Registration number:
Premier Pumps Limited
for the Year Ended 31 March 2024
Premier Pumps Limited
(Registration number: 03694804)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
- |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Shareholders' funds |
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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:
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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
.........................................
P Baker
Director
Premier Pumps Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Premier Pumps Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
Tangible assets |
Motor vehicles |
Plant and machinery |
Total |
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Cost |
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At 1 April 2023 |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
- |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
- |
- |
- |
At 31 March 2023 |
- |
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Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Directors' current account |
993 |
15,683 |
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Premier Pumps Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
Creditors |
2024 |
2023 |
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Due within one year |
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Bank loan and overdraft |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Directors' current account |
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Pension contributions unpaid |
1,476 |
1,411 |
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2024 |
2023 |
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Due after one year |
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Bank loan |
35,000 |
65,000 |
The bank loan is secured by the assets of the company.
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).
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.