PREL Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 02261576 (England and Wales)

ABBREVIATED ACCOUNTS

FOR THE PERIOD 1 JULY 2014 TO 31 DECEMBER 2015

FOR

PREL LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

C D Grieves

Mrs J T Grieves

SECRETARY:

Mrs J T Grieves

REGISTERED OFFICE:

Park House

200 Drake Street

Rochdale

Lancs

OL16 1PJ

REGISTERED NUMBER:

02261576 (England and Wales)

ACCOUNTANTS:

Wyatt, Morris, Golland Ltd

Park House

200 Drake Street

Rochdale

Lancashire

OL16 1PJ

FIXED ASSETS

Intangible assets

2

25,912

30,003

Tangible assets

3

943,332

942,262

Investments

4

109,475

1,078,719

1,081,740

CURRENT ASSETS

Stocks

1,152,430

15,314

Debtors

1,363,956

823,532

Cash at bank

13,815

4,238

2,530,201

843,084

CREDITORS

Amounts falling due within one year

5

1,998,223

262,570

NET CURRENT ASSETS

531,978

580,514

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,610,697

1,662,254

CREDITORS

Amounts falling due after more than one
year

5

(93,916

)

(165,118

)

PROVISIONS FOR LIABILITIES

(1,143

)

(1,213

)

NET ASSETS

1,515,638

1,495,923

CAPITAL AND RESERVES

Called up share capital

6

1,000

Revaluation reserve

187,128

Profit and loss account

1,327,510

1,307,795

SHAREHOLDERS' FUNDS

1,515,638

1,495,923

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 23 September 2016 and were signed on its behalf
by:

C D Grieves - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January

2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Intangible fixed assets

The intangible fixed assets relate to rights which are written off over the period to which the rights relate, being

25 years from 1 July 2000. The asset was revalued in the year ended 30 June 2004 and the rights are to be

amortised over the remaining period to which the rights relate.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Investment properties

Freehold and leasehold land and properties are revalued in accordance with FRS 15. The surplus or deficit on

book value is transferred to the revaluation reserve, unless a deficit (or its reversal) is expected to be permanent,

in which case it is charged (or credited) to the profit and loss account. On the disposal of a revalued fixed asset,

any related balance in the revaluation reserve is also transferred to the profit and loss account as a movement on

reserves.

Investments

Fixed asset investments are shown at cost less provision for permanent diminution in value. Listed investments

are stated at the open market value at the balance sheet date, less any provision for permanent diminution in

value if appropriate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 July 2014

and 31 December 2015

60,000

AMORTISATION

At 1 July 2014

29,997

Amortisation for period

4,091

At 31 December 2015

34,088

NET BOOK VALUE

At 31 December 2015

25,912

At 30 June 2014

30,003

3.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 July 2014

964,155

Additions

11,480

Disposals

(10,000

)

At 31 December 2015

965,635

DEPRECIATION

At 1 July 2014

21,893

Charge for period

410

At 31 December 2015

22,303

NET BOOK VALUE

At 31 December 2015

943,332

At 30 June 2014

942,262

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 July 2014

and 31 December 2015

109,475

NET BOOK VALUE

At 31 December 2015

109,475

At 30 June 2014

109,475

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Associated company

Silver Street Holdings 1899 Ltd

Nature of business: Property investment

%

Class of shares:

holding

Ordinary

50.00

31.3.15

31.3.14

£

Aggregate capital and reserves

382,891

226,052

Profit for the year

156,839

67,304

5.

CREDITORS

Creditors include an amount of £ 956,693 (2014 - £ 210,170 ) for which security has been given.

They also include the following debts falling due in more than five years:

2015

2014

£

Repayable by instalments

-

16,527

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

1,000

Ordinary

£1

1,000