Prescross Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 08019924 (England and Wales)

PRESCROSS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J F Thomas

Mrs L M Thomas

REGISTERED OFFICE:

West Lodge

Rainbow Street

Leominster

Herefordshire

HR6 8DQ

REGISTERED NUMBER:

08019924 (England and Wales)

ACCOUNTANTS:

Davies Edwards & Co

Chartered Certified Accountants

West Lodge

Rainbow Street

Leominster

Herefordshire

HR6 8DQ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,269

1,663

1,269

1,663

CURRENT ASSETS

Stocks

3,000

5,743

Debtors

6

-

1,111

Cash at bank

47,360

101,775

50,360

108,629

CREDITORS

Amounts falling due within one year

7

21,245

54,607

NET CURRENT ASSETS

29,115

54,022

TOTAL ASSETS LESS CURRENT LIABILITIES

30,384

55,685

PROVISIONS FOR LIABILITIES

253

333

NET ASSETS

30,131

55,352

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

30,031

55,252

SHAREHOLDERS' FUNDS

30,131

55,352

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 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 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 15 January 2018 and were signed on its behalf by:

J F Thomas - Director

1.	STATUTORY INFORMATION

Prescross 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.

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.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 30 April 2017 are the first that are prepared in accordance with

FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of

transition to FRS 102 Section 1A is 1 May 2015.

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 assets

Formation costs are amortised 100% in the first period of trading.

Tangible fixed assets

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

Office equipment

-

20% on reducing balance

Computer equipment

-

33% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	INTANGIBLE FIXED ASSETS

Formation

costs

£

COST

At 1 May 2016

and 30 April 2017

179

AMORTISATION

At 1 May 2016

and 30 April 2017

179

NET BOOK VALUE

At 30 April 2017

-

At 30 April 2016

-

5.	TANGIBLE FIXED ASSETS

Office

Computer

equipment

equipment

Totals

£

£

£

COST

At 1 May 2016

690

2,852

3,542

Additions

-

620

620

At 30 April 2017

690

3,472

4,162

DEPRECIATION

At 1 May 2016

407

1,472

1,879

Charge for year

56

958

1,014

At 30 April 2017

463

2,430

2,893

NET BOOK VALUE

At 30 April 2017

227

1,042

1,269

At 30 April 2016

283

1,380

1,663

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Tax

-

1,111

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

913

-

Tax

13,702

37,687

Social security and other taxes

173

227

VAT

2,882

11,124

Other creditors

-

2,610

Directors' current accounts

2,200

1,727

Accruals and deferred income

1,375

1,232

21,245

54,607

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Retained

earnings

£

At 1 May 2016

55,252

Profit for the year

54,779

Dividends

(80,000

)

At 30 April 2017

30,031

10.	RELATED PARTY DISCLOSURES