Registered number
12463985
Prem Air Engineering Ltd
Filleted Accounts
28 February 2023
Prem Air Engineering Ltd
Registered number: 12463985
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed Assets
Tangible Assets 3 4,947 6,596
Current Assets
Stocks 32,753 -
Debtors 4 99,956 153,199
Bank and Cash 144,810 171,906
277,519 325,105
Creditors: Due Within One Year 5 (29,568) (48,501)
Net Current Assets 247,951 276,604
Net Assets 252,898 283,200
Capital and Reserves
Called Up Share Capital 1 1
Profit and Loss Account 252,897 283,199
Shareholder's Funds 252,898 283,200
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.
___________________
Jack Kenyon
Director
Approved by the board on 28 November 2023
Prem Air Engineering Ltd
Notes to the Accounts
for the year ended 28 February 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:
Motor Vehicles 25% of the written down value
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible Fixed Assets
Motor Vehicles
£
Cost
At 1 March 2022 8,795
At 28 February 2023 8,795
Depreciation
At 1 March 2022 2,199
Charge for the year 1,649
At 28 February 2023 3,848
Net Book Values
At 28 February 2023 4,947
At 28 February 2022 6,596
4 Debtors 2023 2022
£ £
Trade Debtors 94,465 146,627
Other Debtors 5,491 6,572
99,956 153,199
5 Creditors: Due Within One Year 2023 2022
£ £
Taxation 23,169 42,103
Other Creditors 6,399 6,398
29,568 48,501
6 Other Information
Prem Air Engineering Ltd is a private company limited by shares and incorporated in England. Its registered office is:
39 The Windings
Sanderstead
South Croydon
CR2 0HW
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