Company Registration No. 01261395 (England and Wales)
Preslecspares Limited
Annual Report and Unaudited Financial Statements
For the Year Ended
31 January 2023
PAGES FOR FILING WITH REGISTRAR
PRESLECSPARES LIMITED
Preslecspares Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PRESLECSPARES LIMITED
Preslecspares Limited
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
32,323
42,051
Current assets
Stocks
205,941
254,347
Debtors
4
5,506
6,672
Cash at bank and in hand
44,611
101,709
256,058
362,728
Creditors: amounts falling due within one year
5
(97,725)
(152,897)
Net current assets
158,333
209,831
Total assets less current liabilities
190,656
251,882
Creditors: amounts falling due after more than one year
6
(33,223)
(52,312)
Provisions for liabilities
(5,427)
(7,111)
Net assets
152,006
192,459
Capital and reserves
Called up share capital
8,200
8,200
Profit and loss reserves
143,806
184,259
Total equity
152,006
192,459
PRESLECSPARES LIMITED
Preslecspares Limited
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The financial statements were approved and signed by the director and authorised for issue on 12 October 2023
Mr P Hodgson
Director
Company Registration No. 01261395
PRESLECSPARES LIMITED
Preslecspares Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information

Preslecspares Limited is a private company limited by shares incorporated in England and Wales. The registered office is 263/265 Fylde Road, Preston, Lancashire, United Kingdom, PR2 2NH.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

 

Goodwill            - 10% Straight Line

1.5
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 alterations
- 5%/11% Straight Line
Fixtures, fittings & equipment
- 15% Reducing Balance
Computer equipment
- 25% Straight Line
Motor vehicles
- 25% Reducing Balance
Freehold land
- nil

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.

PRESLECSPARES LIMITED
Preslecspares Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.11

Hire purchase agreements

Assets obtained under hire purchase contracts are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

PRESLECSPARES LIMITED
Preslecspares Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
12
11
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Freehold land
Total
£
£
£
£
Cost
At 1 February 2022
39,536
154,724
5,500
199,760
Disposals
-
0
(10,795)
-
0
(10,795)
At 31 January 2023
39,536
143,929
5,500
188,965
Depreciation and impairment
At 1 February 2022
35,443
116,766
5,500
157,709
Depreciation charged in the year
769
8,351
-
0
9,120
Eliminated in respect of disposals
-
0
(10,187)
-
0
(10,187)
At 31 January 2023
36,212
114,930
5,500
156,642
Carrying amount
At 31 January 2023
3,324
28,999
-
0
32,323
At 31 January 2022
4,093
37,958
-
0
42,051
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
5,506
6,672
PRESLECSPARES LIMITED
Preslecspares Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,648
8,333
Trade creditors
50,703
83,792
Other taxation and social security
20,931
37,554
Other creditors
15,443
23,218
97,725
152,897

Hire purchase contracts of £8,307 (2022: £9,034) are secured over the assets to which they relate.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
30,886
41,667
Other creditors
2,337
10,645
33,223
52,312

Hire purchase contracts of £2,337 (2022: £10,645) are secured over the assets to which they relate.

7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
5,427
7,111
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