IRIS Accounts Production v23.2.0.158 03673473 Board of Directors Board of Directors Board of Directors 1.2.22 31.1.23 31.1.23 true false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh036734732022-01-31036734732023-01-31036734732022-02-012023-01-31036734732021-01-31036734732021-02-012022-01-31036734732022-01-3103673473ns14:PoundSterlingns10:Original2022-02-012023-01-3103673473ns10:Originalns10:Director12022-02-012023-01-3103673473ns10:Original2022-02-012023-01-3103673473ns10:Originalns10:Director22022-02-012023-01-3103673473ns10:Originalns10:Director32022-02-012023-01-3103673473ns10:Original2023-01-3103673473ns10:Originalns10:PrivateLimitedCompanyLtd2022-02-012023-01-3103673473ns10:Originalns10:SmallEntities2022-02-012023-01-3103673473ns10:Originalns10:AuditExempt-NoAccountantsReport2022-02-012023-01-3103673473ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-02-012023-01-3103673473ns10:SmallCompaniesRegimeForAccountsns10:Original2022-02-012023-01-3103673473ns10:Originalns10:FullAccounts2022-02-012023-01-3103673473ns10:Original2022-01-3103673473ns10:Originalns5:CurrentFinancialInstruments2023-01-3103673473ns10:Originalns5:CurrentFinancialInstruments2022-01-3103673473ns10:Originalns5:Non-currentFinancialInstruments2023-01-3103673473ns10:Originalns5:Non-currentFinancialInstruments2022-01-3103673473ns5:ShareCapitalns10:Original2023-01-3103673473ns5:ShareCapitalns10:Original2022-01-3103673473ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-01-3103673473ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-01-3103673473ns10:Originalns5:PlantMachinery2022-02-012023-01-3103673473ns10:Originalns5:FurnitureFittings2022-02-012023-01-3103673473ns10:Originalns5:MotorVehicles2022-02-012023-01-3103673473ns10:Original2021-02-012022-01-3103673473ns10:Originalns5:PlantMachinery2022-01-3103673473ns10:Originalns5:FurnitureFittings2022-01-3103673473ns10:Originalns5:MotorVehicles2022-01-3103673473ns10:Original2022-01-3103673473ns10:Originalns5:PlantMachinery2023-01-3103673473ns10:Originalns5:FurnitureFittings2023-01-3103673473ns10:Originalns5:MotorVehicles2023-01-3103673473ns10:Originalns5:PlantMachinery2022-01-3103673473ns10:Originalns5:FurnitureFittings2022-01-3103673473ns10:Originalns5:MotorVehicles2022-01-3103673473ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-01-3103673473ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-01-3103673473ns10:Originalns5:LeasedAssetsHeldAsLessee2022-01-3103673473ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-02-012023-01-3103673473ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-02-012023-01-3103673473ns10:Originalns5:LeasedAssetsHeldAsLessee2022-02-012023-01-3103673473ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-3103673473ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-01-3103673473ns10:Originalns5:LeasedAssetsHeldAsLessee2023-01-3103673473ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-01-3103673473ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-01-3103673473ns10:Originalns5:LeasedAssetsHeldAsLessee2022-01-3103673473ns10:Originalns5:CostValuation2022-01-3103673473ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3103673473ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-01-31
REGISTERED NUMBER: 03673473















PRIOR PRODUCTS LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023






PRIOR PRODUCTS LIMITED (REGISTERED NUMBER: 03673473)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


PRIOR PRODUCTS LIMITED (REGISTERED NUMBER: 03673473)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 125,249 133,093
Investments 5 3 3
125,252 133,096

CURRENT ASSETS
Stocks 145,721 127,505
Debtors 6 377,397 389,022
Cash at bank and in hand 541,599 514,117
1,064,717 1,030,644
CREDITORS
Amounts falling due within one year 7 345,205 312,574
NET CURRENT ASSETS 719,512 718,070
TOTAL ASSETS LESS CURRENT
LIABILITIES

844,764

851,166

CREDITORS
Amounts falling due after more than one
year

8

(26,692

)

(25,498

)

PROVISIONS FOR LIABILITIES (51,157 ) (52,648 )
NET ASSETS 766,915 773,020

CAPITAL AND RESERVES
Called up share capital 1,998 1,998
Retained earnings 764,917 771,022
SHAREHOLDERS' FUNDS 766,915 773,020

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

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

PRIOR PRODUCTS LIMITED (REGISTERED NUMBER: 03673473)

BALANCE SHEET - continued
31 JANUARY 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 August 2023 and were signed on its behalf by:




Mrs A Hammond - Director A E J Hammond - Director




N Hammond - Director


PRIOR PRODUCTS LIMITED (REGISTERED NUMBER: 03673473)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1. STATUTORY INFORMATION

Prior Products Limited is a private company limited by shares. The company is registered in England under number 03673473 and the address of the registered office is Barclays Bank Chambers, Stratford upon Avon, Warwickshire, CV37 6AH. The company's place of business is Bird Industrial Park, Station Road, Long Marston, Warwickshire, CV37 8RP.

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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Office equipment - 15% on reducing balance and 3 years straight line
Motor vehicles - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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 Profit and Loss Account, 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.

PRIOR PRODUCTS LIMITED (REGISTERED NUMBER: 03673473)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 21 ) .

4. TANGIBLE FIXED ASSETS
Plant and Office Motor
machinery equipment vehicles Totals
£    £    £    £   
COST
At 1 February 2022 290,384 48,044 134,278 472,706
Additions - 7,953 20,805 28,758
Disposals (7,864 ) (1,764 ) (16,208 ) (25,836 )
At 31 January 2023 282,520 54,233 138,875 475,628
DEPRECIATION
At 1 February 2022 191,504 44,487 103,622 339,613
Charge for year 14,347 2,873 15,251 32,471
Eliminated on disposal (4,629 ) (1,602 ) (15,474 ) (21,705 )
At 31 January 2023 201,222 45,758 103,399 350,379
NET BOOK VALUE
At 31 January 2023 81,298 8,475 35,476 125,249
At 31 January 2022 98,880 3,557 30,656 133,093

PRIOR PRODUCTS LIMITED (REGISTERED NUMBER: 03673473)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 February 2022 65,600 34,500 100,100
Additions - 19,990 19,990
Transfer to ownership - (22,000 ) (22,000 )
At 31 January 2023 65,600 32,490 98,090
DEPRECIATION
At 1 February 2022 9,840 16,875 26,715
Charge for year 8,364 7,342 15,706
Transfer to ownership - (13,750 ) (13,750 )
At 31 January 2023 18,204 10,467 28,671
NET BOOK VALUE
At 31 January 2023 47,396 22,023 69,419
At 31 January 2022 55,760 17,625 73,385

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 February 2022
and 31 January 2023 3
NET BOOK VALUE
At 31 January 2023 3
At 31 January 2022 3

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 129,228 133,673
Other debtors 248,169 255,349
377,397 389,022

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 27,443 17,031
Trade creditors 134,434 74,662
Taxation and social security 100,716 124,692
Other creditors 82,612 96,189
345,205 312,574

PRIOR PRODUCTS LIMITED (REGISTERED NUMBER: 03673473)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 26,692 25,498

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 54,135 42,529

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Advances, credits

During the year the company made available to the directors unsecured loans by way of advances and credits. The total of advances and credits made during the year was £263,809. The total of repayments made during the year was £293,811. Interest was charged on the loans at the official rate. The loans will be repaid by 31 October 2023.

The directors of the company are also the only shareholders of the company and are aware of the requirements of Section 197 of the Companies Act 2006 regarding approval by the members of loans to directors.