Registered number
11625005
Priory Cast Products Ltd
Filleted Accounts
31 March 2023
Priory Cast Products Ltd
Registered number: 11625005
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 320 485
Tangible assets 4 (1) 6,318
319 6,803
Current assets
Debtors 5 210 2,996
Cash at bank and in hand 1,917 19,766
2,127 22,762
Creditors: amounts falling due within one year 6 (42,643) (43,338)
Net current liabilities (40,516) (20,576)
Net liabilities (40,197) (13,773)
Capital and reserves
Called up share capital 50 50
Profit and loss account (40,247) (13,823)
Shareholders' funds (40,197) (13,773)
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.
Eliza Higgingbottom
Director
Approved by the board on 14 November 2023
Priory Cast Products Ltd
Notes to the Accounts
for the year ended 31 March 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 800
At 31 March 2023 800
Amortisation
At 1 April 2022 315
Provided during the year 165
At 31 March 2023 480
Net book value
At 31 March 2023 320
At 31 March 2022 485
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 28,456
At 31 March 2023 28,456
Depreciation
At 1 April 2022 22,138
Charge for the year 6,319
At 31 March 2023 28,457
Net book value
At 31 March 2023 (1)
At 31 March 2022 6,318
5 Debtors 2023 2022
£ £
Trade debtors - 2,786
Other debtors 210 210
210 2,996
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 2,865 3,055
Taxation and social security costs (880) 3,434
Other creditors 40,658 36,849
42,643 43,338
7 Going Concern
When preparing financial statements, International Accounting Standard 1 (‘the Standard’) requires management to assess the company’s ability to continue as a going concern. The Standard defines going concern by explaining that financial statements are prepared on a going concern basis unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so. When assessing whether to prepare financial statements on a going concern basis, the Standard requires management to look out at least 12 months from the end of the reporting period.

The company incurred a net loss of £20,415 during the year ended 31st March 2022 as a result of the Covid 19 Pandemic, an increase in staff costs and a drop in market confidence in manufacturing. Management has kept the company’s cashflow under close scrutiny during the year to March 2022. Various leads are being pursued with existing and potential clients to generate more income and the next 12 months looks better financially. Management has concluded the going concern basis of preparation is appropriate but material uncertainties about going concern remain after considering mitigating actions.
8 Other information
Priory Cast Products Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 14 Langston Priory Workshops
Station Road
Kirkham
Chipping Norton
OX7 6UP
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