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Registration number: 4398635

Premier Amusement Supplies Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Premier Amusement Supplies Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Premier Amusement Supplies Limited

Company Information

Directors

A J Wilkins

J B Thompson

Registered office

51 St John Street
Ashbourne
Derbyshire
DE6 1GP

Accountants

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

 

Premier Amusement Supplies Limited

(Registration number: 4398635)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

142,832

115,141

Current assets

 

Stocks

694,308

401,918

Debtors

5

102,794

163,749

Cash at bank and in hand

 

342,612

615,740

 

1,139,714

1,181,407

Creditors: Amounts falling due within one year

6

(293,192)

(254,942)

Net current assets

 

846,522

926,465

Total assets less current liabilities

 

989,354

1,041,606

Creditors: Amounts falling due after more than one year

6

(277,162)

(286,001)

Provisions for liabilities

(18,250)

(23,405)

Net assets

 

693,942

732,200

Capital and reserves

 

Called up share capital

100

100

Retained earnings

693,842

732,100

Shareholders' funds

 

693,942

732,200

 

Premier Amusement Supplies Limited

(Registration number: 4398635)
Balance Sheet as at 31 January 2024 (continued)

For the financial year ending 31 January 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

Approved and authorised by the Board on 1 August 2024 and signed on its behalf by:
 

.........................................
A J Wilkins
Director

   
     
 

Premier Amusement Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital incorporated in England and Wales registration number: 4398635.

The address of its registered office is:
51 St John Street
Ashbourne
Derbyshire
DE6 1GP
United Kingdom

The principal place of business is:
Unit 4
Intake Road
Bolsover Business Park, Bolsover
Chesterfield
S44 6BB

These financial statements were authorised for issue by the Board on 1 August 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.

The presentation currency is £ sterling.

Going concern

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

 

Premier Amusement Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises amounts chargeable, net of value added tax, in respect of sale of goods to customers.

The company recognises revenue when:
The amount of revenue can be reliably measured; and
it is probable that future economic benefits will flow to the entity.

Foreign currency transactions and balances

Profit and loss account transactions in foreign currencies are translated into sterling at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated on foreign currencies are translated into sterling at the closing rates at the balance sheet date and the exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company.

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

Plant and machinery

15% reducing balance basis

Office equipment

33% straight line basis

Stocks

Stocks are stated at the lower of cost and net realisable value. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

 

Premier Amusement Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Leases

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.

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 directors) during the year, was 4 (2023 - 3).

 

Premier Amusement Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

4

Tangible assets

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 February 2023

57,480

192,153

249,633

Additions

57,416

19,596

77,012

Disposals

(57,480)

(2,116)

(59,596)

At 31 January 2024

57,416

209,633

267,049

Depreciation

At 1 February 2023

30,851

103,641

134,492

Charge for the year

5,398

17,086

22,484

Eliminated on disposal

(30,851)

(1,908)

(32,759)

At 31 January 2024

5,398

118,819

124,217

Carrying amount

At 31 January 2024

52,018

90,814

142,832

At 31 January 2023

26,629

88,512

115,141

5

Debtors

Current

2024
£

2023
£

Trade debtors

77,941

135,504

Prepayments

10,646

17,245

Other debtors

14,207

11,000

 

102,794

163,749

 

Premier Amusement Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

51,225

47,362

Trade creditors

 

143,901

55,409

Taxation and social security

 

38,672

65,908

Accruals and deferred income

 

57,272

68,404

Other creditors

 

2,122

17,859

 

293,192

254,942

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £51,225 (2023 - £47,362). The bank loan of £40,000 is supported by the Coronavirus Business Interruption Loan Scheme which is partially guaranteed by the Secretary of State for Business, Energy and Industrial Strategy.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

88,361

97,200

Other creditors

 

188,801

188,801

 

277,162

286,001

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £88,361 (2023 - £97,200). The bank loan of £50,000 is supported by the Coronavirus Business Interruption Loan Scheme which is partially guaranteed by the Secretary of State for Business, Energy and Industrial Strategy.

 

Premier Amusement Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

40,000

40,000

Hire purchase contracts

11,225

7,362

51,225

47,362

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

50,000

90,000

Hire purchase contracts

38,361

7,200

88,361

97,200

8

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 £Nil (2023 - £3,428). The financial commitments relate to operating lease payments due with £nil due within one year (2023: £3,428).