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Registered number: 01670073
Prestopets Limited
Financial Statements
For The Year Ended 31 January 2024
TaxAssist Accountants
11-13 Hockerill Street
Bishops Stortford
Herts
CM23 2DH
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Company Information
Directors Mr John Agass
Mr Norman Agass
Company Number 01670073
Registered Office Weald Bridge Nursery
Kents Lane
North Weald Essex
CM16 6AX
Accountants TaxAssist Accountants
11-13 Hockerill Street
Bishops Stortford
Herts
CM23 2DH
Page 1
Page 2
Balance Sheet
Registered number: 01670073
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 29,148 43,722
29,148 43,722
CURRENT ASSETS
Stocks 5 25,540 31,924
Debtors 6 105,623 114,789
Cash at bank and in hand 4,570 28,944
135,733 175,657
Creditors: Amounts Falling Due Within One Year 7 (236,137 ) (238,679 )
NET CURRENT ASSETS (LIABILITIES) (100,404 ) (63,022 )
TOTAL ASSETS LESS CURRENT LIABILITIES (71,256 ) (19,300 )
Creditors: Amounts Falling Due After More Than One Year 8 (6,005 ) (31,220 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (5,538 ) (8,307 )
NET LIABILITIES (82,799 ) (58,827 )
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account (82,899 ) (58,927 )
SHAREHOLDERS' FUNDS (82,799) (58,827)
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Page 3
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 John Agass
Director
Mr Norman Agass
Director
25 July 2024
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Prestopets Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01670073 . The registered office is Weald Bridge Nursery, Kents Lane, North Weald Essex, CM16 6AX.
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. 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 Over 8 years on cost
Motor Vehicles 25% on cost
Computer Equipment 25% on cost
2.4. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
2.5. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.
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2.6. Pensions
The company operates a defined contribution pension scheme. contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 16 (2023: 10)
16 10
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 34,271 38,176 9,709 82,156
Additions 1,947 - 437 2,384
Disposals (6,484 ) (16,871 ) (3,627 ) (26,982 )
As at 31 January 2024 29,734 21,305 6,519 57,558
Depreciation
As at 1 February 2023 8,281 25,366 4,787 38,434
Provided during the period 5,818 2,996 560 9,374
Disposals (2,740 ) (16,045 ) (613 ) (19,398 )
As at 31 January 2024 11,359 12,317 4,734 28,410
Net Book Value
As at 31 January 2024 18,375 8,988 1,785 29,148
As at 1 February 2023 25,990 12,810 4,922 43,722
5. Stocks
2024 2023
£ £
Stock 25,540 31,924
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 75,596 59,118
Prepayments and accrued income 3,312 5,407
Other debtors 16,498 16,498
Shareholder Carol Agass' account 1,334 1,334
Amounts owed by group undertakings 8,883 32,432
105,623 114,789
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 6,042 1,602
Trade creditors 44,562 38,057
Corporation tax 43 43
VAT 17,763 16,474
PAYE control 1,664 2,247
Barclay credit card 3,201 3,748
Pension control account - 272
Sundry Creditor 5,346 5,346
Accruals and deferred income 4,243 9,334
Directors' loan accounts 153,273 161,556
236,137 238,679
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Loan from Pension Fund £99084.00 - 25,215
Loan from Pension Fund 180K 6,005 6,005
6,005 31,220
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 6,042 1,602
Later than one year and not later than five years - -
6,042 1,602
6,042 1,602
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 5,538 8,307
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11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Directors Advances, Credits and Guarantees
There are balances owed by the company due to the directors on their current accounts as follows:
N Agass - £21,018 (2023-£33,362)
J A Agass -£132,255 (2023-£128,194)
As at 1 February 2023 Amounts advanced Amounts repaid Amounts written off As at 31 January 2024
£ £ £ £ £
Mr John Agass (128,194 ) 201,057 (205,118 ) - (132,255 )
Mr Norman Agass (33,362 ) 48,791 (36,447 ) - (21,018 )
The above loan is unsecured, interest free and repayable on demand.
13. RELATED PARTY DISCLOSURES
The controlling parties are Mr John A Agass, Mr Norman Agass, and Mrs Carol Taylor Agass by virtue of them owning 100% of the issued ordinary share capital in the company. 
An amount of £8,883 included in Trade Debtors relates amounts owed by a limited company with the same directors and shareholders as Prestopets Limited.
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