Prescott-Eng-Services Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 07243357 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2017

for

Prescott-eng-services Ltd

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

5

DIRECTOR:

Mr M A Prescott

REGISTERED OFFICE:

Marland House

13 Huddersfield Road

Barnsley

South Yorkshire

S70 2LW

REGISTERED NUMBER:

07243357 (England and Wales)

ACCOUNTANTS:

Harris & Co Limited

Chartered Accountants

Marland House

13 Huddersfield Road

Barnsley

South Yorkshire

S70 2LW

CURRENT ASSETS

Debtors

5

4,745

5,626

Cash at bank and in hand

41,998

49,857

46,743

55,483

CREDITORS

Amounts falling due within one year

6

(46,264

)

(54,655

)

NET CURRENT ASSETS

479

828

TOTAL ASSETS LESS CURRENT LIABILITIES

479

828

PROVISIONS FOR LIABILITIES

(170

)

-

NET ASSETS

309

828

CAPITAL AND RESERVES

Called up share capital

7

2

2

Retained earnings

307

826

SHAREHOLDERS' FUNDS

309

828

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 May 2017 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 11 September 2017 and were signed by:

Mr M A Prescott - Director

1.	STATUTORY INFORMATION

Prescott-eng-services Ltd 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.

The presentation and functional currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

The principal accounting policies and significant judgements and estimates applied in the preparation

of these financial statements are set out below. These policies, judgements and estimates have been

consistently applied to all years presented unless otherwise stated.

Turnover

Turnover represents amounts earned on goods and services provided during the year and derives

from the provision of goods and services falling within the company's ordinary activities.

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

-

15% on reducing balance

All fixed assets are initially recorded at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss

Account, 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 statement of financial position date.

Deferred tax

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

the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 June 2016

and 31 May 2017

1,011

DEPRECIATION

At 1 June 2016

and 31 May 2017

1,011

NET BOOK VALUE

At 31 May 2017

-

At 31 May 2016

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

4,745

5,626

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

115

620

Taxation and social security

4,277

6,453

Other creditors

41,872

47,582

46,264

54,655

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

2

Ordinary

£1

2

2

8.	FIRST YEAR ADOPTION

This is the first year in which the financial statements have been prepared under FRS102 Section 1A

as the entity transitioned from UK GAAP to FRS102 as at 01 April 2015. There have been no

transitioning adjustments made to the financial statements in respect of the transition to FRS102.