Preferred Access Ramp Systems Limited 06910650 false 2022-04-01 2023-05-31 2023-05-31 The principal activity of the company is manufacturing of metal structures and parts of structures. Digita Accounts Production Advanced 6.30.9574.0 true 06910650 2022-04-01 2023-05-31 06910650 2023-05-31 06910650 core:RetainedEarningsAccumulatedLosses 2023-05-31 06910650 core:ShareCapital 2023-05-31 06910650 core:CurrentFinancialInstruments 2023-05-31 06910650 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 06910650 core:FurnitureFittingsToolsEquipment 2023-05-31 06910650 core:MotorVehicles 2023-05-31 06910650 bus:SmallEntities 2022-04-01 2023-05-31 06910650 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-05-31 06910650 bus:FullAccounts 2022-04-01 2023-05-31 06910650 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-05-31 06910650 bus:RegisteredOffice 2022-04-01 2023-05-31 06910650 bus:Director1 2022-04-01 2023-05-31 06910650 bus:Director3 2022-04-01 2023-05-31 06910650 bus:Director4 2022-04-01 2023-05-31 06910650 bus:Director5 2022-04-01 2023-05-31 06910650 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-05-31 06910650 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-05-31 06910650 core:MotorVehicles 2022-04-01 2023-05-31 06910650 core:PlantMachinery 2022-04-01 2023-05-31 06910650 countries:EnglandWales 2022-04-01 2023-05-31 06910650 2022-03-31 06910650 core:FurnitureFittingsToolsEquipment 2022-03-31 06910650 core:MotorVehicles 2022-03-31 06910650 2021-04-01 2022-03-31 06910650 2022-03-31 06910650 core:RetainedEarningsAccumulatedLosses 2022-03-31 06910650 core:ShareCapital 2022-03-31 06910650 core:CurrentFinancialInstruments 2022-03-31 06910650 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 06910650 core:FurnitureFittingsToolsEquipment 2022-03-31 06910650 core:MotorVehicles 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 06910650

Preferred Access Ramp Systems Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 April 2022 to 31 May 2023

 

Preferred Access Ramp Systems Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Preferred Access Ramp Systems Limited

Company Information

Directors

Mr Kevin Jones

Mr Damian Tracey

Mr Neil Russ

Mr Liam Catchpole

Registered office

Roman House
Roman Way
Thetford
Norfolk
IP24 1XB

Accountants

Websters Cambridge Limited
10 Wellington Street
Cambridge
Cambridgeshire
CB1 1HW

 

Preferred Access Ramp Systems Limited

(Registration number: 06910650)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

196,404

234,397

Current assets

 

Stocks

5

321,508

133,220

Debtors

6

612,986

648,631

Cash at bank and in hand

 

575,783

418,117

 

1,510,277

1,199,968

Creditors: Amounts falling due within one year

7

(223,716)

(239,486)

Net current assets

 

1,286,561

960,482

Total assets less current liabilities

 

1,482,965

1,194,879

Provisions for liabilities

(43,130)

(39,631)

Net assets

 

1,439,835

1,155,248

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

1,438,835

1,154,248

Shareholders' funds

 

1,439,835

1,155,248

For the financial period ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 3 October 2023 and signed on its behalf by:
 

.........................................
Mr Kevin Jones
Director

 

Preferred Access Ramp Systems Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Roman House
Roman Way
Thetford
Norfolk
IP24 1XB

These financial statements were authorised for issue by the Board on 3 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Preferred Access Ramp Systems Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 May 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and maachinery

Reducing balance 25%

Fixtures, fittings and equipment

Staight line 20%

Motor vehilcles

Reducing balance 25%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Preferred Access Ramp Systems Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 May 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 11 (2022 - 11).

 

Preferred Access Ramp Systems Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 May 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

286,212

185,592

471,804

Additions

17,863

11,000

28,863

Disposals

(17,208)

-

(17,208)

At 31 May 2023

286,867

196,592

483,459

Depreciation

At 1 April 2022

141,178

96,229

237,407

Charge for the period

40,281

25,091

65,372

Eliminated on disposal

(15,724)

-

(15,724)

At 31 May 2023

165,735

121,320

287,055

Carrying amount

At 31 May 2023

121,132

75,272

196,404

At 31 March 2022

145,034

89,363

234,397

5

Stocks

2023
£

2022
£

Other inventories

321,508

133,220

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

313,989

372,601

Amounts owed by related parties

282,178

152,567

Prepayments

 

-

499

Other debtors

 

16,819

122,964

   

612,986

648,631

 

Preferred Access Ramp Systems Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 May 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

95,275

152,345

Taxation and social security

122,424

74,883

Accruals and deferred income

3,091

3,775

Other creditors

2,926

8,483

223,716

239,486

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000