Premier Engineering (Scarborough) Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06776402 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PREMIER ENGINEERING (SCARBOROUGH)

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R J Pickering Snr

P Pickering

R J Pickering Jnr

SECRETARY:

P Pickering

REGISTERED OFFICE:

34 Falsgrave Road

Scarborough

North Yorkshire

YO12 5AT

REGISTERED NUMBER:

06776402 (England and Wales)

ACCOUNTANTS:

Lloyd Dowson Limited

Medina House

2 Station Avenue

Bridlington

East Yorkshire

YO16 4LZ

FIXED ASSETS

Tangible assets

4

1,415,906

253,174

CURRENT ASSETS

Stocks

47,341

99,063

Debtors

5

572,194

559,604

Cash at bank and in hand

1,123,515

630,251

1,743,050

1,288,918

CREDITORS

Amounts falling due within one year

6

530,617

401,164

NET CURRENT ASSETS

1,212,433

887,754

TOTAL ASSETS LESS CURRENT LIABILITIES

2,628,339

1,140,928

PROVISIONS FOR LIABILITIES

353,976

63,293

NET ASSETS

2,274,363

1,077,635

CAPITAL AND RESERVES

Called up share capital

7

100

100

Revaluation reserve

8

861,382

-

Retained earnings

1,412,881

1,077,535

SHAREHOLDERS' FUNDS

2,274,363

1,077,635

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 26 February 2024 and were signed on its behalf by:

R J Pickering Snr - Director

R J Pickering Jnr - Director

1.	STATUTORY INFORMATION

Premier Engineering (Scarborough) Limited 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 as modified by the revaluation of certain assets.

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

-

12.5% on reducing balance

Fixtures and fittings

-

12.5% on reducing balance

Motor vehicles

-

25% on reducing balance

Fixed assets are revalued as considered appropriate by the directors.

Stocks

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 items.

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 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 23 (2022 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST OR VALUATION

At 1 January 2023

899,273

Additions

72,399

Disposals

(14,899

)

Revaluations

627,378

At 31 December 2023

1,584,151

DEPRECIATION

At 1 January 2023

646,099

Charge for year

54,641

Eliminated on disposal

(11,364

)

Revaluation adjustments

(521,131

)

At 31 December 2023

168,245

NET BOOK VALUE

At 31 December 2023

1,415,906

At 31 December 2022

253,174

Cost or valuation at 31 December 2023 is represented by:

Plant and

machinery

etc

£

Valuation in 2023

627,378

Cost

956,773

1,584,151

If plant and machinery etc had not been revalued it would have been included at the following historical cost:

31.12.23

31.12.22

£

£

Cost

956,773

899,273

Aggregate depreciation

689,376

646,099

Plant and machinery etc was valued on an open market basis on 31 December 2023 by R J Pickering Jnr .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Trade debtors

364,175

426,798

Amounts owed by group undertakings

195,500

120,342

Other debtors

12,519

12,464

572,194

559,604

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Trade creditors

89,763

95,515

Taxation and social security

366,278

237,757

Other creditors

74,576

67,892

530,617

401,164

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.23

31.12.22

value:

£

£

100

Ordinary

1

100

100

8.

RESERVES

Revaluation

reserve

£

Revaluation of fixed assets

1,148,509

Deferred tax movement

(287,127

)

At 31 December 2023

861,382