Company registration number 09063838 (England and Wales)
PRIORITY EXHIBITIONS & GRAPHICS HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
PRIORITY EXHIBITIONS & GRAPHICS HOLDINGS LIMITED
COMPANY INFORMATION
Director
Mr L Walters
Company number
09063838
Registered office
The Woodlands
Woodlands Road
Dodford
Bromsgrove
Worcestershire
B61 9BS
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
130 New Street
Birmingham
West Midlands
B2 4JU
PRIORITY EXHIBITIONS & GRAPHICS HOLDINGS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
PRIORITY EXHIBITIONS & GRAPHICS HOLDINGS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PRIORITY EXHIBITIONS & GRAPHICS HOLDINGS LIMITED FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Priority Exhibitions & Graphics Holdings Limited for the year ended 31 January 2024 which comprise, the balance sheet 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Priority Exhibitions & Graphics Holdings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Priority Exhibitions & Graphics Holdings Limited and state those matters that we have agreed to state to the board of directors of Priority Exhibitions & Graphics Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Priority Exhibitions & Graphics Holdings Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Priority Exhibitions & Graphics Holdings 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 result of Priority Exhibitions & Graphics Holdings Limited. You consider that Priority Exhibitions & Graphics Holdings 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 Priority Exhibitions & Graphics Holdings 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.
Ormerod Rutter Limited
22 August 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
PRIORITY EXHIBITIONS & GRAPHICS HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
110
Current assets
Debtors
4
110
96,624
Cash at bank and in hand
13
13
123
96,637
Creditors: amounts falling due within one year
5
(96,514)
Net current assets
123
123
Net assets
123
233
Capital and reserves
Called up share capital
7
123
123
Profit and loss reserves
110
Total equity
123
233
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 and signed by the director and authorised for issue on 22 August 2024
Mr L Walters
Director
Company registration number 09063838 (England and Wales)
PRIORITY EXHIBITIONS & GRAPHICS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Priority Exhibitions & Graphics Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Woodlands, Woodlands Road, Dodford, Bromsgrove, Worcestershire, United Kingdom, B61 9BS.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.3
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.
PRIORITY EXHIBITIONS & GRAPHICS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
2
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
110
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 February 2023
110
Disposals
(110)
At 31 January 2024
-
Carrying amount
At 31 January 2024
-
At 31 January 2023
110
PRIORITY EXHIBITIONS & GRAPHICS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
110
96,624
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
30
Amounts owed to group undertakings
96,054
Other creditors
430
96,514
6
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank overdrafts
30
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
70
70
70
70
Ordinary B of £1 each
20
20
20
20
Ordinary C of £1 each
6
6
6
6
Ordinary D of £1 each
6
6
6
6
Ordinary E of £1 each
3
3
3
3
Ordinary F of £1 each
18
18
18
18
123
123
123
123
8
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
PRIORITY EXHIBITIONS & GRAPHICS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
9
Control
Ultimate parent company
The ultimate parent company is OBP Group Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr L K Walters, by virtue of his controlling interest in the ultimate parent company.