Prestons Accountancy Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08119853 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Prestons Accountancy Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Mehta

Anver Patel

REGISTERED OFFICE:

364-368 Cranbrook Road

Gants Hill

Ilford

Essex

IG2 6HY

REGISTERED NUMBER:

08119853 (England and Wales)

FIXED ASSETS

Intangible assets

4

166,670

200,003

Tangible assets

5

20,712

19,733

Investments

6

95,224

95,224

282,606

314,960

CURRENT ASSETS

Stocks

141,000

74,000

Debtors

7

827,373

827,446

Cash at bank

174,487

114,012

1,142,860

1,015,458

CREDITORS

Amounts falling due within one year

8

532,596

500,944

NET CURRENT ASSETS

610,264

514,514

TOTAL ASSETS LESS CURRENT LIABILITIES

892,870

829,474

CAPITAL AND RESERVES

Called up share capital

9

316,198

340,798

Retained earnings

576,672

488,676

SHAREHOLDERS' FUNDS

892,870

829,474

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 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 22 February 2024 and were signed on its behalf by:

Anver Patel - Director

1.	STATUTORY INFORMATION

Prestons Accountancy Ltd is a private company, limited by shares , registered in England and Wales. 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 represents net income receivable from sale of goods and services in the year, excluding value added tax. Income is recognised when company has legal title to it.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of fifteen years.

Tangible fixed assets

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

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the costs of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Plant and Machinery - 25% Straight Line

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit and loss.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

500,000

AMORTISATION

At 1 April 2022

299,997

Charge for year

33,333

At 31 March 2023

333,330

NET BOOK VALUE

At 31 March 2023

166,670

At 31 March 2022

200,003

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

64,042

Additions

10,453

At 31 March 2023

74,495

DEPRECIATION

At 1 April 2022

44,309

Charge for year

9,474

At 31 March 2023

53,783

NET BOOK VALUE

At 31 March 2023

20,712

At 31 March 2022

19,733

6.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 April 2022

and 31 March 2023

2

95,222

95,224

NET BOOK VALUE

At 31 March 2023

2

95,222

95,224

At 31 March 2022

2

95,222

95,224

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

467,758

465,980

Other debtors

359,615

361,466

827,373

827,446

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

31,667

41,667

Trade creditors

289,569

40,990

Taxation and social security

138,366

130,380

Other creditors

72,994

287,907

532,596

500,944

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

200

Ordinary

1

200

200

315,998

Redeemable Preference

£1

315,998

340,598

316,198

340,798