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Company No: 06678170 (England and Wales)

PREMFAST LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

PREMFAST LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

PREMFAST LTD

BALANCE SHEET

As at 31 March 2024
PREMFAST LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 36,253 40,281
Tangible assets 4 50,982 53,225
87,235 93,506
Current assets
Stocks 5 326,125 332,729
Debtors 6 383,536 437,971
Cash at bank and in hand 34,143 133,091
743,804 903,791
Creditors: amounts falling due within one year 7 ( 421,522) ( 589,643)
Net current assets 322,282 314,148
Total assets less current liabilities 409,517 407,654
Creditors: amounts falling due after more than one year 8 ( 37,089) ( 79,713)
Net assets 372,428 327,941
Capital and reserves
Called-up share capital 1,500 1,500
Profit and loss account 370,928 326,441
Total shareholder's funds 372,428 327,941

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 financial statements of Premfast Ltd (registered number: 06678170) were approved and authorised for issue by the Board of Directors on 27 September 2024. They were signed on its behalf by:

L J Brencher
Director
PREMFAST LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
PREMFAST LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Premfast Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 1 Wessex Trade Centre, Ringwood Road, Poole, BH12 3PF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a basis over its expected useful life, as follows:

Leasehold improvements not depreciated
Plant and machinery 25 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 15 17

3. Intangible assets

Computer software Total
£ £
Cost
At 01 April 2023 40,281 40,281
At 31 March 2024 40,281 40,281
Accumulated amortisation
At 01 April 2023 0 0
Charge for the financial year 4,028 4,028
At 31 March 2024 4,028 4,028
Net book value
At 31 March 2024 36,253 36,253
At 31 March 2023 40,281 40,281

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 April 2023 2,058 3,804 35,460 47,960 29,123 118,405
Additions 0 0 0 275 10,286 10,561
At 31 March 2024 2,058 3,804 35,460 48,235 39,409 128,966
Accumulated depreciation
At 01 April 2023 0 3,587 5,321 30,589 25,683 65,180
Charge for the financial year 0 54 6,028 4,411 2,311 12,804
At 31 March 2024 0 3,641 11,349 35,000 27,994 77,984
Net book value
At 31 March 2024 2,058 163 24,111 13,235 11,415 50,982
At 31 March 2023 2,058 217 30,139 17,371 3,440 53,225

5. Stocks

2024 2023
£ £
Stocks 326,125 332,729

6. Debtors

2024 2023
£ £
Trade debtors 360,938 415,212
Other debtors 22,598 22,759
383,536 437,971

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 56,617 78,212
Trade creditors 250,165 380,792
Corporation tax 52,314 51,789
Other taxation and social security 44,575 38,081
Other creditors 17,851 40,769
421,522 589,643

Bank loans are secured against fixed and floating charge over the company's assets.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 37,089 79,713

Bank loans are secured against fixed and floating charge over the company's assets.

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 42,000 4,763
between one and five years 199,500 0
241,500 4,763

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Key Management 9,814 0

No interest has been charged on the overdrawn loan amount.