

5,153

Eliminated on disposal

(12,120

)

At 31 March 2023

11,291

NET BOOK VALUE

At 31 March 2023

35,601

At 31 March 2022

77,248

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/23

31/3/22

£

£

Other debtors

41,300

2,906

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/23

31/3/22

£

£

Bank loans and overdrafts

40,083

37,157

Hire purchase contracts

8,750

13,725

Trade creditors

15,670

13,345

Taxation and social security

13,629

47,850

Other creditors

3,750

5,179

81,882

117,256

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/23

31/3/22

£

£

Hire purchase contracts

7,534

23,747

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

31/3/23

31/3/22

£

£

F Prichard

Balance outstanding at start of year

-

-

Amounts advanced

38,394

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

38,394

-