Premier Pumps Limited 03694804 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of pump repairs and refurbishment, skilled labour hire and general engineering. Digita Accounts Production Advanced 6.30.9574.0 true 03694804 2023-04-01 2024-03-31 03694804 2024-03-31 03694804 core:CapitalRedemptionReserve 2024-03-31 03694804 core:RetainedEarningsAccumulatedLosses 2024-03-31 03694804 core:ShareCapital 2024-03-31 03694804 core:CurrentFinancialInstruments 2024-03-31 03694804 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 03694804 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 03694804 core:MotorVehicles 2024-03-31 03694804 core:PlantMachinery 2024-03-31 03694804 bus:SmallEntities 2023-04-01 2024-03-31 03694804 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03694804 bus:FullAccounts 2023-04-01 2024-03-31 03694804 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03694804 bus:Director1 2023-04-01 2024-03-31 03694804 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03694804 core:MotorVehicles 2023-04-01 2024-03-31 03694804 core:PlantMachinery 2023-04-01 2024-03-31 03694804 countries:AllCountries 2023-04-01 2024-03-31 03694804 2023-03-31 03694804 core:MotorVehicles 2023-03-31 03694804 core:PlantMachinery 2023-03-31 03694804 2022-04-01 2023-03-31 03694804 2023-03-31 03694804 core:CapitalRedemptionReserve 2023-03-31 03694804 core:RetainedEarningsAccumulatedLosses 2023-03-31 03694804 core:ShareCapital 2023-03-31 03694804 core:CurrentFinancialInstruments 2023-03-31 03694804 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03694804 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 03694804 core:MotorVehicles 2023-03-31 03694804 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 03694804

Premier Pumps Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Premier Pumps Limited

(Registration number: 03694804)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

-

2,358

Current assets

 

Stocks

4,000

4,000

Debtors

4

284,214

296,064

Cash at bank and in hand

 

-

10,186

 

288,214

310,250

Creditors: Amounts falling due within one year

5

(169,760)

(188,499)

Net current assets

 

118,454

121,751

Total assets less current liabilities

 

118,454

124,109

Creditors: Amounts falling due after more than one year

5

(35,000)

(65,000)

Provisions for liabilities

-

(590)

Net assets

 

83,454

58,519

Capital and reserves

 

Called up share capital

2

2

Capital redemption reserve

1

1

Profit and loss account

83,451

58,516

Shareholders' funds

 

83,454

58,519

For the financial year ending 31 March 2024 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 and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

 

Premier Pumps Limited

(Registration number: 03694804)

Balance Sheet as at 31 March 2024 (continued)

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 3 September 2024 and signed on its behalf by:
 

.........................................

P Baker

Director

 

Premier Pumps Limited

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

1

Accounting policies

Statutory information

Premier Pumps Limited is a private company, limited by shares, domiciled in England and Wales, company number 03694804. The registered office is at 39 Wickfield Grove, Sheffield, S12 4TL.

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 Small Entities. There were no material departures from this standard.

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. The presentation currency is United Kingdom pounds sterling. The financial statements are those of the company as an individual entity.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Revenue is recognised at the point of sale of goods and delivery of services.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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.

 

Premier Pumps Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

1

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% straight line

Plant and machinery

25% straight line

Stocks

Stocks are stated at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 13).

 

Premier Pumps Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

3

Tangible assets

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost

At 1 April 2023

35,589

50,966

86,555

At 31 March 2024

35,589

50,966

86,555

Depreciation

At 1 April 2023

35,589

48,608

84,197

Charge for the year

-

2,358

2,358

At 31 March 2024

35,589

50,966

86,555

Carrying amount

At 31 March 2024

-

-

-

At 31 March 2023

-

2,358

2,358

4

Debtors

2024
£

2023
£

Trade debtors

279,613

274,938

Other debtors

1,108

2,943

Prepayments

2,500

2,500

Directors' current account

993

15,683

284,214

296,064

 

Premier Pumps Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Creditors

2024
£

2023
£

Due within one year

Bank loan and overdraft

40,696

38,444

Trade creditors

70,774

96,896

Taxation and social security

49,136

39,516

Accruals and deferred income

7,328

11,306

Directors' current account

350

926

Pension contributions unpaid

1,476

1,411

169,760

188,499

2024
£

2023
£

Due after one year

Bank loan

35,000

65,000

The bank loan is secured by the assets of the company.

6

Financial commitments, guarantees and contingencies

Operating leases

As at the balance sheet date, the company had total commitments under non-cancellable operating leases over the remaining term of those leases of £49,061 (2023 - £2,760).

7

Related party transactions

During the year the director P Baker had a loan account with the company. At the balance sheet date the amount due from P Baker was £993 (2023 : £15,683).

During the year the director T Bennett had a loan account with the company. At the balance sheet date the amount due to T Bennett was £350 (2023 : £926).

Both the loans are interest free.