Registered number
SC353408
PRICE COMMERCIAL LTD
Filleted Accounts
31 January 2024
PRICE COMMERCIAL LTD
Registered number: SC353408
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 172,481 126,806
Current assets
Stocks 365 365
Debtors 4 398,548 321,858
Cash at bank and in hand 213,418 151,922
612,331 474,145
Creditors: amounts falling due within one year 5 (217,407) (153,718)
Net current assets 394,924 320,427
Total assets less current liabilities 567,405 447,233
Creditors: amounts falling due after more than one year 6 (15,000) (25,000)
Provisions for liabilities (10,098) (7,796)
Net assets 542,307 414,437
Capital and reserves
Called up share capital 1 1
Profit and loss account 542,306 414,436
Shareholders' funds 542,307 414,437
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Lilian Price
Director
Approved by the board on 27 August 2024
PRICE COMMERCIAL LTD
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 15% of cost
Fixtures, fittings, tools and equipment 25% of cost
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 11
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 70,665 135,796 70,033 276,494
Additions 48,080 17,502 - 65,582
At 31 January 2024 118,745 153,298 70,033 342,076
Depreciation
At 1 February 2023 - 93,461 56,227 149,688
Charge for the year - 11,801 8,106 19,907
At 31 January 2024 - 105,262 64,333 169,595
Net book value
At 31 January 2024 118,745 48,036 5,700 172,481
At 31 January 2023 70,665 42,335 13,806 126,806
4 Debtors 2024 2023
£ £
Trade debtors 192,295 125,631
Amounts owed by group undertakings and undertakings in which the company has a participating interest 200,433 196,227
Other debtors 5,820 -
398,548 321,858
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 47,682 45,030
Taxation and social security costs 148,092 87,382
Other creditors 11,633 11,306
217,407 153,718
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 15,000 25,000
7 Other information
PRICE COMMERCIAL LTD is a private company limited by shares and incorporated in England. Its registered office is:
C/o Connolly Accountants
188 Woodhill Road
Bishopbriggs
Glasgow
G64 1DW
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