Premier Amusement Supplies Limited - Period Ending 2018-01-31

Registration number: 4398635

Premier Amusement Supplies Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2018

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

Premier Amusement Supplies Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

Premier Amusement Supplies Limited

Company Information

Directors	A J Wilkins J B Thompson

Registered office

51 St. John Street Ashbourne Derbyshire DE6 1GP

Accountants

Coates and Partners Limited Chartered Accountants The Old Vicarage 51 St John Street Ashbourne Derbyshire DE6 1GP

Page 1

Premier Amusement Supplies Limited

(Registration number: 4398635)
Balance Sheet as at 31 January 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	109,103	87,595
Current assets
Stocks		417,301	355,887
Debtors	5	729,747	514,695
Cash at bank and in hand		223,315	341,590
		1,370,363	1,212,172
Creditors: Amounts falling due within one year	6	(791,309)	(641,605)
Net current assets		579,054	570,567
Total assets less current liabilities		688,157	658,162
Creditors: Amounts falling due after more than one year	6	(10,544)	(4,858)
Provisions for liabilities		(20,700)	(17,606)
Net assets		656,913	635,698
Capital and reserves
Allotted, called up and fully paid share capital	8	100	100
Profit and loss account		656,813	635,598
		656,913	635,698
Total equity		656,913	635,698

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

Premier Amusement Supplies Limited

(Registration number: 4398635)
Balance Sheet as at 31 January 2018

For the financial year ending 31 January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered to the Registrar of Companies in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and directors' report has been taken.

Approved and authorised by the Board on 25 July 2018 and signed on its behalf by:
 

......................................... A J Wilkins Director

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Premier Amusement Supplies Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

1	General information

The company is a private company limited by share capital incorporated in England and Wales registration number: 4398635.

The address of its registered office is:
51 St. John Street
Ashbourne
Derbyshire
DE6 1GP

The principal place of business is:
Unit 4
Intake Road
Bolsover Business Park, Bolsover
Chesterfield
S44 6BB

These financial statements were authorised for issue by the Board on 25 July 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is £ sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises amounts chargeable, net of value added tax, in respect of sale of goods to customers.

The company recognises revenue when:
The amount of revenue can be reliably measured; and
it is probable that future economic benefits will flow to the entity.

Page 4

Premier Amusement Supplies Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

Foreign currency transactions and balances

Profit and loss account transactions in foreign currencies are translated into sterling at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated on foreign currencies are translated into sterling at the closing rates at the balance sheet date and the exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance basis
Office equipment	33% straight line basis

Stocks

Stocks are stated at the lower of cost and net realisable value. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Page 5

Premier Amusement Supplies Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2017 - 3).

4	Tangible assets

	Plant and machinery £	Total £
Cost or valuation
At 1 February 2017	130,024	130,024
Additions	40,411	40,411
At 31 January 2018	170,435	170,435
Depreciation
At 1 February 2017	42,429	42,429
Charge for the year	18,903	18,903
At 31 January 2018	61,332	61,332
Carrying amount
At 31 January 2018	109,103	109,103
At 31 January 2017	87,595	87,595

5

Debtors

	2018 £	2017 £
Trade debtors	618,078	477,110
Prepayments	12,574	13,098
Other debtors	99,095	24,487
	729,747	514,695

Page 6

Premier Amusement Supplies Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

6

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Loans and borrowings	7	8,673	11,530
Trade creditors		690,498	542,550
Amounts owed to group undertakings and undertakings in which the company has a participating interest		18,345	1,124
Taxation and social security		20,892	35,950
Other creditors		52,901	50,451
		791,309	641,605
Due after one year
Loans and borrowings	7	10,544	4,858

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings	7	10,544	4,858
		10,544	4,858

7	Loans and borrowings

	2018 £	2017 £
Current loans and borrowings
Finance lease liabilities	8,673	11,530

	2018 £	2017 £
Non-current loans and borrowings
Finance lease liabilities	10,544	4,858

Page 7

Premier Amusement Supplies Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

8	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

Page 8