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REGISTERED NUMBER: SC150675 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

PRESTIGE FABRICATIONS LIMITED

PRESTIGE FABRICATIONS LIMITED (REGISTERED NUMBER: SC150675)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

PRESTIGE FABRICATIONS LIMITED

Company Information
for the Year Ended 31 March 2024







DIRECTOR: S D McKelvie



SECRETARY: S D McKelvie



REGISTERED OFFICE: 29 Brandon Street
Hamilton
South Lanarkshire
ML3 6DA



REGISTERED NUMBER: SC150675 (Scotland)



ACCOUNTANTS: Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA



BANKERS: The Royal Bank of Scotland
24/25 Princes Square
East Kilbride
G74 1LJ

PRESTIGE FABRICATIONS LIMITED (REGISTERED NUMBER: SC150675)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,274,885 1,407,682

CURRENT ASSETS
Stocks 140,877 181,200
Debtors 6 635,051 722,680
Cash at bank 52,829 -
828,757 903,880
CREDITORS
Amounts falling due within one year 7 714,323 1,164,680
NET CURRENT ASSETS/(LIABILITIES) 114,434 (260,800 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,389,319

1,146,882

CREDITORS
Amounts falling due after more than one
year

8

(617,645

)

(370,586

)

PROVISIONS FOR LIABILITIES (167,965 ) (172,565 )
NET ASSETS 603,709 603,731

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 593,709 593,731
SHAREHOLDERS' FUNDS 603,709 603,731

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PRESTIGE FABRICATIONS LIMITED (REGISTERED NUMBER: SC150675)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 August 2024 and were signed by:





S D McKelvie - Director


PRESTIGE FABRICATIONS LIMITED (REGISTERED NUMBER: SC150675)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Prestige Fabrications Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition
Turnover is derived from the sheet metal fabrication, CNC machining and laser cutting activities of the company.

Turnover therefore represents the value of the work performed and products supplied through these activities, net of discounts and excluding valued added tax, and is recognised at the point that the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - Straight line over 50 years
Plant and machinery etc - Straight line over 7 years, Straight line over 5 years and Straight line over 4 years

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to the income statement as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


PRESTIGE FABRICATIONS LIMITED (REGISTERED NUMBER: SC150675)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2023 - 35 ) .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 656,570 2,389,493 3,046,063
Additions - 4,435 4,435
At 31 March 2024 656,570 2,393,928 3,050,498
DEPRECIATION
At 1 April 2023 106,364 1,532,017 1,638,381
Charge for year 9,054 128,178 137,232
At 31 March 2024 115,418 1,660,195 1,775,613
NET BOOK VALUE
At 31 March 2024 541,152 733,733 1,274,885
At 31 March 2023 550,206 857,476 1,407,682

PRESTIGE FABRICATIONS LIMITED (REGISTERED NUMBER: SC150675)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023 1,014,839
Transfer to ownership (290,518 )
At 31 March 2024 724,321
DEPRECIATION
At 1 April 2023 528,724
Charge for year 74,945
Transfer to ownership (315,518 )
At 31 March 2024 288,151
NET BOOK VALUE
At 31 March 2024 436,170
At 31 March 2023 486,115

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 571,160 693,542
Amounts owed by group undertakings 27,878 27,878
Other debtors 36,013 1,260
635,051 722,680

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 21,906 366,214
Hire purchase contracts 132,197 144,841
Trade creditors 237,347 243,215
Taxation and social security 193,252 247,268
Other creditors 129,621 163,142
714,323 1,164,680

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 408,693 159,367
Hire purchase contracts 208,952 211,219
617,645 370,586

PRESTIGE FABRICATIONS LIMITED (REGISTERED NUMBER: SC150675)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans 330,601 109,371

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 73,153
Bank loans 430,599 452,428
Hire purchase contracts 341,149 356,060
771,748 881,641

The Royal Bank of Scotland holds a standard security over the properties at 3 Colvilles Road and a floating charge over the assets of the company in respect of the bank loans and overdraft facility.

A bank loan with a remaining balance of £30,759 is supported by 100% guarantee from the UK Government.

Hire purchase contracts are secured against the assets to which they relate.

10. RELATED PARTY DISCLOSURES

The director operates a loan account with the company. At the year end the company owed the director £22,065 (2023 : £41,065). This loan is unsecured, interest free and has no fixed repayment terms.

11. CONTROLLING PARTY

The controlling party is McKelvie Holdings Limited.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Prestige Fabrications Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Prestige Fabrications Limited for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Prestige Fabrications Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Prestige Fabrications Limited and state those matters that we have agreed to state to the director of Prestige Fabrications Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Prestige Fabrications Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Prestige Fabrications Limited. You consider that Prestige Fabrications Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Prestige Fabrications Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA


29 August 2024