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REGISTERED NUMBER: 06167036 (England and Wales)










Unaudited Financial Statements

For The Year Ended 31 August 2021

for

Premier Of Lytham Limited

Premier Of Lytham Limited (Registered number: 06167036)






Contents of the Financial Statements
For The Year Ended 31 August 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Premier Of Lytham Limited

Company Information
For The Year Ended 31 August 2021







DIRECTORS: Mr S Wilson
Mrs N Wilson





REGISTERED OFFICE: Unit 18
Brook Mill Station Road
Wrea Green
Lancashire
PR4 2PH





REGISTERED NUMBER: 06167036 (England and Wales)





ACCOUNTANTS: Danbro Accounting Ltd
Jubilee House
East Beach
Lytham St.annes
Lancashire
FY8 5FT

Premier Of Lytham Limited (Registered number: 06167036)

Balance Sheet
31 August 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 281,068 361,401
281,068 361,401

CURRENT ASSETS
Stocks 6 85,000 60,000
Debtors 7 351,806 358,349
Cash at bank 3,235 17,511
440,041 435,860
CREDITORS
Amounts falling due within one year 8 481,412 541,712
NET CURRENT LIABILITIES (41,371 ) (105,852 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

239,697

255,549

CREDITORS
Amounts falling due after more than one
year

9

(127,838

)

(229,878

)

PROVISIONS FOR LIABILITIES (3,653 ) (17,790 )
NET ASSETS 108,206 7,881

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 108,204 7,879
SHAREHOLDERS' FUNDS 108,206 7,881

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 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.

Premier Of Lytham Limited (Registered number: 06167036)

Balance Sheet - continued
31 August 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 19 August 2022 and were signed on its behalf by:





Mr S Wilson - Director


Premier Of Lytham Limited (Registered number: 06167036)

Notes to the Financial Statements
For The Year Ended 31 August 2021

1. STATUTORY INFORMATION

Premier Of Lytham 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statement have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
These financial statements are prepared on a going concern basis. The Directors have every expectation that the company will continue in operational existence for the foreseeable future and meet its liabilities as they fall due.

Thus the Directors consider it appropriate to prepare these financial statements on a going concern basis.

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 showing within borrowings in current liabilities.

Turnover
Turnover represents amounts receivable for services provided net of VAT.

Goodwill
Goodwill, being the amount paid in the acquisition of a business in 2010, has been fully amortised over it's estimated useful life of 5 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 the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on reducing balance

Tangible Fixed Assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Work in progress
Work in progress relates to the sales value work performed during the year and not invoiced, excluding value added tax.

Premier Of Lytham Limited (Registered number: 06167036)

Notes to the Financial Statements - continued
For The Year Ended 31 August 2021

2. ACCOUNTING POLICIES - continued

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measure at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividend payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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.


Premier Of Lytham Limited (Registered number: 06167036)

Notes to the Financial Statements - continued
For The Year Ended 31 August 2021

2. ACCOUNTING POLICIES - continued
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.

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.

The costs of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2020 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2020
and 31 August 2021 75,000
AMORTISATION
At 1 September 2020
and 31 August 2021 75,000
NET BOOK VALUE
At 31 August 2021 -
At 31 August 2020 -

Premier Of Lytham Limited (Registered number: 06167036)

Notes to the Financial Statements - continued
For The Year Ended 31 August 2021

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 September 2020 209,675 185,492 62,493 171,938 629,598
Additions - 4,167 - - 4,167
Disposals - - - (56,583 ) (56,583 )
At 31 August 2021 209,675 189,659 62,493 115,355 577,182
DEPRECIATION
At 1 September 2020 23,796 140,271 25,582 78,548 268,197
Charge for year 4,194 11,466 19,744 12,732 48,136
Eliminated on disposal - - - (20,219 ) (20,219 )
At 31 August 2021 27,990 151,737 45,326 71,061 296,114
NET BOOK VALUE
At 31 August 2021 181,685 37,922 17,167 44,294 281,068
At 31 August 2020 185,879 45,221 36,911 93,390 361,401

6. STOCKS
2021 2020
£    £   
Stocks 40,000 -
Work-in-progress 45,000 60,000
85,000 60,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 84,280 100,604
Amounts owed by group undertakings 202,037 74,486
Other debtors 65,489 183,259
351,806 358,349

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 3,578 6,997
Other loans 109,081 147,950
Hire purchase contracts 18,244 25,875
Trade creditors 70,161 151,657
Social security and other taxes 200,709 149,232
Other creditors 2,832 960
Factoring account 76,807 59,041
481,412 541,712

Premier Of Lytham Limited (Registered number: 06167036)

Notes to the Financial Statements - continued
For The Year Ended 31 August 2021

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Bank loans - 1-2 years 47,503 50,000
Other loans - 1-2 years 78,879 118,311
Hire purchase contracts 1,456 61,567
127,838 229,878

10. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
4Syte Funding Ltd 76,806 59,041

11. RELATED PARTY DISCLOSURES

At 31 August 2021 the company owed £209,675 (2020: £74,486) to Tradefit UK Limited, a company with a director in common.

12. FINANCIAL COMMITMENTS

The company had outstanding commitments in respect of the factoring accounts at 31 August 2021 of £76,806 (2020: £59,041).