Registered number
11718621
PREMIER SPRAY FINISHING LIMITED
Filleted Accounts
31 March 2024
PREMIER SPRAY FINISHING LIMITED
Registered number: 11718621
Balance Sheet
as at 31 March 2024
Notes 2024 2023
Fixed assets
Tangible assets 3 5,868 6,045
Current assets
Debtors 4 14,433 20,066
Cash at bank and in hand 2,450 18,718
16,883 38,784
Creditors: amounts falling due within one year 5 (9,984) (26,094)
Net current assets 6,899 12,690
Total assets less current liabilities 12,767 18,735
Creditors: amounts falling due after more than one year 6 (12,417) (17,167)
Provisions for liabilities (1,114) (1,148)
Net (liabilities)/assets (764) 420
Capital and reserves
Called up share capital 100 100
Profit and loss account (864) 320
Shareholder's funds (764) 420
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N Walton
Director
Approved by the board on 30 October 2024
PREMIER SPRAY FINISHING LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
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).
Turnover
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years
Debtors
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.
Creditors
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.
Taxation
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.
Provisions
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 0
3 Tangible fixed assets
Plant and machinery etc
Cost
At 1 April 2023 11,927
Additions 1,773
At 31 March 2024 13,700
Depreciation
At 1 April 2023 5,882
Charge for the year 1,950
At 31 March 2024 7,832
Net book value
At 31 March 2024 5,868
At 31 March 2023 6,045
4 Debtors 2024 2023
Trade debtors - 3,904
Other debtors 14,433 16,162
14,433 20,066
5 Creditors: amounts falling due within one year 2024 2023
Bank loans and overdrafts 5,000 15,000
Trade creditors 3,485 4,002
Taxation and social security costs 868 6,472
Other creditors 631 620
9,984 26,094
6 Creditors: amounts falling due after one year 2024 2023
Bank loans 12,417 17,167
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
N Walton 2,418 15,871 (18,289) -
2,418 15,871 (18,289) -
During the year the overdrawn loan to the director has been repaid in full.
8 Controlling party
N Walton, who owns 100% of the issued share capital, is the controlling party of the company.
9 Other information
PREMIER SPRAY FINISHING LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit E, Wharncliffe Industrial Estate,
McLintock Way, Dodworth Road
Barnsley
South Yorkshire
S70 6DY
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