Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31No description of principal activityfalse2023-01-01118truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10150953 2023-01-01 2023-12-31 10150953 2022-01-01 2022-12-31 10150953 2023-12-31 10150953 2022-12-31 10150953 c:Director1 2023-01-01 2023-12-31 10150953 c:RegisteredOffice 2023-01-01 2023-12-31 10150953 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 10150953 d:Buildings d:LongLeaseholdAssets 2023-12-31 10150953 d:Buildings d:LongLeaseholdAssets 2022-12-31 10150953 d:PlantMachinery 2023-01-01 2023-12-31 10150953 d:PlantMachinery 2023-12-31 10150953 d:PlantMachinery 2022-12-31 10150953 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10150953 d:MotorVehicles 2023-01-01 2023-12-31 10150953 d:MotorVehicles 2023-12-31 10150953 d:MotorVehicles 2022-12-31 10150953 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10150953 d:ComputerEquipment 2023-01-01 2023-12-31 10150953 d:ComputerEquipment 2023-12-31 10150953 d:ComputerEquipment 2022-12-31 10150953 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10150953 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10150953 d:CurrentFinancialInstruments 2023-12-31 10150953 d:CurrentFinancialInstruments 2022-12-31 10150953 d:Non-currentFinancialInstruments 2023-12-31 10150953 d:Non-currentFinancialInstruments 2022-12-31 10150953 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10150953 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10150953 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 10150953 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 10150953 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 10150953 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 10150953 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 10150953 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 10150953 d:ShareCapital 2023-12-31 10150953 d:ShareCapital 2022-12-31 10150953 d:RetainedEarningsAccumulatedLosses 2023-12-31 10150953 d:RetainedEarningsAccumulatedLosses 2022-12-31 10150953 c:FRS102 2023-01-01 2023-12-31 10150953 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10150953 c:FullAccounts 2023-01-01 2023-12-31 10150953 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10150953 d:WithinOneYear 2023-12-31 10150953 d:WithinOneYear 2022-12-31 10150953 d:BetweenOneFiveYears 2023-12-31 10150953 d:BetweenOneFiveYears 2022-12-31 10150953 2 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Company registration number: 10150953







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


PRINS FORKLIFTS UK LTD






































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PRINS FORKLIFTS UK LTD
 


 
COMPANY INFORMATION


Director
M J Dorman 




Registered number
10150953



Registered office
Unit F1 Lympne Distribution Park
Otterpool Lane

Lympne

Hythe

Kent

CT21 4LR




Accountants
Menzies LLP
Chartered Accountants

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


PRINS FORKLIFTS UK LTD
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 7


 


PRINS FORKLIFTS UK LTD
REGISTERED NUMBER:10150953



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
814,644
690,205

  
814,644
690,205

Current assets
  

Stocks
  
246,446
221,576

Debtors
 5 
106,096
127,450

Cash at bank and in hand
  
381,574
396,605

  
734,116
745,631

Creditors: amounts falling due within one year
 6 
(358,566)
(438,270)

Net current assets
  
 
 
375,550
 
 
307,361

Total assets less current liabilities
  
1,190,194
997,566

Creditors: amounts falling due after more than one year
 7 
(202,427)
(383,465)

  

Net assets
  
987,767
614,101


Capital and reserves
  

Called up share capital 
  
150,000
150,000

Profit and loss account
  
837,767
464,101

  
987,767
614,101


Page 1

 


PRINS FORKLIFTS UK LTD
REGISTERED NUMBER:10150953


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M J Dorman
Director

Date: 4 July 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 


PRINS FORKLIFTS UK LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Prins Forklifts UK Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is given in the company information page of these financial statements.  
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is generated through the sale and leasing of forklifts and is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 


PRINS FORKLIFTS UK LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful
lives.
Plant & Machinery includes assets of forklifts and these are depreciated on an individual asset basis, with the
aim of giving it a 10% residual value.

Depreciation is provided on the following basis:

Long-term leasehold property
-
60%
Straight line
Motor vehicles
-
40%
Reducing balance
Computer equipment
-
40%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.8

Financial instruments

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, loans
to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 - 8).

Page 4

 


PRINS FORKLIFTS UK LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
39,603
759,739
124,978
10,590
934,910


Additions
-
371,488
26,047
-
397,535


Disposals
-
(207,554)
-
-
(207,554)



At 31 December 2023

39,603
923,673
151,025
10,590
1,124,891



Depreciation


At 1 January 2023
36,276
137,264
61,258
9,907
244,705


Charge for the year on owned assets
3,072
64,220
32,434
273
99,999


Disposals
-
(34,457)
-
-
(34,457)



At 31 December 2023

39,348
167,027
93,692
10,180
310,247



Net book value



At 31 December 2023
255
756,646
57,333
410
814,644



At 31 December 2022
3,327
622,475
63,720
683
690,205


5.


Debtors

2023
2022
£
£



Trade debtors
75,233
93,314

Other debtors
4,500
4,500

Prepayments and accrued income
26,363
29,636

106,096
127,450


Page 5

 


PRINS FORKLIFTS UK LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
40,000

Trade creditors
60,033
112,862

Corporation tax
41,115
24,600

Other taxation and social security
66,744
31,299

Obligations under finance lease and hire purchase contracts
90,151
93,115

Other creditors
30,602
7,738

Accruals and deferred income
69,921
128,656

358,566
438,270



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
96,667

Net obligations under finance leases and hire purchase contracts
105,220
164,321

Other creditors
97,207
122,477

202,427
383,465


Page 6

 


PRINS FORKLIFTS UK LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
-
40,000


-
40,000

Amounts falling due 1-2 years

Bank loans
-
40,000


-
40,000

Amounts falling due 2-5 years

Bank loans
-
56,667


-
56,667


-
136,667


The bank loans are secured by way of a fixed and floating charge over all of the company's assets and by way of government guarantee under the Bounce Back Loan Scheme.


9.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
39,000
36,290

Later than 1 year and not later than 5 years
94,250
94,250

133,250
130,540

 
Page 7