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Company registration number: 09989193
PRESTIGE UNDERFLOOR HEATING LIMITED
Unaudited filleted financial statements
28 February 2018
PRESTIGE UNDERFLOOR HEATING LIMITED
Contents
Statement of financial position
Notes to the financial statements
PRESTIGE UNDERFLOOR HEATING LIMITED
Statement of financial position
28 February 2018
28/02/18 28/02/17
Note £ £ £ £
Current assets
Debtors 5 6,158 5,507
Cash at bank and in hand 326 5,425
_______ _______
6,484 10,932
Creditors: amounts falling due
within one year 6 ( 20,224) ( 11,994)
_______ _______
Net current liabilities ( 13,740) ( 1,062)
_______ _______
Total assets less current liabilities ( 13,740) ( 1,062)
_______ _______
Net liabilities ( 13,740) ( 1,062)
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 13,741) ( 1,063)
_______ _______
Shareholder deficit ( 13,740) ( 1,062)
_______ _______
For the year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 October 2018 , and are signed on behalf of the board by:
Mr Urfan Mirza
Director
Company registration number: 09989193
PRESTIGE UNDERFLOOR HEATING LIMITED
Notes to the financial statements
Year ended 28 February 2018
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Prestige Underfloor Heating Limited, 3 School Avenue, Dewsbury, West Yorkshire, WF13 4RU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).
5. Debtors
28/02/18 28/02/17
£ £
Other debtors 6,158 5,507
_______ _______
6. Creditors: amounts falling due within one year
28/02/18 28/02/17
£ £
Social security and other taxes - 505
Other creditors 20,224 11,489
_______ _______
20,224 11,994
_______ _______
7. Deferred tax
The deferred tax included in the statement of financial position is as follows:
28/02/18 28/02/17
£ £
Included in debtors (note 5) 2,716 249
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
28/02/18 28/02/17
£ £
Unused tax losses 2,716 249
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Year ended 28/02/18
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Urfan Mirza ( 10,999) ( 8,695) ( 19,694)
_______ _______ _______
Period ended 28/02/17
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Urfan Mirza - ( 10,999) ( 10,999)
_______ _______ _______
Credits on directors' accounts are provided to the company unsecured, interest free and are repayable on demand.