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REGISTERED NUMBER: 02894969 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Priority Plant and Agricultural Services
Ltd

Priority Plant and Agricultural Services
Ltd (Registered number: 02894969)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Priority Plant and Agricultural Services
Ltd

Company Information
for the Year Ended 28 February 2023







DIRECTORS: O J Newton
C R Thompson





REGISTERED OFFICE: 32 Leicester Street
Melton Mowbray
Leicestershire
LE13 0PP





BUSINESS ADDRESS: Grange Farmyard
Coston Road
Garthorpe
Melton Mowbray
Leicestershire
LE14 2RT





REGISTERED NUMBER: 02894969 (England and Wales)





ACCOUNTANTS: RR Accountancy Ltd
Chartered Accountant
32 Leicester Street
Melton Mowbray
Leicestershire
LE13 0PP

Priority Plant and Agricultural Services
Ltd (Registered number: 02894969)

Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,905,403 2,044,713
2,905,403 2,044,713

CURRENT ASSETS
Stocks 41,500 133,500
Debtors 6 852,723 638,199
Cash at bank 45,418 46,419
939,641 818,118
CREDITORS
Amounts falling due within one year 7 2,098,226 1,729,918
NET CURRENT LIABILITIES (1,158,585 ) (911,800 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,746,818

1,132,913

CREDITORS
Amounts falling due after more than one
year

8

(1,537,106

)

(1,181,899

)

PROVISIONS FOR LIABILITIES (56,697 ) (13,493 )

ACCRUALS AND DEFERRED INCOME (10,522 ) -
NET ASSETS/(LIABILITIES) 142,493 (62,479 )

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 142,193 (62,779 )
142,493 (62,479 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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.

Priority Plant and Agricultural Services
Ltd (Registered number: 02894969)

Balance Sheet - continued
28 February 2023


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 13 October 2023 and were signed on its behalf by:




O J Newton - Director



C R Thompson - Director


Priority Plant and Agricultural Services
Ltd (Registered number: 02894969)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Priority Plant and Agricultural Services Ltd 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

33% on cost, 20% reducing balance, 15% reducing balance, 8% reducing balance and straight line over 6 years.

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

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.

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.

Priority Plant and Agricultural Services
Ltd (Registered number: 02894969)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 26 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2022
and 28 February 2023 62,725
AMORTISATION
At 1 March 2022
and 28 February 2023 62,725
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 -

Priority Plant and Agricultural Services
Ltd (Registered number: 02894969)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2022 63,474 2,459,556 2,523,030
Additions - 1,293,494 1,293,494
Disposals - (93,181 ) (93,181 )
At 28 February 2023 63,474 3,659,869 3,723,343
DEPRECIATION
At 1 March 2022 10,579 467,738 478,317
Charge for year 10,579 329,044 339,623
At 28 February 2023 21,158 796,782 817,940
NET BOOK VALUE
At 28 February 2023 42,316 2,863,087 2,905,403
At 28 February 2022 52,895 1,991,818 2,044,713

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

Plant and
machinery
etc
£   
COST
At 1 March 2022 1,688,397
Additions 1,264,448
Disposals (57,000 )
At 28 February 2023 2,895,845
DEPRECIATION
At 1 March 2022 240,217
Charge for year 307,284
Eliminated on disposal (40,717 )
At 28 February 2023 506,784
NET BOOK VALUE
At 28 February 2023 2,389,061
At 28 February 2022 1,448,180

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 663,060 538,347
Other debtors 189,663 99,852
852,723 638,199

Priority Plant and Agricultural Services
Ltd (Registered number: 02894969)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 4,020 26,547
Hire purchase contracts 687,849 442,806
Trade creditors 164,806 102,257
Taxation and social security 694,448 676,808
Other creditors 547,103 481,500
2,098,226 1,729,918

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 10,525 31,817
Hire purchase contracts 1,526,581 1,087,817
Other creditors - 62,265
1,537,106 1,181,899