Prior R Sot Limited - Limited company accounts 17.3

REGISTERED NUMBER: 04443794 (England and Wales)

REPORT OF THE DIRECTOR AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017

FOR

PRIOR R SOT LIMITED

Page

Company Information

1

Report of the Director

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTOR:

R Prior

SECRETARY:

Mrs L A Prior

REGISTERED OFFICE:

First Floor

Black Country House

Rounds Green Road

Oldbury

West Midlands

B69 2DG

REGISTERED NUMBER:

04443794 (England and Wales)

The director presents his report with the financial statements of the company for the year ended 31 May 2017.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the selling of engineering

tools and related products.

DIRECTOR

R Prior held office during the whole of the period from 1 June 2016 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act

2006 relating to small companies.

ON BEHALF OF THE BOARD:

R Prior - Director

23 February 2018

TURNOVER

319,283

287,725

Cost of sales

247,465

227,277

GROSS PROFIT

71,818

60,448

Administrative expenses

43,778

44,329

OPERATING PROFIT

4

28,040

16,119

Interest payable and similar
expenses

2,055

2,015

PROFIT BEFORE TAXATION

25,985

14,104

Tax on profit

3,063

2,821

PROFIT FOR THE FINANCIAL YEAR

22,922

11,283

FIXED ASSETS

Tangible assets

6

10,542

-

CURRENT ASSETS

Stocks

51,834

39,428

Debtors

7

49,091

50,150

Cash at bank

1

100,926

89,579

CREDITORS

Amounts falling due within one year

8

75,623

71,740

NET CURRENT ASSETS

25,303

17,839

TOTAL ASSETS LESS CURRENT
LIABILITIES

35,845

17,839

CREDITORS

Amounts falling due after more than
one year

9

7,084

-

NET ASSETS

28,761

17,839

CAPITAL AND RESERVES

Called up share capital

1

Retained earnings

28,760

17,838

SHAREHOLDERS' FUNDS

28,761

17,839

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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 23 February 2018 and were signed by:

R Prior - Director

1.	STATUTORY INFORMATION

Prior R Sot 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.

Motor vehicles

-

25% 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.

3.	EMPLOYEES AND DIRECTORS

The average monthly number of employees during the year was 2 .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2017

2016

£

Depreciation - owned assets

958

-

5.

DIVIDENDS

2017

2016

£

Ordinary share share of £`1

Dividends paid

12,000

11,985

6.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

Additions

11,500

At 31 May 2017

11,500

DEPRECIATION

Charge for year

958

At 31 May 2017

958

NET BOOK VALUE

At 31 May 2017

10,542

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Trade debtors

46,972

48,032

Other debtors

2,102

2,118

Prepayments

17

-

49,091

50,150

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Bank loans and overdrafts

7,465

9,723

Trade creditors

23,946

24,264

Corporation tax

3,063

2,821

VAT

1,390

3,380

Other creditors

10,911

4,260

Directors' current accounts

28,848

27,292

75,623

71,740

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

2017

2016

£

Bank loans - 2-5 years

7,084

-