PREL Limited - Accounts to registrar - small 17.2

PREL Limited - Accounts to registrar - small 17.2

PREL LIMITED - Company Information

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REGISTERED NUMBER: 02261576 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

PREL LIMITED

PREL LIMITED (REGISTERED NUMBER: 02261576)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


PREL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2016







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
Page 1
PREL LIMITED (REGISTERED NUMBER: 02261576)

ABRIDGED BALANCE SHEET
31 DECEMBER 2016

2016 2015
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 23,185 25,912
Tangible assets 5 750,853 943,332
Investments 6 109,475 109,475
883,513 1,078,719

CURRENT ASSETS
Stocks 144,643 1,152,430
Debtors 2,088,817 1,363,956
Cash at bank 27,920 13,815
2,261,380 2,530,201
CREDITORS
Amounts falling due within one year 1,614,040 1,998,223
NET CURRENT ASSETS 647,340 531,978
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,530,853
1,610,697

CREDITORS
Amounts falling due after more than one
year
(143,491
)
(93,916
)

PROVISIONS FOR LIABILITIES (1,143 ) (1,143 )
NET ASSETS 1,386,219 1,515,638

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Revaluation reserve 8 39,547 187,128
Retained earnings 1,345,672 1,327,510
SHAREHOLDERS' FUNDS 1,386,219 1,515,638

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 notes form part of these financial statements

Page 2 continued...
PREL LIMITED (REGISTERED NUMBER: 02261576)

ABRIDGED BALANCE SHEET - continued
31 DECEMBER 2016


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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors on 22 September 2017 and were signed on its behalf
by:





C D Grieves - Director


The notes form part of these financial statements

Page 3
PREL LIMITED (REGISTERED NUMBER: 02261576)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016

1. STATUTORY INFORMATION

PREL 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.

This is the first year in which the financial statements have been prepared under FRS 102. The transition from
preparing the financial statements in accordance with FRSSE (2015) to FRS 102 (1a) has had no material impact
on either the financial position or the financial performance as previously reported by the company.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

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

Page 4 continued...
PREL LIMITED (REGISTERED NUMBER: 02261576)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2016

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 January 2016
and 31 December 2016 60,000
AMORTISATION
At 1 January 2016 34,088
Amortisation for year 2,727
At 31 December 2016 36,815
NET BOOK VALUE

At 31 December 2016 23,185
At 31 December 2015 25,912

Cost or valuation at 31 December 2016 is represented by:

Totals
£   
Cost 12,175

Page 5 continued...
PREL LIMITED (REGISTERED NUMBER: 02261576)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2016

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2016 965,635
Additions 23,919
Disposals (212,599 )
At 31 December 2016 776,955
DEPRECIATION
At 1 January 2016 22,303
Charge for year 3,799
At 31 December 2016 26,102
NET BOOK VALUE
At 31 December 2016 750,853
At 31 December 2015 943,332








6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 January 2016
and 31 December 2016 109,475
NET BOOK VALUE
At 31 December 2016 109,475
At 31 December 2015 109,475

The unlisted investments of £109,475 represents the company's investment at cost in 50% of the issued share
capital of Silver Street Holdings 1899 Limited, a company registered in England and Wales.

7. SECURED DEBTS

The following secured debts are included within creditors:

2016 2015
£    £   
Bank loans 176,565 140,111
Other loans - 816,582
176,565 956,693

Page 6 continued...
PREL LIMITED (REGISTERED NUMBER: 02261576)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2016

8. RESERVES
Revaluation
reserve
£   
At 1 January 2016 187,128
Revaluation of investment
land & properties (147,581 )

At 31 December 2016 39,547

9. RELATED PARTY DISCLOSURES

At the 31 December 2016, a balance of £117,503 was due to Guardian Construction Ltd, a company controlled
by Mr C. D. Grieves.

At the 31 December 2016, a balance of £909,497 was due from Hallmark Developments (North West) Ltd, a
company controlled by Mr C. D. Grieves.

Page 7