Company registration number 02647508 (England and Wales)
PRISMATAPE U.K. LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
PRISMATAPE U.K. LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PRISMATAPE U.K. LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,411,972
1,067,925
Current assets
Stocks
245,008
501,147
Debtors
460,545
498,615
Cash at bank and in hand
10,035
3,223
715,588
1,002,985
Creditors: amounts falling due within one year
(736,760)
(1,025,705)
Net current liabilities
(21,172)
(22,720)
Total assets less current liabilities
1,390,800
1,045,205
Creditors: amounts falling due after more than one year
4
(202,848)
(224,935)
Provisions for liabilities
(166,690)
(71,290)
Net assets
1,021,262
748,980
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
6
462,330
197,730
Profit and loss reserves
557,932
550,250
Total equity
1,021,262
748,980
PRISMATAPE U.K. LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for:

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.

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

The financial statements were approved by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
Mr A R Mangano
Director
Company registration number 02647508 (England and Wales)
PRISMATAPE U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Prismatape U.K. Limited is a private company limited by shares incorporated in England and Wales. The registered office is Road One, Winsford Industrial Estate, Winsford, Cheshire, CW7 3RW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold property at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% on cost with a residual value
Improvements to property
10% on cost
Plant and machinery
20% on reducing balance
Fixtures and fittings
20% on reducing balance
Computer equipment
20% on cost
Motor vehicles
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

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

1.5
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

PRISMATAPE U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, including bank loans at market rates.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

PRISMATAPE U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -

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

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.12

Factoring of debt

The company has adopted the separate disclosure method for the factoring of its trade debtors. The gross amount of the debt is disclosed on the balance sheet with trade debtors and the corresponding liability to the debt factor in respect of advances made is disclosed within creditors. Interest and factoring charges are recognised in the profit and loss account.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
10
9
3
Tangible fixed assets
Total
£
Cost or valuation
At 1 March 2023
1,175,907
Additions
3,685
Revaluation
360,000
At 28 February 2024
1,539,592
Depreciation and impairment
At 1 March 2023
107,982
Depreciation charged in the year
19,638
At 28 February 2024
127,620
Carrying amount
At 28 February 2024
1,411,972
At 28 February 2023
1,067,925

Land and buildings were valued on 17 January 2024 by Eddisons Chartered Surveyors, independent valuers not connected with the company, on the basis of replacement value. The directors consider the valuation to be appropriate as at 28 February 2024 and the revaluation adjustment made reflects this.

PRISMATAPE U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
3
Tangible fixed assets
(Continued)
- 6 -

The revaluation surplus is disclosed in note 6.

4
Creditors: amounts falling due after more than one year
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
-
37,787
5
Loans and overdrafts
2024
2023
£
£
Bank loans
235,767
270,660
Payable within one year
54,841
77,624
Payable after one year
180,926
193,036

The bank loan is secured against the company's freehold premises.

6
Revaluation reserve
2024
2023
£
£
At the beginning of the year
197,730
226,200
Revaluation surplus arising in the year
360,000
-
0
Deferred tax on revaluation of tangible assets
(95,400)
(28,470)
At the end of the year
462,330
197,730
7
Related party transactions

At the year end the company owed £22,920 (2023: £26,524) to a connected company under common control. This is disclosed in trade creditors.

 

During the year a director was advanced £11,500 by the company (2023: advanced by a director to the company - £6,787). The balance outstanding from directors to the company was £4,713 as at 28th February 2024. The debt is being repaid by regular instalments.

8
Directors' transactions

Dividends totalling £60,000 (2023 - £58,000) were paid in the year in respect of shares held by the company's directors.

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