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REGISTERED NUMBER: 04032384 (England and Wales)

















PRISM CONSTRUCTION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






PRISM CONSTRUCTION LIMITED (REGISTERED NUMBER: 04032384)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PRISM CONSTRUCTION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: N Webb





SECRETARY: Mrs CM Webb





REGISTERED OFFICE: Broad House
1 The Broadway
Old Hatfield
Hertfordshire
AL9 5BG





REGISTERED NUMBER: 04032384 (England and Wales)





ACCOUNTANTS: Jones Hunt & Keelings
Chartered Certified Accountants and
Chartered Tax Advisers
Broad House
1 The Broadway
Old Hatfield
Hertfordshire
AL9 5BG

PRISM CONSTRUCTION LIMITED (REGISTERED NUMBER: 04032384)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 177,340 145,380
Investment property 5 850,000 850,000
1,027,340 995,380

CURRENT ASSETS
Debtors 6 40,583 112,882
Cash at bank 476,339 357,243
516,922 470,125
CREDITORS
Amounts falling due within one year 7 428,395 425,234
NET CURRENT ASSETS 88,527 44,891
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,115,867

1,040,271

CREDITORS
Amounts falling due after more than one
year

8

(687,126

)

(677,989

)

PROVISIONS FOR LIABILITIES (40,000 ) (32,000 )
NET ASSETS 388,741 330,282

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 388,641 330,182
SHAREHOLDERS' FUNDS 388,741 330,282

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

PRISM CONSTRUCTION LIMITED (REGISTERED NUMBER: 04032384)

BALANCE SHEET - continued
31 MARCH 2024


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

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 director and authorised for issue on 16 October 2024 and were signed by:





N Webb - Director


PRISM CONSTRUCTION LIMITED (REGISTERED NUMBER: 04032384)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Prism Construction Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Accounting convention
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.

Going concern
The financial statements are prepared on the going concern basis.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

In preparing these financial statements, the company's critical accounting judgements and estimates are in respect of the the impairment of assets, the net realisable value of stock, the depreciation rates for fixed assets and the recoverability of amounts owed by customers. Details of these judgements and estimates are described in the relevant accounting policy, the notes to the financial statements and below:

- In assessing the net realisable value of the company's stocks. Factors taken into consideration in reaching a decision include knowledge of the sales value in the previous year and forecasts for the coming year.

- In determining the depreciation rates of tangible fixed assets, which are depreciated over their useful lives, taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessment considers issues such as future market conditions, the remaining life of the asset and projected disposal values.

- In estimating the recoverability of amounts owed by customers. The directors' best estimate is based on the period the debt has been outstanding and the difficulties experienced and anticipated in pursuing collection.

Estimates and judgements include the likely outcome of future events; these are made after reviewing historical data and assessing all other pertinent information.

It is possible that new information could come to light that might result in material adjustments to the items above.

Turnover
The company's activities are property development and the trading in motor vehicles. Turnover represents net invoiced sales of goods and services, excluding value added tax. It is recognised when the company obtains the right to consideration and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 etc - 33% on reducing balance, 25% on reducing balance, 20% on reducing balance and in accordance with the property

PRISM CONSTRUCTION LIMITED (REGISTERED NUMBER: 04032384)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings.

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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

PRISM CONSTRUCTION LIMITED (REGISTERED NUMBER: 04032384)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 295,369
Additions 92,057
Disposals (39,080 )
At 31 March 2024 348,346
DEPRECIATION
At 1 April 2023 149,989
Charge for year 42,140
Eliminated on disposal (21,123 )
At 31 March 2024 171,006
NET BOOK VALUE
At 31 March 2024 177,340
At 31 March 2023 145,380

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

Plant and
machinery
etc
£   
COST
Additions 26,493
At 31 March 2024 26,493
DEPRECIATION
Charge for year 2,751
At 31 March 2024 2,751
NET BOOK VALUE
At 31 March 2024 23,742

PRISM CONSTRUCTION LIMITED (REGISTERED NUMBER: 04032384)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 850,000
NET BOOK VALUE
At 31 March 2024 850,000
At 31 March 2023 850,000

The director considers the market value of the investment property at 31 March 2024 to be at £850,000 (2023: £850,000).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,338 15,963
Amounts receivable on contracts 18,671 75,000
Other debtors 20,574 21,919
40,583 112,882

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 2,786 -
Trade creditors 51,856 48,749
Taxation and social security 51,663 40,592
Other creditors 312,090 325,893
428,395 425,234

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 12,500 22,500
Hire purchase contracts 19,137 -
Other creditors 655,489 655,489
687,126 677,989

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 655,489 655,489

PRISM CONSTRUCTION LIMITED (REGISTERED NUMBER: 04032384)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans 655,489 655,489

The other loans were used to finance the construction of a property and are secured on that property. Additionally, the director and his wife have personally guaranteed these loans.

10. RELATED PARTY DISCLOSURES

During the year, the Company:
- paid remuneration of £12,570 (2023: £5,763) to the director; and
- repaid £19,177 to (2023: £60,321) the director.

At the balance sheet date, the Company owed £289,077 (2023: £308,254) to the director. No terms have been
laid down as to payment of interest or repayment of capital in respect of this loan.