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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
185,781
185,781
3,870
3,870
181,911
xbrli:pure
xbrli:shares
iso4217:GBP
14491794
2023-01-01
2023-12-31
14491794
2023-12-31
14491794
2022-12-31
14491794
core:MotorVehicles
2023-01-01
2023-12-31
14491794
bus:Director2
2023-01-01
2023-12-31
14491794
core:MotorVehicles
2023-12-31
14491794
core:WithinOneYear
2023-12-31
14491794
core:AfterOneYear
2023-12-31
14491794
core:UKTax
2023-01-01
2023-12-31
14491794
core:ShareCapital
2023-12-31
14491794
core:RetainedEarningsAccumulatedLosses
2023-12-31
14491794
bus:SmallEntities
2023-01-01
2023-12-31
14491794
bus:AuditExemptWithAccountantsReport
2023-01-01
2023-12-31
14491794
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
14491794
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
14491794
bus:FullAccounts
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
14491794
PREMIUM STOCK SUPPLIES LIMITED |
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
PREMIUM STOCK SUPPLIES LIMITED |
|
STATEMENT OF FINANCIAL POSITION |
|
31 December 2023
FIXED ASSETS
Tangible assets |
6 |
|
181,911 |
|
|
|
|
CURRENT ASSETS
Stocks |
275,778 |
|
Debtors |
7 |
607,795 |
|
Cash at bank and in hand |
631,697 |
|
|
------------ |
|
|
1,515,270 |
|
|
|
|
|
CREDITORS: amounts falling due within one year |
8 |
(
727,534) |
|
|
------------ |
|
NET CURRENT ASSETS |
|
787,736 |
|
|
--------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
969,647 |
|
|
|
|
CREDITORS: amounts falling due after more than one year |
9 |
|
(
159,179) |
|
|
|
|
PROVISIONS |
|
(
45,478) |
|
|
--------- |
NET ASSETS |
|
764,990 |
|
|
--------- |
|
|
|
CAPITAL AND RESERVES
Called up share capital |
|
100 |
Profit and loss account |
|
764,890 |
|
|
--------- |
SHAREHOLDERS FUNDS |
|
764,990 |
|
|
--------- |
|
|
|
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 comprehensive income has not been delivered.
For the 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:
-
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
.
PREMIUM STOCK SUPPLIES LIMITED |
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
15 August 2024
, and are signed on behalf of the board by:
Company registration number:
14491794
PREMIUM STOCK SUPPLIES LIMITED |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 DECEMBER 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 12 Parkhill Business Centre, Walton Road, Wetherby, LS22 5DZ, England.
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. 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.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods and services supplied exclusive of VAT.
Income tax
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.
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:
|
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.
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 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.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
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
5
.
5.
TAX ON PROFIT
Major components of tax expense
Current tax:
UK current tax expense |
201,152 |
|
|
Deferred tax:
Origination and reversal of timing differences |
45,478 |
|
--------- |
Tax on profit |
246,630 |
|
--------- |
|
|
6.
TANGIBLE ASSETS
|
Motor vehicles |
|
£ |
Cost |
|
At 1 January 2023 |
– |
Additions |
185,781 |
|
--------- |
At 31 December 2023 |
185,781 |
|
--------- |
Depreciation |
|
At 1 January 2023 |
– |
Charge for the year |
3,870 |
|
--------- |
At 31 December 2023 |
3,870 |
|
--------- |
Carrying amount |
|
At 31 December 2023 |
181,911 |
|
--------- |
|
|
7.
DEBTORS
|
2023 |
|
£ |
Trade debtors |
292,510 |
Other debtors |
315,285 |
|
--------- |
|
607,795 |
|
--------- |
|
|
8.
CREDITORS:
amounts falling due within one year
|
2023 |
|
£ |
Trade creditors |
54,929 |
Corporation tax |
201,152 |
Social security and other taxes |
50,363 |
Other creditors |
421,090 |
|
--------- |
|
727,534 |
|
--------- |
|
|
9.
CREDITORS:
amounts falling due after more than one year
|
2023 |
|
£ |
Other creditors |
159,179 |
|
--------- |
|
|