Premium Incentives Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 02729241 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2016

FOR

PREMIUM INCENTIVES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

DIRECTOR:

J C M Blackburn

SECRETARY:

Mrs H S Blackburn

REGISTERED OFFICE:

Hardham Mill Business Park

London Road

Hardham

Pulborough

West Sussex

RH20 1LA

REGISTERED NUMBER:

02729241 (England and Wales)

ACCOUNTANTS:

Chariot House Limited

Chartered Accountants

44 Grand Parade

Brighton

East Sussex

BN2 9QA

FIXED ASSETS

Tangible assets

4

4,139

4,413

CURRENT ASSETS

Stocks

11,189

-

Debtors

5

22,933

50,062

Cash at bank and in hand

63,698

57,709

97,820

107,771

CREDITORS

Amounts falling due within one year

6

(57,458

)

(62,028

)

NET CURRENT ASSETS

40,362

45,743

TOTAL ASSETS LESS CURRENT LIABILITIES

44,501

50,156

CAPITAL AND RESERVES

Called up share capital

7

150

150

Capital redemption reserve

8

850

850

Retained earnings

8

43,501

49,156

SHAREHOLDERS' FUNDS

44,501

50,156

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 23rd May 2017 and were signed by:

J C M Blackburn - Director

1.	STATUTORY INFORMATION

Premium Incentives 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Land and buildings - 10% on cost.

Office equipment - 15% and 33% on reducing balance basis.

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.

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 2 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Land and

and

Computer

Buildings

fittings

equipment

Totals

£

£

£

£

COST

At 1st September 2015

3,319

-

27,282

30,601

Additions

-

599

-

599

At 31st August 2016

3,319

599

27,282

31,200

DEPRECIATION

At 1st September 2015

1,605

-

24,583

26,188

Charge for year

349

-

524

873

At 31st August 2016

1,954

-

25,107

27,061

NET BOOK VALUE

At 31st August 2016

1,365

599

2,175

4,139

At 31st August 2015

1,714

-

2,699

4,413

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

22,813

49,156

Other debtors

120

906

22,933

50,062

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

29,506

30,395

Taxation and social security

4,570

6,023

Other creditors

23,382

25,610

57,458

62,028

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

150

Ordinary

£1

150

150

8.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1st September 2015

49,156

850

50,006

Profit for the year

18,345

-

18,345

Dividends

(24,000

)

-

(24,000

)

At 31st August 2016

43,501

850

44,351

9.	ULTIMATE CONTROLLING PARTY

The controlling party is J C M Blackburn.

The following reproduces the text of the report prepared for the director and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Premium Incentives Limited for the year ended 31st August 2016 which comprise the Income

Statement, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Premium Incentives Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Premium Incentives Limited and state those matters that we have agreed to state to the director of Premium Incentives Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Premium Incentives Limited director for our work or for this report.

It is your duty to ensure that Premium Incentives Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Premium Incentives Limited. You consider that Premium Incentives 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 financial statements of Premium Incentives 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 financial statements.

Chariot House Limited

Chartered Accountants

44 Grand Parade

Brighton

East Sussex

BN2 9QA

25th May 2017