Registered number
04468506
The Premier Plating Company (North East) Limited
Unaudited Filleted Accounts
31 March 2023
The Premier Plating Company (North East) Limited
Registered number: 04468506
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 793
Tangible assets 4 296,407 75,467
296,407 76,260
Current assets
Stocks 15,500 12,000
Debtors 5 365,790 213,156
Cash at bank and in hand 30,199 56,033
411,489 281,189
Creditors: amounts falling due within one year 6 (275,320) (142,128)
Net current assets 136,169 139,061
Total assets less current liabilities 432,576 215,321
Creditors: amounts falling due after more than one year 7 (88,628) (75,597)
Provisions for liabilities (43,200) (14,904)
Net assets 300,748 124,820
Capital and reserves
Called up share capital 100 100
Profit and loss account 300,648 124,720
Shareholder's funds 300,748 124,820
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
B Morris
Director
Approved by the board on 3 November 2023
The Premier Plating Company (North East) Limited
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:
Freehold buildings over 50 years
Plant and machinery 15% straight line
Fixtures, fittings, tools and equipment 15% straight line
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.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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.
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 14 10
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 62,848
At 31 March 2023 62,848
Amortisation
At 1 April 2022 62,055
Provided during the year 793
At 31 March 2023 62,848
Net book value
At 31 March 2023 -
At 31 March 2022 793
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 - 155,514 155,514
Additions 152,408 87,743 240,151
At 31 March 2023 152,408 243,257 395,665
Depreciation
At 1 April 2022 - 80,047 80,047
Charge for the year - 19,211 19,211
At 31 March 2023 - 99,258 99,258
Net book value
At 31 March 2023 152,408 143,999 296,407
At 31 March 2022 - 75,467 75,467
5 Debtors 2023 2022
£ £
Trade debtors 278,047 196,356
Other debtors 87,743 16,800
365,790 213,156
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank and Other loans, and overdrafts 120,169 12,833
Obligations under finance lease and hire purchase contracts 19,299 24,839
Trade creditors 35,284 13,136
Taxation and social security costs 96,024 68,728
Other creditors 4,544 22,592
275,320 142,128
7 Creditors: amounts falling due after one year 2023 2022
£ £
Loans 61,436 75,597
Obligations under finance lease and hire purchase contracts 27,192 -
88,628 75,597
Asstes held under Hire Purchase arrangements are secured on the asset they relate to. Borrowings in relation to fixed assets are secured on the assets they relate to.
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 23,574 40,577
9 Related party transactions
During the year the company paid management charges to it's parent company SBM Coatings Ltd totalling £15,000 (2022: £50,000) together with divdends of £100,000 (2022: £120,000). There was a balance of £81,368 (2022: (£4,329)) owed to the company by the parent company as of 31 March 2023. This loan has no fixed date for repayment.
The Director, Ben Morris has given a personal guarantee over borrowings of the company totalling £110,597.
10 Controlling party
The company is a wholly owned subsidiary of SBM Coatings Limited.
11 Other information
The Premier Plating Company (North East) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Premier House
Station Industrial Estate
Prudhoe
Northumberland
NE42 6NP
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