Prestige Brickwork Ltd
Prestige Brickwork Ltd
Registered number: 08209035
Unaudited Financial Statements
For The Year Ended
31 October 2023
Prestige Brickwork Ltd
Unaudited Financial Statements
For The Year Ended
31 October 2023
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
Prestige Brickwork Ltd
Balance Sheet
As At
31 October 2023
Balance Sheet
Registered number:
08209035
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| Investment Properties | 5 |
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| CURRENT ASSETS | |||||
| Stocks | 6 |
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| Debtors | 7 |
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| Investments | 8 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 9 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 10 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 11 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 12 |
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| Fair Value Reserve | 15 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 1,446,991 | 1,320,367 | |||
Prestige Brickwork Ltd
Balance Sheet (continued)
As At
31 October 2023
On behalf of the board
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Director
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The notes on pages 3 to 7 form part of these financial statements.
Prestige Brickwork Ltd
Notes to the Financial Statements
For The Year Ended
31 October 2023
Notes to the Financial Statements
1.
General Information
Prestige Brickwork Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
08209035
. The registered office is Halesfield 13, Telford, Shropshire, TF7 4PL.
The financial statements are presented in pound sterling (£) and rounded to the nearest whole £.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
2.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Leasehold |
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| Plant & Machinery |
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| Motor Vehicles |
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| Fixtures & Fittings |
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2.4.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Prestige Brickwork Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 October 2023
2.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 4)
4.
Tangible Assets
| Land & Property | |||||
|---|---|---|---|---|---|
| Leasehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total | |
| £ | £ | £ | £ | £ | |
| Cost or Valuation | |||||
| As at
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| Additions |
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...CONTINUED
Prestige Brickwork Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 October 2023
| Depreciation | |||||
| As at
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| Provided during the period |
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| Net Book Value | |||||
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5.
Investment Property
| 2023 | |
|---|---|
| £ | |
| Fair Value | |
| As at
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| Revaluations | (10,000) |
| As at
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If investment property had been accounted for under historical cost accounting rules, the amounts would be:
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Cost | 114,130 | 114,130 | |
| Accumulated depreciation and impairment | 6,848 | 4,565 | |
| Carrying amount | 107,282 | 109,565 | |
6.
Stocks
| 2023 | 2022 | ||
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| £ | £ | ||
| Stock |
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7.
Debtors
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| VAT |
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8.
Current Asset Investments
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Unlisted investments | 30,000 | 30,000 | |
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Prestige Brickwork Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 October 2023
9.
Creditors: Amounts Falling Due Within One Year
| 2023 | 2022 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| Other creditors |
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| Accruals and deferred income |
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| Director's loan account |
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| Amounts owed to related parties |
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10.
Creditors: Amounts Falling Due After More Than One Year
| 2023 | 2022 | ||
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| £ | £ | ||
| Bank loans |
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11.
Deferred Taxation
The provision for deferred tax is made up as follows:
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 12,656 | 6,323 | |
13.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| 2023 | 2022 | ||
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| £ | £ | ||
| Not later than one year |
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| Later than one year and not later than five years |
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14.
Pension Commitments
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Included within Other Creditors at the balance sheet date are unpaid contributions of £381 (2022: £66) due to the fund.
Prestige Brickwork Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 October 2023
15.
Reserves
| Fair Value Reserve | |
|---|---|
| £ | |
| As at
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| Transfer to profit and loss |
( |
| As at
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( |
16.
Related Party Transactions
During the year dividends of £269,196 (2022: £778,000) were paid to the holding company.
Included within Amounts owed to related parties is a balance of £Nil (2022: £500,000) owed to the holding company. No interest has been charged on the outstanding balance and there were no conditions attached.
17.
Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is
PJD Holding (Shropshire) Limited
, a company incorporated in England & Wales. The parent company has taken advantage of the exemptions provided by section 398 of the Companies Act 2006 not to prepare group accounts.
The ultimate controlling party is the shareholders in the parent company.