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REGISTERED NUMBER: 00526808 (England and Wales)















PRESTON AND COMPANY (1953) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023






PRESTON AND COMPANY (1953) LIMITED (REGISTERED NUMBER: 00526808)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PRESTON AND COMPANY (1953) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: Mrs J P Shales
Mrs P M Welch



SECRETARY: Mrs J P Shales



REGISTERED OFFICE: Clarke Nicklin House
Brooks Drive
Cheadle Royal Business Park
Cheadle
Cheshire
SK8 3TD



REGISTERED NUMBER: 00526808 (England and Wales)



ACCOUNTANTS: Clarke Nicklin LLP
Chartered Accountants
Clarke Nicklin House
Brooks Drive
Cheadle Royal Business Park
Cheadle
Cheshire
SK8 3TD



BANKERS: Barclays Bank plc
PO Box 12
190 Stamford Street
Ashton-U-Lyne
Lancashire
OL6 7NZ

PRESTON AND COMPANY (1953) LIMITED (REGISTERED NUMBER: 00526808)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,367 3,122
Investment property 5 2,018,940 2,018,940
2,026,307 2,022,062

CURRENT ASSETS
Debtors 6 46,347 49,184
Investments 7 35,436 39,983
Cash at bank 46,954 22,180
128,737 111,347
CREDITORS
Amounts falling due within one year 8 23,923 17,840
NET CURRENT ASSETS 104,814 93,507
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,131,121

2,115,569

PROVISIONS FOR LIABILITIES 357,771 357,771
NET ASSETS 1,773,350 1,757,798

CAPITAL AND RESERVES
Called up share capital 9 16,830 16,830
Fair value reserve 10 1,523,750 1,523,750
Retained earnings 232,770 217,218
SHAREHOLDERS' FUNDS 1,773,350 1,757,798

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

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

PRESTON AND COMPANY (1953) LIMITED (REGISTERED NUMBER: 00526808)

BALANCE SHEET - continued
31 MAY 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 November 2023 and were signed on its behalf by:





Mrs J P Shales - Director


PRESTON AND COMPANY (1953) LIMITED (REGISTERED NUMBER: 00526808)

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


1. STATUTORY INFORMATION

Preston and Company (1953) 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents operating lease rentals charged to tenants.


Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Investments
Current asset investments are stated at the fair value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

PRESTON AND COMPANY (1953) LIMITED (REGISTERED NUMBER: 00526808)

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


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 June 2022 10,674 5,876 5,587 22,137
Additions - 7,474 1,879 9,353
At 31 May 2023 10,674 13,350 7,466 31,490
DEPRECIATION
At 1 June 2022 9,592 4,150 5,273 19,015
Charge for year 108 4,217 783 5,108
At 31 May 2023 9,700 8,367 6,056 24,123
NET BOOK VALUE
At 31 May 2023 974 4,983 1,410 7,367
At 31 May 2022 1,082 1,726 314 3,122

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 2,018,940
NET BOOK VALUE
At 31 May 2023 2,018,940
At 31 May 2022 2,018,940

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2008 1,881,057
Valuation in 2009 129,733
Valuation in 2021 8,150
2,018,940

If the investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 129,733 129,733

Investment property was valued on an open market basis on 31 May 2023 by the directors .

PRESTON AND COMPANY (1953) LIMITED (REGISTERED NUMBER: 00526808)

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


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 35,213 39,233
Other debtors 11,134 9,951
46,347 49,184

7. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Listed investments 14,831 19,378
Unlisted investments 20,605 20,605
35,436 39,983

The historical cost of listed investments at 31 May 2023 were £7,530 (2022: £7,530).

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 3,029 861
Other creditors 20,894 16,979
23,923 17,840

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
16,830 Ordinary £1 16,830 16,830

10. RESERVES
Fair
value
reserve
£   
At 1 June 2022
and 31 May 2023 1,523,750

11. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.