Premier_Insulations_Limit - Accounts

PREMIER INSULATIONS LIMITED - Company Information

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Premier Insulations Limited

Unaudited Abbreviated Accounts

For the year ended 30 September 2015

Company Registration No. 00408062 (England and Wales)

Premier Insulations Limited

Contents

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

Premier Insulations Limited

Abbreviated Balance Sheet

As at 30 September 2015

Page 1

2015

2014

Notes

Fixed assets

Tangible assets

960,303

960,119

Current assets

Stocks

461,287

491,148

Debtors

551,135

734,766

Cash at bank and in hand

724,577

624,932

1,736,999

1,850,846

Creditors: amounts falling due within one year

(145,102)

(241,870)

Net current assets

1,591,897

1,608,976

Total assets less current liabilities

2,552,200

2,569,095

Provisions for liabilities

(4,754)

(2,802)

Accruals and deferred income

(380)

2,547,446

2,565,913

Capital and reserves

Called up share capital

400

Other reserves

6,436

Profit and loss account

2,540,610

2,559,077

Shareholders' funds

2,547,446

2,565,913

Premier Insulations Limited

Abbreviated Balance Sheet (Continued)

As at 30 September 2015

Page 2

For the financial year ended 30 September 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 13 June 2016

Mr K Winkworth

Director

Company Registration No. 00408062

Premier Insulations Limited

Notes to the Abbreviated Accounts

For the year ended 30 September 2015

Page 3

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents the invoiced value of goods and services provided net of value added tax.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Freehold property

2% straight line

Plant and machinery

25% reducing balance

Fixtures, fittings & equipment

25% reducing balance

Motor vehicles

25% reducing balance

In accordance with the Statement of Standard Accounting Practice 19, investment properties are revalued annually and the aggregate surplus or deficit is transferred to the investment revaluation reserve. Accordingly no depreciation is provided in respect of investment properties. The requirement of the Companies Act 2006 is to depreciate all properties, but that requirement conflicts with Statement of Standard Accounting Practice 19. The directors consider that as investment properties they are not for consumption but for investment, to depreciate them would not give a true and fair view.

If this departure from the Act had not been made the profit for the financial year would have been reduced by depreciation on the revalued properties of £2,737 (2014: £2,737) assuming a depreciation rate of 2% per annum for the freehold property.

1.5

Stock

Stocks are stated at the lower of cost and net realisable value.

1.6

Pensions

The pension costs charged in the financial statements represent the contributions to employees pension schemes payable by the company during the year.

1.7

Deferred taxation

In accordance with FRS 19, deferred tax is recognised as a liability or asset if transactions or events that give the company the obligation to pay more tax in future or a right to pay less tax in future have occurred by the balance sheet date.

1.8

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Premier Insulations Limited

Notes to the Abbreviated Accounts (Continued)

For the year ended 30 September 2015

Page 4

Fixed assets

Tangible assets

Cost

At 1 October 2014

1,146,094

Additions

14,687

At 30 September 2015

1,160,781

Depreciation

At 1 October 2014

185,975

Charge for the year

14,503

At 30 September 2015

200,478

Net book value

At 30 September 2015

960,303

At 30 September 2014

960,119

Share capital

2015

2014

Allotted, called up and fully paid

400 Ordinary shares of £1 each

400

Transactions with directors

Included in other debtors is an amount of £7,837 due from Mr K Winkworth (2014: £22,321). The maximum balance due from Mr K Winkworth during the year was £31,047. The company has charged Mr K Winkworth interest of £917 on the loan.

Also included in other debtors is £10,000 due from Mr T Winkworth, son of Mr K Winkworth. The loan was made on 21 November 2013 and this was the maximum amount outstanding.

Control

The ultimate parent company is The SAW Group of Companies Limited, a company registered in England and Wales.

The ultimate controlling party is considered to be Mr K Winkworth.