Registered number
05736075
Premier Fencing Ltd
Filleted Accounts
31 March 2023
Premier Fencing Ltd
Registered number: 05736075
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 167,595 124,534
Current assets
Stocks 67,301 74,817
Debtors 4 116,288 208,982
Cash at bank and in hand 119,336 124,199
302,925 407,998
Creditors: amounts falling due within one year 5 (153,284) (211,194)
Net current assets 149,641 196,804
Total assets less current liabilities 317,236 321,338
Creditors: amounts falling due after more than one year 6 (59,632) (98,126)
Provisions for liabilities (44,413) (26,175)
Net assets 213,191 197,037
Capital and reserves
Called up share capital 50 50
Profit and loss account 213,141 196,987
Shareholders' funds 213,191 197,037
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 members have 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.
Mr S J Major
Director
Approved by the board on 20 October 2023
Premier Fencing 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.
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 15% reducing balance
Office equipment and furniture 30% reducing balance
Motor vehicles 25% reducing balance
Leasehold improvements 10% reducing balance
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.
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 12 13
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 21,708 38,122 200,881 260,711
Additions 3,148 5,417 159,094 167,659
Disposals - - (128,828) (128,828)
At 31 March 2023 24,856 43,539 231,147 299,542
Depreciation
At 1 April 2022 9,048 17,283 109,846 136,177
Charge for the year 3,952 4,682 44,725 53,359
On disposals - - (57,589) (57,589)
At 31 March 2023 13,000 21,965 96,982 131,947
Net book value
At 31 March 2023 11,856 21,574 134,165 167,595
At 31 March 2022 12,660 20,839 91,035 124,534
4 Debtors 2023 2022
£ £
Trade debtors 72,897 156,677
Other debtors 43,391 52,305
116,288 208,982
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,958 9,702
Obligations under finance lease and hire purchase contracts 12,460 27,472
Trade creditors 74,901 81,715
Taxation and social security costs 12,672 48,765
Other creditors 43,293 43,540
153,284 211,194
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 22,450 32,407
Obligations under finance lease and hire purchase contracts 7,182 11,719
Other creditors 30,000 54,000
59,632 98,126
7 Other information
Premier Fencing Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Old Bank Building
East Street
Ilminster
TA19 0AJ
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