Company Registration No. 9740116 (England and Wales)
Prehybrid Ltd
Unaudited accounts
for the year ended 31 August 2023
Prehybrid Ltd
Company Information
for the year ended 31 August 2023
Director
Mr. Premakanth Uthayakumaran
Company Number
9740116 (England and Wales)
Registered Office
Broxbourne Service Station 74-76
High Road
Wormley
EN10 6DU
United Kingdom
Accountants
Daniel Consultancy
Morritt House
54-60 Station Approach
South Ruislip
Ruislip
HA4 6SA
Prehybrid Ltd
Accountants' report
Accountants' report to the director of Prehybrid Ltd on the preparation of the unaudited statutory accounts for the year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Prehybrid Ltd for the year ended
31 August 2023 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Prehybrid Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Prehybrid Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Prehybrid Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Prehybrid Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Prehybrid Ltd. You consider that Prehybrid Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Prehybrid Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Daniel Consultancy
Morritt House
54-60 Station Approach
South Ruislip
Ruislip
HA4 6SA
6 February 2024
Prehybrid Ltd
Statement of financial position
as at 31 August 2023
Intangible assets
130,667
140,000
Tangible assets
256,117
180,718
Inventories
341,026
175,083
Cash at bank and in hand
44,671
17,550
Creditors: amounts falling due within one year
(635,025)
(514,553)
Net current liabilities
(183,005)
(189,590)
Total assets less current liabilities
203,779
131,128
Creditors: amounts falling due after more than one year
(17,529)
(39,168)
Provisions for liabilities
Deferred tax
(5,837)
(5,837)
Called up share capital
100
100
Profit and loss account
180,313
86,023
Shareholders' funds
180,413
86,123
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 6 February 2024 and were signed on its behalf by
Mr. Premakanth Uthayakumaran
Director
Company Registration No. 9740116
Prehybrid Ltd
Notes to the Accounts
for the year ended 31 August 2023
Prehybrid Ltd is a private company, limited by shares, registered in England and Wales, registration number 9740116. The registered office is Broxbourne Service Station 74-76, High Road, Wormley, EN10 6DU, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
Depreciated at 25% SL
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Prehybrid Ltd
Notes to the Accounts
for the year ended 31 August 2023
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.
4
Intangible fixed assets
Goodwill
At 1 September 2022
140,000
5
Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 September 2022
150,000
41,324
191,324
At 31 August 2023
150,000
138,367
288,367
At 1 September 2022
-
10,606
10,606
Charge for the year
-
21,644
21,644
At 31 August 2023
-
32,250
32,250
At 31 August 2023
150,000
106,117
256,117
At 31 August 2022
150,000
30,718
180,718
Amounts falling due within one year
Trade debtors
6,885
60,908
Accrued income and prepayments
9,893
17,253
Other debtors
49,545
49,545
Prehybrid Ltd
Notes to the Accounts
for the year ended 31 August 2023
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
197,289
236,760
Taxes and social security
28,685
50,875
Other creditors
13,291
15,280
Loans from directors
369,912
209,518
Included in the creditors above is a sum of £369,912 (2022 - 214,518) loan from Premakanth Uthayakumaran, the company director.
8
Creditors: amounts falling due after more than one year
2023
2022
9
Average number of employees
During the year the average number of employees was 11 (2022: 10).