Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 05923806 Mr T Painter Mr R Painter Mr M Painter Mr J Painter Mr T Painter Pry Farm, The Pry, Swindon, SN5 4JP true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05923806 2022-12-31 05923806 2023-12-31 05923806 2023-01-01 2023-12-31 05923806 frs-core:CurrentFinancialInstruments 2023-12-31 05923806 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 05923806 frs-core:FurnitureFittings 2023-12-31 05923806 frs-core:FurnitureFittings 2023-01-01 2023-12-31 05923806 frs-core:FurnitureFittings 2022-12-31 05923806 frs-core:NetGoodwill 2023-12-31 05923806 frs-core:NetGoodwill 2023-01-01 2023-12-31 05923806 frs-core:NetGoodwill 2022-12-31 05923806 frs-core:MotorVehicles 2023-12-31 05923806 frs-core:MotorVehicles 2023-01-01 2023-12-31 05923806 frs-core:MotorVehicles 2022-12-31 05923806 frs-core:OtherResidualIntangibleAssets 2023-12-31 05923806 frs-core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 05923806 frs-core:OtherResidualIntangibleAssets 2022-12-31 05923806 frs-core:PlantMachinery 2023-12-31 05923806 frs-core:PlantMachinery 2023-01-01 2023-12-31 05923806 frs-core:PlantMachinery 2022-12-31 05923806 frs-core:WithinOneYear 2023-12-31 05923806 frs-core:CapitalRedemptionReserve 2023-12-31 05923806 frs-core:ShareCapital 2023-12-31 05923806 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 05923806 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05923806 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 05923806 frs-bus:SmallEntities 2023-01-01 2023-12-31 05923806 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05923806 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05923806 1 2023-01-01 2023-12-31 05923806 frs-bus:Director1 2023-01-01 2023-12-31 05923806 frs-bus:Director2 2023-01-01 2023-12-31 05923806 frs-bus:Director3 2023-01-01 2023-12-31 05923806 frs-bus:Director3 2022-12-31 05923806 frs-bus:Director3 2023-12-31 05923806 frs-bus:Director4 2023-01-01 2023-12-31 05923806 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 05923806 frs-countries:EnglandWales 2023-01-01 2023-12-31 05923806 2021-12-31 05923806 2022-12-31 05923806 2022-01-01 2022-12-31 05923806 frs-core:CurrentFinancialInstruments 2022-12-31 05923806 frs-core:BetweenOneFiveYears 2022-12-31 05923806 frs-core:WithinOneYear 2022-12-31 05923806 frs-core:CapitalRedemptionReserve 2022-12-31 05923806 frs-core:ShareCapital 2022-12-31 05923806 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 05923806
Presco UK Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
C&H Stedman
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05923806
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 59,260 66,880
Tangible Assets 5 228,275 146,450
287,535 213,330
CURRENT ASSETS
Stocks 6 686,553 1,019,394
Debtors 7 928,193 477,666
Cash at bank and in hand 303,269 205,171
1,918,015 1,702,231
Creditors: Amounts Falling Due Within One Year 8 (435,491 ) (323,851 )
NET CURRENT ASSETS (LIABILITIES) 1,482,524 1,378,380
TOTAL ASSETS LESS CURRENT LIABILITIES 1,770,059 1,591,710
PROVISIONS FOR LIABILITIES
Deferred Taxation (13,776 ) (14,820 )
NET ASSETS 1,756,283 1,576,890
CAPITAL AND RESERVES
Called up share capital 9 601,000 601,000
Capital redemption reserve 200,000 200,000
Profit and Loss Account 955,283 775,890
SHAREHOLDERS' FUNDS 1,756,283 1,576,890
Page 1
Page 2
For the year ending 31 December 2023 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 T Painter
Director
17 September 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Presco UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05923806 . The registered office is Pry Farm, The Pry, Swindon, SN5 4JP.
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, excluding discounts, rebates, value added tax and other sales taxes.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business in 2021. It is amortised to profit and loss account over its estimated economic life of ten years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are initially measured at cost.  After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Customer lists are being amortised over their estimated useful life of ten years.
Website costs are being amortised eveny over their estimated useful life of three years.
2.5. 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:
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 20% on reducing balance
2.6. 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.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. 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.
...CONTINUED
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Page 4
2.8. Taxation - continued
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.
3. Average Number of Employees
The average number of employees during the year was 18 (2022: 19)
18 19
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 January 2023 75,000 60,250 135,250
As at 31 December 2023 75,000 60,250 135,250
Amortisation
As at 1 January 2023 10,625 57,745 68,370
Provided during the period 7,500 120 7,620
As at 31 December 2023 18,125 57,865 75,990
Net Book Value
As at 31 December 2023 56,875 2,385 59,260
As at 1 January 2023 64,375 2,505 66,880
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 January 2023 44,545 172,087 164,666 381,298
Additions 5,750 151,941 9,735 167,426
Disposals - (73,698 ) - (73,698 )
As at 31 December 2023 50,295 250,330 174,401 475,026
Depreciation
As at 1 January 2023 - 98,984 135,864 234,848
Provided during the period 11,257 29,088 7,230 47,575
Disposals - (35,672 ) - (35,672 )
As at 31 December 2023 11,257 92,400 143,094 246,751
Net Book Value
As at 31 December 2023 39,038 157,930 31,307 228,275
As at 1 January 2023 44,545 73,103 28,802 146,450
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Page 5
6. Stocks
2023 2022
£ £
Stock 686,553 1,019,394
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 311,679 441,172
Amounts owed by group undertakings 568,000 -
Other debtors 48,414 36,394
928,093 477,566
Due after more than one year
Other debtors 100 100
928,193 477,666
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 178,761 99,551
Other creditors 67,583 12,779
Taxation and social security 189,147 211,521
435,491 323,851
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 601,000 601,000
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 2,917 5,000
Later than one year and not later than five years - 2,917
2,917 7,917
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Page 6
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Matthew Painter 9,000 - 9,000 - -
The above loan is unsecured, interest free and repayable on demand.
12. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Pry Farm Ltd .
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