Registered number
10569699
PROSPECT SITE SERVICES LIMITED
Filleted Accounts
31 January 2023
PROSPECT SITE SERVICES LIMITED
Registered number: 10569699
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 67,986 68,507
Current assets
Stocks 115,838 91,165
Debtors 4 99,595 88,216
Cash at bank and in hand 691 9,319
216,124 188,700
Creditors: amounts falling due within one year 5 (140,306) (143,901)
Net current assets 75,818 44,799
Total assets less current liabilities 143,804 113,306
Creditors: amounts falling due after more than one year 6 (120,750) (47,006)
Net assets 23,054 66,300
Capital and reserves
Called up share capital 2 2
Profit and loss account 23,052 66,298
Shareholders' funds 23,054 66,300
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Lee Terence Steven MORRISH
Director
Approved by the board on 21 October 2023
PROSPECT SITE SERVICES LIMITED
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2022 200,047
Additions 41,022
At 31 January 2023 241,069
Depreciation
At 1 February 2022 131,540
Charge for the year 41,543
At 31 January 2023 173,083
Net book value
At 31 January 2023 67,986
At 31 January 2022 68,507
4 Debtors 2023 2022
£ £
Trade debtors 79,719 83,616
Other debtors 19,876 4,600
99,595 88,216
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 43,558 45,573
Trade creditors 38,857 64,569
Taxation and social security costs 57,891 25,148
Other creditors - 8,611
140,306 143,901
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 120,750 45,006
Other creditors - 2,000
120,750 47,006
7 Other information
PROSPECT SITE SERVICES LIMITED is a private company limited by shares and incorporated in England. Its registered office is: 27 Purleigh Avenue, Woodford Green, Essex, IG8 8DU.
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