Prestons Accountancy Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08119853 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2018

for

Prestons Accountancy Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Mehta

Anver Patel

REGISTERED OFFICE:

364-368 Cranbrook Road

Gants Hill

Ilford

Essex

IG2 6HY

REGISTERED NUMBER:

08119853 (England and Wales)

FIXED ASSETS

Intangible assets

3

333,335

366,668

Tangible assets

4

15,079

23,876

Investments

5

95,224

95,224

443,638

485,768

CURRENT ASSETS

Stocks

68,280

70,280

Debtors

6

398,810

471,623

Cash at bank and in hand

159,228

67,677

626,318

609,580

CREDITORS

Amounts falling due within one year

7

278,302

292,932

NET CURRENT ASSETS

348,016

316,648

TOTAL ASSETS LESS CURRENT LIABILITIES

791,654

802,416

CAPITAL AND RESERVES

Called up share capital

8

433,398

456,198

Retained earnings

358,256

346,218

SHAREHOLDERS' FUNDS

791,654

802,416

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 20 December 2018 and were signed on its behalf by:

Anver Patel - Director

1.	STATUTORY INFORMATION

Prestons Accountancy 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.

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 2007, is being amortised evenly over its estimated useful life of fifteen years.

Tangible fixed assets

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

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated

impairment losses. Historical cost includes expenditure that is directly attributable to bringing the

asset to the location and condition necessary for it to be capable of operating in the manner intended

by management.

Depreciation is charged so as to allocate the costs of assets less their residual value over their

estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Plant and Machinery - 25% Straight Line

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted

prospectively if appropriate, or if there is an indication of a significant change since the last reporting

date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount

and are recognised in profit and loss.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at 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.

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.

3.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2017

and 31 March 2018

500,000

AMORTISATION

At 1 April 2017

133,332

Charge for year

33,333

At 31 March 2018

166,665

NET BOOK VALUE

At 31 March 2018

333,335

At 31 March 2017

366,668

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2017

43,176

Additions

2,571

Disposals

(550

)

At 31 March 2018

45,197

DEPRECIATION

At 1 April 2017

19,300

Charge for year

10,818

At 31 March 2018

30,118

NET BOOK VALUE

At 31 March 2018

15,079

At 31 March 2017

23,876

5.	FIXED ASSET INVESTMENTS

31.3.18

31.3.17

£

£

Shares in group undertakings

2

2

Other investments not loans

95,222

95,222

95,224

95,224

Additional information is as follows:

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 April 2017

and 31 March 2018

2

20,122

20,124

NET BOOK VALUE

At 31 March 2018

2

20,122

20,124

At 31 March 2017

2

20,122

20,124

Investments (neither listed nor unlisted) were as follows:

31.3.18

31.3.17

£

£

Other Investments

75,100

75,100

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

308,595

330,485

Other debtors

90,215

141,138

398,810

471,623

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade creditors

173,570

230,223

Taxation and social security

62,258

32,420

Other creditors

42,474

30,289

278,302

292,932

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.18

31.3.17

value:

£

£

200

Ordinary

1

200

200

433,198

Redeemable Preference

£1

433,198

455,998

433,398

456,198