Company Registration Number 03145131 (England and Wales)
PREMIER ENGLISH SHOTGUNS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PREMIER ENGLISH SHOTGUNS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Detailed profit and loss account
PREMIER ENGLISH SHOTGUNS LIMITED
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
6
15,100
15,100
Creditors: amounts falling due within one year
7
(222,723)
(222,224)
Net current liabilities
(207,623)
(207,124)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(207,723)
(207,224)
Total equity
(207,623)
(207,124)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 23 April 2024
Mr AF Harvison
Director
Company registration number 03145131 (England and Wales)
PREMIER ENGLISH SHOTGUNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information

Premier English Shotguns Limited is a private company limited by shares incorporated in England and Wales. The registered office is 21, The Point, Rockingham Road, Market Harborough, Leicestershire, England, LE16 7NU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis notwithstanding the fact that the Company had net liabilities of £207,124 (2021: £206,556) as at 31 July 2022.

 

On 20 July 2021 the Company reached a settlement with its bankers over a long running dispute regarding the amount of loans and interest payable to the bank.

 

The results of the settlement are shown in the financial statements in the year to 31st July 2021 and the bank has released all securities it formerly held over the assets of the Company.

 

Net liabilities includes loans with a total value of £98,192 from the director and a company controlled by the director and the director does not intend to seek repayment of either loan until the Company has sufficient financial resources to discharge its liabilities without it affecting its operational existence.

 

However the remaining deficit represents a material uncertainty that casts significant doubt upon the Company's ability to continue to operate. Therefore the Company may not be able to realise its assets and discharge its liabilities in the normal course of business.

1.3
Intangible fixed assets other than goodwill

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any and accumulated impairment losses.

 

Development costs have been fully amortised.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

PREMIER ENGLISH SHOTGUNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% on cost
Fixtures and fittings
10% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
4
Intangible fixed assets
Development costs
£
Cost
At 1 August 2022 and 31 July 2023
244,531
Amortisation and impairment
At 1 August 2022 and 31 July 2023
244,531
Carrying amount
At 31 July 2023
-
0
At 31 July 2022
-
0
PREMIER ENGLISH SHOTGUNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 August 2022 and 31 July 2023
3,375
4,518
7,893
Depreciation and impairment
At 1 August 2022 and 31 July 2023
3,375
4,518
7,893
Carrying amount
At 31 July 2023
-
0
-
0
-
0
At 31 July 2022
-
0
-
0
-
0
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
S.455 tax repayable
15,100
15,100
7
Creditors: amounts falling due within one year
2023
2022
£
£
Deposits taken against cancelled orders
123,596
123,596
Directors current account
67,626
67,626
Other creditors
31,015
30,566
Accruals and deferred income
486
436
222,723
222,224
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