Company Registration No. 03593791 (England and Wales)
PRESTAT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
PRESTAT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PRESTAT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2018
31 December 2018
- 1 -
December 2018
April 2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
79,018
35,963
Current assets
Stocks
430,999
448,537
Debtors
4
1,000,787
713,506
Cash at bank and in hand
20,670
2,268
1,452,456
1,164,311
Creditors: amounts falling due within one year
5
(966,259)
(763,673)
Net current assets
486,197
400,638
Total assets less current liabilities
565,215
436,601
Creditors: amounts falling due after more than one year
6
(56,000)
(106,000)
Net assets
509,215
330,601
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
509,213
330,599
Total equity
509,215
330,601
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PRESTAT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2018
31 December 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 September 2019 and are signed on its behalf by:
William Brian Keeling
Director
Company Registration No. 03593791
PRESTAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
- 3 -
1
Accounting policies
Company information
Prestat Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 8, Powergate Business Park, Volt Avenue, London, NW10 6PW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Reporting period
The current figures represent an eight month period. This is to bring the year end in line with related companies. As such, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.3
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Turnover is attributable solely to continuing operations and derives from one activity that of purveyors of chocolates.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over 5 years
Plant and equipment
25% per annum of cost
Fixtures and fittings
25% per annum of cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
PRESTAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and sloe moving stock. Cost includes all direct costs.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 6 (April 2018 - 10).
PRESTAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
- 5 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 May 2018
32,451
21,350
106,490
160,291
Additions
62,954
-
-
62,954
At 31 December 2018
95,405
21,350
106,490
223,245
Depreciation and impairment
At 1 May 2018
24,049
16,857
83,422
124,328
Depreciation charged in the period
12,721
3,558
3,620
19,899
At 31 December 2018
36,770
20,415
87,042
144,227
Carrying amount
At 31 December 2018
58,635
935
19,448
79,018
At 30 April 2018
8,402
4,493
23,068
35,963
4
Debtors
December 2018
April 2018
Amounts falling due within one year:
£
£
Trade debtors
672,672
298,940
Other debtors
36,667
66,438
709,339
365,378
December 2018
April 2018
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
291,448
348,128
Total debtors
1,000,787
713,506
PRESTAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
- 6 -
5
Creditors: amounts falling due within one year
December 2018
April 2018
£
£
Bank loans and overdrafts
-
21,745
Trade creditors
211,527
170,035
Amounts owed to group undertakings
312,493
311,000
Taxation and social security
91,384
83,259
Other creditors
350,855
177,634
966,259
763,673
Included within other creditors is an amount of £263,258 (April 2018: £142,933) which is secured.
The bank loans and overdraft accounts are secured by fixed and floating charges over all the company's assets, together with an unlimited inter-company guarantee.
6
Creditors: amounts falling due after more than one year
December 2018
April 2018
£
£
Amounts owed to group undertakings
56,000
106,000
7
Called up share capital
December 2018
April 2018
£
£
Ordinary share capital
Issued and fully paid
6 Ordinary shares of 33p each
2
2
8
Related party transactions
The company has taken advantage of the exemption in FRS 102 not to disclose transactions with other group companies which are wholly owned within the group.
9
Parent company
The company is a wholly owned subsidiary of Prestat Group Ltd and its registered office is Unit 8 Powergate Business Park, Volt Avenue, London, NW10 6PW.