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REGISTERED NUMBER: 04666013 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

FOR

PRESTON UNDERLAY CENTRE LIMITED

PRESTON UNDERLAY CENTRE LIMITED (REGISTERED NUMBER: 04666013)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PRESTON UNDERLAY CENTRE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2022







DIRECTOR: S A Rose





REGISTERED OFFICE: 7 Rye Street
Preston
PR1 1PN





REGISTERED NUMBER: 04666013 (England and Wales)





ACCOUNTANTS: Turner Accountants
Chartered Accountants
9 Victoria Rd
Fulwood
Preston
Lancashire
PR2 8ND

PRESTON UNDERLAY CENTRE LIMITED (REGISTERED NUMBER: 04666013)

BALANCE SHEET
28 FEBRUARY 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 171,288 110,314
171,288 110,314

CURRENT ASSETS
Stocks 441,377 417,550
Debtors 6 905,776 673,650
Cash at bank and in hand 550,169 531,626
1,897,322 1,622,826
CREDITORS
Amounts falling due within one year 7 787,678 851,099
NET CURRENT ASSETS 1,109,644 771,727
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,280,932

882,041

CREDITORS
Amounts falling due after more than one
year

8

(95,088

)

(80,165

)

PROVISIONS FOR LIABILITIES 11 (32,353 ) (20,756 )
NET ASSETS 1,153,491 781,120

CAPITAL AND RESERVES
Called up share capital 12 48 48
Capital redemption reserve 180 180
Retained earnings 1,153,263 780,892
SHAREHOLDERS' FUNDS 1,153,491 781,120

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

PRESTON UNDERLAY CENTRE LIMITED (REGISTERED NUMBER: 04666013)

BALANCE SHEET - continued
28 FEBRUARY 2022


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 September 2022 and were signed by:





S A Rose - Director


PRESTON UNDERLAY CENTRE LIMITED (REGISTERED NUMBER: 04666013)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022


1. STATUTORY INFORMATION

Preston Underlay Centre 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.

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.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of one 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 each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 10% on cost
Plant and machinery etc - 25% on reducing balance, 20% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2021 - 14 ) .

PRESTON UNDERLAY CENTRE LIMITED (REGISTERED NUMBER: 04666013)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2022


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2021
and 28 February 2022 20,000
AMORTISATION
At 1 March 2021
and 28 February 2022 20,000
NET BOOK VALUE
At 28 February 2022 -
At 28 February 2021 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2021 12,302 257,880 270,182
Additions - 117,197 117,197
At 28 February 2022 12,302 375,077 387,379
DEPRECIATION
At 1 March 2021 12,302 147,566 159,868
Charge for year - 56,223 56,223
At 28 February 2022 12,302 203,789 216,091
NET BOOK VALUE
At 28 February 2022 - 171,288 171,288
At 28 February 2021 - 110,314 110,314

PRESTON UNDERLAY CENTRE LIMITED (REGISTERED NUMBER: 04666013)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2022


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 March 2021 120,746
Additions 105,719
Transfer to ownership (21,512 )
At 28 February 2022 204,953
DEPRECIATION
At 1 March 2021 51,541
Charge for year 41,462
Transfer to ownership (12,437 )
At 28 February 2022 80,566
NET BOOK VALUE
At 28 February 2022 124,387
At 28 February 2021 69,205

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 881,437 650,364
Other debtors 24,339 23,286
905,776 673,650

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 9,566 -
Hire purchase contracts (see note 9) 34,509 17,294
Trade creditors 357,951 286,025
Taxation and social security 144,770 193,552
Other creditors 240,882 354,228
787,678 851,099

PRESTON UNDERLAY CENTRE LIMITED (REGISTERED NUMBER: 04666013)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2022


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 28,965 50,000
Hire purchase contracts (see note 9) 66,123 30,165
95,088 80,165

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2022 2021
£    £   
Net obligations repayable:
Within one year 34,509 17,294
Between one and five years 66,123 30,165
100,632 47,459

Non-cancellable operating leases
2022 2021
£    £   
Between one and five years - 7,016

10. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 38,531 50,000
Hire purchase contracts 100,632 47,459
139,163 97,459

Hire purchase liabilities are secured on the assets to which they relate.

11. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax 32,353 20,756

PRESTON UNDERLAY CENTRE LIMITED (REGISTERED NUMBER: 04666013)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2022


11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 March 2021 20,756
Provided during year 11,597
Balance at 28 February 2022 32,353

12. CALLED UP SHARE CAPITAL




Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
72 Ordinary 'A' £1 - -
48 Ordinary 'B' £1 45 45
3 Ordinary 'C' 1 3 3
48 48