Priory (Leamington Spa) Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 08422927 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH FEBRUARY 2018

FOR

PRIORY (LEAMINGTON SPA) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J P Williams

A J Williams

REGISTERED OFFICE:

1&2 Mercia Village

Torwood Close

Westwood Business Park

Coventry

West Midlands

CV4 8HX

REGISTERED NUMBER:

08422927 (England and Wales)

ACCOUNTANTS:

Armstrongs

Chartered Accountants and Business Advisors

1&2 Mercia Village

Torwood Close

Westwood Business Park

Coventry

West Midlands

CV4 8HX

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

13,085

1,973

13,085

1,973

CURRENT ASSETS

Stocks

41,895

3,800

Debtors

6

40,063

20,443

Cash at bank

4,911

6,631

86,869

30,874

CREDITORS

Amounts falling due within one year

7

61,407

23,376

NET CURRENT ASSETS

25,462

7,498

TOTAL ASSETS LESS CURRENT LIABILITIES

38,547

9,471

CREDITORS

Amounts falling due after more than one year

8

(8,311

)

-

PROVISIONS FOR LIABILITIES

(2,617

)

(395

)

NET ASSETS

27,619

9,076

CAPITAL AND RESERVES

Called up share capital

102

102

Retained earnings

27,517

8,974

SHAREHOLDERS' FUNDS

27,619

9,076

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2018 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 4th April 2018 and were signed on its behalf by:

A J Williams - Director

1.	STATUTORY INFORMATION

Priory (Leamington Spa) 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of three years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

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

Computer equipment

-

20% 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.

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 4 (2017 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st March 2017

10,000

Disposals

(10,000

)

At 28th February 2018

-

AMORTISATION

At 1st March 2017

10,000

Eliminated on disposal

(10,000

)

At 28th February 2018

-

NET BOOK VALUE

At 28th February 2018

-

At 28th February 2017

-

5.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1st March 2017

-

2,466

2,466

Additions

15,343

-

15,343

At 28th February 2018

15,343

2,466

17,809

DEPRECIATION

At 1st March 2017

-

493

493

Charge for year

3,836

395

4,231

At 28th February 2018

3,836

888

4,724

NET BOOK VALUE

At 28th February 2018

11,507

1,578

13,085

At 28th February 2017

-

1,973

1,973

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

38,813

19,193

Other debtors

1,250

1,250

40,063

20,443

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

3,836

-

Trade creditors

27,083

-

Corporation tax

17,252

13,399

Social security and other taxes

216

363

Pensions payable

27

-

VAT

7,480

4,978

Other creditors

2,969

-

Directors' current accounts

219

2,315

Accrued expenses

2,325

2,321

61,407

23,376

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

8,311

-