Registration number:
Presson Limited
for the Year Ended 31 December 2023
Presson Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Presson Limited
Company Information
Directors |
A M Wilson A A Wilson |
Registered office |
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Presson Limited
(Registration number: 04114294)
Balance Sheet as at 31 December 2023
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2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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Shareholders' funds |
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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.
Presson Limited
(Registration number: 04114294)
Balance Sheet as at 31 December 2023 (continued)
For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Presson Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
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 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.
Income is recognised when the outcome of a transaction for the rendering of services can be estimated reliably. When the outcome of a service cannot be estimated reliably the company only recognises income to the extent of the recoverable expenses recognised.
Tax
The tax expense for the period comprises current and deferred 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.
Presson Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
2 |
Accounting policies (continued) |
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
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 |
Land and buildings-leasehold |
over term of lease |
Fixtures and fittings |
5 years straight line |
Plant & machinery |
2-5 years straight line |
Motor vehicles |
4 years straight line |
Land and buildings-freehold |
25 years straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Presson Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
2 |
Accounting policies (continued) |
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 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 comprise inventories required to deliver the company's services. They 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.
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 (including redeemable preference shares where appropriate) 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.
Presson Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
2 |
Accounting policies (continued) |
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Presson Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Tangible assets |
Land and buildings |
Short leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Presson Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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Additions |
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Provision |
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Carrying amount |
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At 31 December 2023 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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Unit 5, Revenge Road, Chatham, Kent. ME5 8UD England |
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Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest. |
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- |
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Other debtors |
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Prepayments |
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Presson Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Creditors within the category 'loans and borrowings' include net obligations under finance lease and hire purchase contracts which are secured of £84,165 (2022 - £109,596). The obligations under finance lease and hire purchases contracts are secured against items of plant and machinery and motor vehicles to which they relate that have a carrying value of £143,930 (2022 - £150,030).
The bank loan of £122,541 (2022- £171,537) is subject to a fixed and floating charge over the assets of the company. The loan is subject to the CBIL guarantee scheme with the Government providing a partial gurantee although the company is responsible for repaying the whole of the loan.
Also, within the category of loans and borrowings falling due within one year are 210,000 cumulative redeemable preference shares of £1 each. During the year, 250,000 cumulative redeemable preference shares of £1 each were issued at par, of which 40,000 were redeemed at par in the year.
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 £
Presson Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
8 |
Financial commitments, guarantees and contingencies (continued) |
The company has an annual commitment under its auto enrolment pension scheme equal to 3% of the qualifying earnings of those employees who elected to join the scheme. Contributions to the scheme in the year amounted to £9,572 (2022 - £10,953). The future annual commitment is not anticipated to change significantly in the foreseeable future.
Related party transactions |
Included in debtors is £65,728 due from Presson Automotive Limited. This represents an interest free loan repayable on demand.
Presson Automotive Limited is a wholly owned subsidiary.
Loans to related parties
2023 |
Key management |
Total |
Advanced |
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At end of period |
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Terms of loans to related parties