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Registration number: 05634892

Prism Logistical Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

image-name
 

Prism Logistical Services Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Prism Logistical Services Limited

Company Information

Directors

P Clarkson

C Gillie

Registered office

Lloyds Bank House
Bellingham
Hexham
Northumberland
NE48 2AZ

Accountants

TyneRede Accountancy Ltd
Chartered Certified Accountants
Lloyds Bank House
Bellingham
Hexham
Northumberland
NE48 2AZ

 

Prism Logistical Services Limited

(Registration number: 05634892)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

120,933

141,029

Current assets

 

Debtors

6

574,868

153,491

Cash at bank and in hand

 

69,664

255,009

 

644,532

408,500

Creditors: Amounts falling due within one year

7

(437,967)

(250,150)

Net current assets

 

206,565

158,350

Total assets less current liabilities

 

327,498

299,379

Creditors: Amounts falling due after more than one year

7

(27,000)

(45,000)

Provisions for liabilities

(5,347)

778

Net assets

 

295,151

255,157

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

294,151

254,157

Shareholders' funds

 

295,151

255,157

For the financial year ending 30 November 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 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.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

.........................................
P Clarkson
Director

 

Prism Logistical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
Lloyds Bank House
Bellingham
Hexham
Northumberland
NE48 2AZ
England

These financial statements were authorised for issue by the Board on 28 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.

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.

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.

 

Prism Logistical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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

Fixtures and fittings

25% straight line basis

Motor vehicles

25% straight line basis

Office equipment

25% straight line basis

Plant and machinery

25% straight line basis

Office improvements

50% straight line basis

Lease hold improvements

7 years 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.

 

Prism Logistical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 17).

 

Prism Logistical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Fixtures, fittings and office equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

173,387

123,732

297,119

Additions

55,495

13,333

68,828

Disposals

(16,120)

(8,750)

(24,870)

At 30 November 2023

212,762

128,315

341,077

Depreciation

At 1 December 2022

106,365

49,725

156,090

Charge for the year

18,706

32,079

50,785

Eliminated on disposal

(12,328)

(6,563)

(18,891)

Impairment

32,160

-

32,160

At 30 November 2023

144,903

75,241

220,144

Carrying amount

At 30 November 2023

67,859

53,074

120,933

At 30 November 2022

67,022

74,007

141,029

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 December 2022

22,000

22,000

At 30 November 2023

22,000

22,000

Impairment

At 1 December 2022

22,000

22,000

At 30 November 2023

22,000

22,000

Carrying amount

At 30 November 2023

-

-

 

Prism Logistical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

374,998

137,295

Amounts owed by related parties

12,018

14,771

Other debtors

 

187,852

1,425

   

574,868

153,491

 

Prism Logistical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

18,000

18,000

Trade creditors

 

213,609

127,063

Taxation and social security

 

56,754

33,497

Accruals and deferred income

 

43,475

60,262

Other creditors

 

106,129

11,328

 

437,967

250,150

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

27,000

45,000

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

27,000

45,000

Current loans and borrowings

2023
£

2022
£

Bank borrowings

18,000

18,000

 

Prism Logistical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

10

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 (2022 - £5,050).