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REGISTERED NUMBER: 07914245 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PRESTIGE BUILDING SUPPLIES LTD

PRESTIGE BUILDING SUPPLIES LTD (REGISTERED NUMBER: 07914245)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


PRESTIGE BUILDING SUPPLIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M Foulds
Miss N Parkinson





REGISTERED OFFICE: Park House
200 Drake Street
Rochdale
Lancashire
OL16 1PJ





REGISTERED NUMBER: 07914245 (England and Wales)





ACCOUNTANTS: Wyatt Morris Golland Ltd
Park House
200 Drake Street
Rochdale
Lancashire
OL16 1PJ

PRESTIGE BUILDING SUPPLIES LTD (REGISTERED NUMBER: 07914245)

ABRIDGED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 73,172 93,035
Tangible assets 5 293,565 281,101
366,737 374,136

CURRENT ASSETS
Stocks 356,280 352,715
Debtors 1,551,705 1,708,505
Cash at bank and in hand 17,511 47,666
1,925,496 2,108,886
CREDITORS
Amounts falling due within one year 1,882,078 2,100,404
NET CURRENT ASSETS 43,418 8,482
TOTAL ASSETS LESS CURRENT
LIABILITIES

410,155

382,618

CREDITORS
Amounts falling due after more than one year (133,395 ) (108,714 )

PROVISIONS FOR LIABILITIES (59,458 ) (65,358 )
NET ASSETS 217,302 208,546

CAPITAL AND RESERVES
Called up share capital 1,002 1,002
Retained earnings 216,300 207,544
SHAREHOLDERS' FUNDS 217,302 208,546

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PRESTIGE BUILDING SUPPLIES LTD (REGISTERED NUMBER: 07914245)

ABRIDGED BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:





M Foulds - Director


PRESTIGE BUILDING SUPPLIES LTD (REGISTERED NUMBER: 07914245)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Prestige Building Supplies Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
The company has acquired client databases in 2013 and 2014 which are each being amortised over their estimated useful life of 5 years.

The company acquired software in 2021 which is being amortised over it's estimated useful life of 5 years

The company acquired private vehicle registrations in 2020 and 2021 which are each being amortised over their estimated useful life of 5 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

PRESTIGE BUILDING SUPPLIES LTD (REGISTERED NUMBER: 07914245)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2022 - 55 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023
and 31 December 2023 148,263
AMORTISATION
At 1 January 2023 55,228
Amortisation for year 19,863
At 31 December 2023 75,091
NET BOOK VALUE

At 31 December 2023 73,172
At 31 December 2022 93,035

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 481,689
Additions 143,495
Disposals (117,354 )
At 31 December 2023 507,830
DEPRECIATION
At 1 January 2023 200,588
Charge for year 65,464
Eliminated on disposal (51,787 )
At 31 December 2023 214,265
NET BOOK VALUE
At 31 December 2023 293,565
At 31 December 2022 281,101

PRESTIGE BUILDING SUPPLIES LTD (REGISTERED NUMBER: 07914245)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 January 2023 304,334
Disposals (100,131 )
At 31 December 2023 204,203
DEPRECIATION
At 1 January 2023 92,122
Charge for year 30,569
Eliminated on disposal (42,207 )
At 31 December 2023 80,484
NET BOOK VALUE
At 31 December 2023 123,719
At 31 December 2022 212,212

6. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 77,143 62,490
Between one and five years 133,395 108,714
210,538 171,204

Non-cancellable operating leases
2023 2022
£    £   
Within one year 36,744 24,227
Between one and five years 13,533 14,132
50,277 38,359

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 210,538 171,204
Invoice finance facility 694,191 985,047
904,729 1,156,251

HSBC Invoice Finance (UK) Ltd have a fixed and floating charge over the assets of the company.

PRESTIGE BUILDING SUPPLIES LTD (REGISTERED NUMBER: 07914245)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
M Foulds
Balance outstanding at start of year 27,730 78,360
Amounts advanced 8,005 -
Amounts repaid (10,500 ) (50,630 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 25,235 27,730

Miss N Parkinson
Balance outstanding at start of year 35,346 82,285
Amounts advanced 1,717 -
Amounts repaid - (46,939 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 37,063 35,346

Interest of £1,251 (2022: £1,865) has been charged during the year on the Director loan accounts.

9. RELATED PARTY DISCLOSURES

At the year end a balance of £165,944 was due to the company from ZXF Holdings Ltd, a company controlled by the directors and is included in other debtors. During the year the company was charged £53,100 by ZXF Holdings Ltd for management services.