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Registered number: 02079816
Prizefind Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Minford Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02079816
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 205,221 223,496
205,221 223,496
CURRENT ASSETS
Stocks 5 42,761 48,726
Debtors 2,706 -
Cash at bank and in hand 233,468 264,828
278,935 313,554
Creditors: Amounts Falling Due Within One Year 6 (171,118 ) (236,364 )
NET CURRENT ASSETS (LIABILITIES) 107,817 77,190
TOTAL ASSETS LESS CURRENT LIABILITIES 313,038 300,686
Creditors: Amounts Falling Due After More Than One Year 7 (6,389 ) (10,521 )
NET ASSETS 306,649 290,165
CAPITAL AND RESERVES
Called up share capital 8 45 45
Profit and Loss Account 306,604 290,120
SHAREHOLDERS' FUNDS 306,649 290,165
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr B N Seymour
Director
16th August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Prizefind Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02079816 . The registered office is Moyola House, 31 Hawthorn Grove, York, YO31 7YA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 33% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 12)
12 12
4. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 February 2023 204,332 25,554 357,337 1,288 588,511
As at 31 January 2024 204,332 25,554 357,337 1,288 588,511
Depreciation
As at 1 February 2023 74,953 13,146 276,487 429 365,015
Provided during the period 2,588 3,130 12,127 430 18,275
As at 31 January 2024 77,541 16,276 288,614 859 383,290
Net Book Value
As at 31 January 2024 126,791 9,278 68,723 429 205,221
As at 1 February 2023 129,379 12,408 80,850 859 223,496
5. Stocks
2024 2023
£ £
Materials 42,761 48,726
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 34,433 36,005
Bank loans and overdrafts - 22,257
Hp < 1 Year 3,521 2,347
Corporation tax 33,859 30,364
Other taxes and social security 448 918
VAT 5,666 2,438
Net wages - 8,831
Pension Control Account 228 -
Accruals and deferred income 1,800 1,800
Directors' loan accounts 91,163 131,404
171,118 236,364
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
HP > 1 Year 6,389 10,521
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Page 5
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 45 45
9. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 77,478 40,000
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