Premier Amusement Supplies Limited - Period Ending 2017-01-31

Registration number: 4398635

Premier Amusement Supplies Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2017

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St. John Street
Ashbourne
Derbyshire
DE6 1GP

Premier Amusement Supplies Limited

Contents

Company Information	1
Directors' Report	2
Accountants' Report	3
Balance Sheet	4 to 5
Notes to the Financial Statements	6 to 9

Premier Amusement Supplies Limited

Company Information

Directors	Ms J B Thompson Mr A J Wilkins

Company secretary

Mr A J Wilkins

Registered office

The Old Vicarage 51 St. John Street Ashbourne Derbyshire DE6 1GP

Accountants

Coates and Partners Limited Chartered Accountants The Old Vicarage 51 St. John Street Ashbourne Derbyshire DE6 1GP

Page 1

Premier Amusement Supplies Limited

Directors' Report for the Year Ended 31 January 2017

The directors present their report and the financial statements for the year ended 31 January 2017.

Directors of the company

The directors who held office during the year were as follows:

Ms J B Thompson

Mr A J Wilkins - Company secretary and director

Principal activity

The principal activity of the company is suppliers of amusement park products.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 20 March 2017 and signed on its behalf by:

.........................................
Mr A J Wilkins
Company secretary and director

Page 2

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Premier Amusement Supplies Limited
for the Year Ended 31 January 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Premier Amusement Supplies Limited for the year ended 31 January 2017 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Premier Amusement Supplies Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Premier Amusement Supplies Limited and state those matters that we have agreed to state to the Board of Directors of Premier Amusement Supplies Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Premier Amusement Supplies Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Premier Amusement Supplies Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Premier Amusement Supplies Limited. You consider that Premier Amusement Supplies Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Premier Amusement Supplies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St. John Street
Ashbourne
Derbyshire
DE6 1GP

20 March 2017

Page 3

Premier Amusement Supplies Limited

(Registration number: 4398635)
Balance Sheet as at 31 January 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	87,595	81,260
Current assets
Stocks		355,887	355,196
Debtors	5	514,695	408,222
Cash at bank and in hand		341,590	268,889
		1,212,172	1,032,307
Creditors: Amounts falling due within one year	6	(641,605)	(520,177)
Net current assets		570,567	512,130
Total assets less current liabilities		658,162	593,390
Creditors: Amounts falling due after more than one year	6	(4,858)	(9,928)
Provisions for liabilities		(17,606)	(11,893)
Net assets		635,698	571,569
Capital and reserves
Called up share capital		100	100
Profit and loss account		635,598	571,469
Total equity		635,698	571,569

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 4

Premier Amusement Supplies Limited

(Registration number: 4398635)
Balance Sheet as at 31 January 2017

For the financial year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered to the Registrar of Companies in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and directors' report has been taken.

Approved and authorised by the Board on 20 March 2017 and signed on its behalf by:
 

.........................................

Mr A J Wilkins

Company secretary and director

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 5

Premier Amusement Supplies Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales registration number: 4398635.

The address of its registered office is:
The Old Vicarage
51 St. John Street
Ashbourne
Derbyshire
DE6 1GP
England

The principal place of business is:
Unit 4
Intake Road
Bolsover Business Park, Bolsover
Chesterfield
S44 6BB

These financial statements were authorised for issue by the Board on 20 March 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is £ sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Foreign currency transactions and balances

Profit and loss account transactions in foreign currencies are translated into sterling at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated on foreign currencies are translated into sterling at the closing rates at the balance sheet date and the exchange differences are included in the profit and loss account.

Page 6

Premier Amusement Supplies Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance basis
Office equipment	33% straight line basis

Stocks

Stocks are stated at the lower of cost and net realisable value. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2016 - 3).

Page 7

Premier Amusement Supplies Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

4	Tangible assets

	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 February 2016	109,359	109,359
Additions	28,390	28,390
Disposals	(7,725)	(7,725)
At 31 January 2017	130,024	130,024
Depreciation
At 1 February 2016	28,099	28,099
Charge for the year	17,172	17,172
Eliminated on disposal	(2,842)	(2,842)
At 31 January 2017	42,429	42,429
Carrying amount
At 31 January 2017	87,595	87,595
At 31 January 2016	81,260	81,260

5

Debtors

	2017 £	2016 £
Trade debtors	477,110	365,274
Other debtors	37,585	42,948
Total current trade and other debtors	514,695	408,222

Page 8

Premier Amusement Supplies Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

6

Creditors

	Note	2017 £	2016 £
Due within one year
Loans and borrowings	7	11,530	9,750
Trade creditors		542,550	393,628
Taxation and social security		35,951	63,321
Other creditors		50,450	52,847
Director loans		1,124	631
		641,605	520,177
Due after one year
Loans and borrowings	7	4,858	9,928

7	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Finance lease liabilities	4,858	9,928

	2017 £	2016 £
Current loans and borrowings
Finance lease liabilities	11,530	9,750

Page 9