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Registration number: 09258703

Premier GT Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Premier GT Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Premier GT Limited

Company Information

Director

Mr David Trigg

Registered office

Unit C1
Rock Business Park
The Hollow
Washington
West Sussex
RH20 3DA

Accountants

Blue Spire Limited
Fifth Floor, Intergen House
65-67 Western Road
Hove
East Sussex
BN3 2JQ

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Premier GT Limited
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Premier GT Limited for the year ended 31 October 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Premier GT Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Premier GT Limited and state those matters that we have agreed to state to the Board of Directors of Premier GT Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Premier GT Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Premier GT Limited 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 Premier GT Limited. You consider that Premier GT Limited 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 Premier GT Limited. 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.

......................................

Blue Spire Limited
Fifth Floor, Intergen House
65-67 Western Road
Hove
East Sussex
BN3 2JQ

17 June 2024

 

Premier GT Limited

(Registration number: 09258703)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

83,078

36,587

Current assets

 

Stocks

5

821,293

1,471,112

Debtors

6

131,666

148,752

Cash at bank and in hand

 

773,706

295,904

 

1,726,665

1,915,768

Creditors: Amounts falling due within one year

7

(560,502)

(459,470)

Net current assets

 

1,166,163

1,456,298

Total assets less current liabilities

 

1,249,241

1,492,885

Creditors: Amounts falling due after more than one year

7

(1,047,936)

(1,278,799)

Net assets

 

201,305

214,086

Capital and reserves

 

Called up share capital

8

150

150

Retained earnings

201,155

213,936

Shareholders' funds

 

201,305

214,086

For the financial 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.

Director's responsibilities:

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

The director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 June 2024
 

.........................................
Mr David Trigg
Director

 

Premier GT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

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

The address of its registered office is:
Unit C1
Rock Business Park
The Hollow
Washington
West Sussex
RH20 3DA
United Kingdom

These financial statements were authorised for issue by the director on 17 June 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

 

Premier GT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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

Short leasehold improvements

over lease term

Plant and machinery

25% straight line basis

Furniture and fittings

25% straight line basis

Motor vehicles

25% straight line basis

Office equipment

25% straight line basis

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Premier GT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 the director) during the year, was 10 (2022 - 10).

 

Premier GT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

18,248

92,824

57,742

168,814

Additions

43,965

26,150

-

70,115

Disposals

-

(9,381)

(25,300)

(34,681)

At 31 October 2023

62,213

109,593

32,442

204,248

Depreciation

At 1 November 2022

18,248

71,250

42,729

132,227

Charge for the year

3,672

12,476

7,420

23,568

Eliminated on disposal

-

(9,325)

(25,300)

(34,625)

At 31 October 2023

21,920

74,401

24,849

121,170

Carrying amount

At 31 October 2023

40,293

35,192

7,593

83,078

At 31 October 2022

-

21,574

15,013

36,587

Included within the net book value of land and buildings above is £40,293 (2022 - £) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

821,293

1,471,112

6

Debtors

Current

2023
£

2022
£

Trade debtors

8,203

52,043

Prepayments

71,820

79,462

Other debtors

51,643

17,247

 

131,666

148,752

 

Premier GT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

30,000

32,566

Trade creditors

 

156,086

366,722

Taxation and social security

 

5,769

26,936

Accruals and deferred income

 

353,770

21,764

Other creditors

 

14,877

11,482

 

560,502

459,470

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,000

Bank overdrafts

-

500

HP and finance lease liabilities

-

2,066

Other borrowings

20,000

20,000

30,000

32,566

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

1,047,936

1,278,799

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

17,500

27,501

Other borrowings

1,030,436

1,251,298

1,047,936

1,278,799

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

A Ordinary of £1 each

100

100

100

100

C Ordinary of £1 each

25

25

25

25

D Ordinary of £1 each

25

25

25

25

150

150

150

150

 

Premier GT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £68,560 (2022 - £68,560).