Priory Cast Products Ltd |
Notes to the Accounts |
for the year ended 31 March 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
4 |
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4 |
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3 |
Intangible fixed assets |
£ |
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Goodwill: |
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Cost |
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At 1 April 2023 |
800 |
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At 31 March 2024 |
800 |
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Amortisation |
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At 1 April 2023 |
480 |
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Provided during the year |
165 |
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At 31 March 2024 |
645 |
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Net book value |
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At 31 March 2024 |
155 |
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At 31 March 2023 |
320 |
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Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years. |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Other debtors |
- |
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210 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Trade creditors |
4,424 |
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2,865 |
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Taxation and social security costs |
1,144 |
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(880) |
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Other creditors |
39,271 |
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40,658 |
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44,839 |
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42,643 |
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6 |
Going Concern |
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When preparing financial statements, International Accounting Standard 1 (‘the Standard’) requires management to assess the company’s ability to continue as a going concern. The Standard defines going concern by explaining that financial statements are prepared on a going concern basis unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so. When assessing whether to prepare financial statements on a going concern basis, the Standard requires management to look out at least 12 months from the end of the reporting period. The company incurred a net loss of £2,989 during the year ended 31st March 2024(2023:£-26424).Management has kept the company’s cashflow under close scrutiny during the year to March 2024. Various leads are being pursued with existing and potential clients to generate more income and also costs are being cut and the next 12 months looks better financially as the company recovers from historic losses. Management has concluded the going concern basis of preparation is appropriate but material uncertainties about going concern remain after considering mitigating actions. |
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7 |
Other information |
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Priory Cast Products Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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Unit 14 Langston Priory Workshops |
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Station Road |
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Kirkham |
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Chipping Norton |
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OX7 6UP |