7 false false false false false false false false false false true false false false false false false No description of principal activity 2022-11-01 Sage Accounts Production Advanced 2023 - FRS102_2023 18,879 8,571 27,450 xbrli:pure xbrli:shares iso4217:GBP 05976897 2022-11-01 2023-10-31 05976897 2023-10-31 05976897 2022-10-31 05976897 2021-11-01 2022-10-31 05976897 2022-10-31 05976897 2021-10-31 05976897 core:MotorVehicles 2022-11-01 2023-10-31 05976897 bus:Director2 2022-11-01 2023-10-31 05976897 core:LandBuildings 2022-10-31 05976897 core:FurnitureFittings 2022-10-31 05976897 core:MotorVehicles 2022-10-31 05976897 core:LandBuildings 2023-10-31 05976897 core:FurnitureFittings 2023-10-31 05976897 core:MotorVehicles 2023-10-31 05976897 core:DeferredTaxation 2022-11-01 2023-10-31 05976897 core:LandBuildings 2022-11-01 2023-10-31 05976897 core:FurnitureFittings 2022-11-01 2023-10-31 05976897 core:WithinOneYear 2023-10-31 05976897 core:WithinOneYear 2022-10-31 05976897 core:AfterOneYear 2023-10-31 05976897 core:AfterOneYear 2022-10-31 05976897 core:ShareCapital 2023-10-31 05976897 core:ShareCapital 2022-10-31 05976897 core:RetainedEarningsAccumulatedLosses 2023-10-31 05976897 core:RetainedEarningsAccumulatedLosses 2022-10-31 05976897 core:BetweenOneFiveYears 2023-10-31 05976897 core:BetweenOneFiveYears 2022-10-31 05976897 core:AcceleratedTaxDepreciationDeferredTax 2023-10-31 05976897 core:AcceleratedTaxDepreciationDeferredTax 2022-10-31 05976897 core:LandBuildings 2022-10-31 05976897 core:FurnitureFittings 2022-10-31 05976897 core:MotorVehicles 2022-10-31 05976897 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2023-10-31 05976897 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2022-10-31 05976897 core:DeferredTaxation 2022-10-31 05976897 core:DeferredTaxation 2023-10-31 05976897 bus:SmallEntities 2022-11-01 2023-10-31 05976897 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 05976897 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 05976897 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 05976897 bus:FullAccounts 2022-11-01 2023-10-31 05976897 core:LandBuildings core:LongLeaseholdAssets 2022-11-01 2023-10-31
COMPANY REGISTRATION NUMBER: 05976897
PRETREAT LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 October 2023
PRETREAT LTD
STATEMENT OF FINANCIAL POSITION
31 October 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
150,765
136,147
CURRENT ASSETS
Stocks
31,859
26,017
Debtors
6
262,186
235,537
Cash at bank and in hand
319,722
225,946
----------
----------
613,767
487,500
CREDITORS: amounts falling due within one year
7
284,236
244,117
----------
----------
NET CURRENT ASSETS
329,531
243,383
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
480,296
379,530
CREDITORS: amounts falling due after more than one year
8
29,179
26,801
PROVISIONS
Taxation including deferred tax
10
27,450
18,879
----------
----------
NET ASSETS
423,667
333,850
----------
----------
PRETREAT LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2023
2023
2022
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
2
2
Profit and loss account
423,665
333,848
----------
----------
SHAREHOLDERS FUNDS
423,667
333,850
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 March 2024 , and are signed on behalf of the board by:
A N Jennings
Director
Company registration number: 05976897
PRETREAT LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Crown Works, Rochdale Road, Todmorden, Lancashire, OL14 6LD.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the supply of chemicals, stated net of discounts and of Value Added Tax.
Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
10 years straight line
Fixtures and fittings
-
33.33% straight line
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
5. TANGIBLE ASSETS
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022
72,498
52,310
141,091
265,899
Additions
10,604
64,453
75,057
Disposals
( 41,244)
( 41,244)
---------
---------
----------
----------
At 31 October 2023
72,498
62,914
164,300
299,712
---------
---------
----------
----------
Depreciation
At 1 November 2022
36,876
36,474
56,402
129,752
Charge for the year
7,249
10,088
26,508
43,845
Disposals
( 24,650)
( 24,650)
---------
---------
----------
----------
At 31 October 2023
44,125
46,562
58,260
148,947
---------
---------
----------
----------
Carrying amount
At 31 October 2023
28,373
16,352
106,040
150,765
---------
---------
----------
----------
At 31 October 2022
35,622
15,836
84,689
136,147
---------
---------
----------
----------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 October 2023
82,351
---------
At 31 October 2022
73,821
---------
6. DEBTORS
2023
2022
£
£
Trade debtors
249,530
225,224
Other debtors
12,656
10,313
----------
----------
262,186
235,537
----------
----------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
95,597
111,361
Corporation tax
50,725
22,322
Social security and other taxes
54,436
19,015
Other creditors
83,478
91,419
----------
----------
284,236
244,117
----------
----------
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Other creditors
29,179
26,801
---------
---------
9. FINANCE LEASES AND HIRE PURCHASE CONTRACTS
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2023
2022
£
£
Not later than 1 year
19,568
17,595
Later than 1 year and not later than 5 years
32,327
29,972
---------
---------
51,895
47,567
Less: future finance charges
( 6,268)
( 5,967)
---------
---------
Present value of minimum lease payments
45,627
41,600
---------
---------
10. PROVISIONS
Deferred tax (note 11)
£
At 1 November 2022
18,879
Additions
8,571
---------
At 31 October 2023
27,450
---------
11. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 10)
27,450
18,879
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
27,450
18,879
---------
---------
12. CONTINGENCIES
The directors have a personal loan for the business premises from which the company operates. There is a fixed and floating charge against the company for this loan. The outstanding balance as at 31 October 2023 was £131,489 (2022: £140,470).
13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors had an unsecured interest free loan with the company. The directors loan account was in credit throughout the year and is repayable on demand.