Registered number
10597279
PREMIER SHELTON LIMITED
Filleted Accounts
29 February 2024
PREMIER SHELTON LIMITED
Registered number: 10597279
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 17,748 19,719
17,748 19,719
Current assets
Stocks 44,646 47,206
Debtors 4 6,678 -
Cash at bank and in hand 36,152 51,444
87,476 98,650
Creditors: amounts falling due within one year 5 (53,709) (75,844)
Net current assets 33,767 22,806
Total assets less current liabilities 51,515 42,525
Creditors: amounts falling due after more than one year 6 (11,693) (13,485)
Net assets 39,822 29,040
Capital and reserves
Called up share capital 1 1
Share premium - -
Revaluation reserve - -
Profit and loss account 39,821 29,039
Shareholder's funds 39,822 29,040
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.
Ali Erdogan
Director
Approved by the board on 7 November 2024
PREMIER SHELTON LIMITED
Notes to the Accounts
for the year ended 29 February 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 - 4,167 29,535 33,702
Additions - - - -
Surplus on revaluation - - - -
Disposals - - - -
At 29 February 2024 - 4,167 29,535 33,702
Depreciation
At 1 March 2023 - 1,728 12,255 13,983
Charge for the year - 243 1,728 1,971
Surplus on revaluation - - - -
On disposals - - - -
At 29 February 2024 - 1,971 13,983 15,954
Net book value
At 29 February 2024 - 2,196 15,552 17,748
At 28 February 2023 - 2,439 17,280 19,719
4 Debtors 2024 2023
£ £
Director's accounts 6,678 -
6,678 -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 28,999 38,149
Trade creditors 7,160 7,848
Taxation and social security costs 17,550 18,076
Director's accounts - 11,771
53,709 75,844
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 11,693 13,485
11,693 13,485
7 Controlling party
Ali Erdogan
8 Other information
PREMIER SHELTON LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
34 Shelton Street
Nottingham
United Kingdom
NG3 1DY
PREMIER SHELTON LIMITED 10597279 false 2023-03-01 2024-02-29 2024-02-29 VT Final Accounts April 2022 Ali Erdogan No description of principal activity 10597279 2022-03-01 2023-02-28 10597279 core:WithinOneYear 2023-02-28 10597279 core:AfterOneYear 2023-02-28 10597279 core:ShareCapital 2023-02-28 10597279 core:SharePremium 2023-02-28 10597279 core:OtherReservesSubtotal 2023-02-28 10597279 core:RetainedEarningsAccumulatedLosses 2023-02-28 10597279 2023-03-01 2024-02-29 10597279 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 10597279 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 10597279 bus:Director40 2023-03-01 2024-02-29 10597279 1 2023-03-01 2024-02-29 10597279 2 2023-03-01 2024-02-29 10597279 core:LandBuildings 2023-03-01 2024-02-29 10597279 core:PlantMachinery 2023-03-01 2024-02-29 10597279 core:Vehicles 2023-03-01 2024-02-29 10597279 countries:England 2023-03-01 2024-02-29 10597279 bus:FRS102 2023-03-01 2024-02-29 10597279 bus:FullAccounts 2023-03-01 2024-02-29 10597279 2024-02-29 10597279 core:WithinOneYear 2024-02-29 10597279 core:AfterOneYear 2024-02-29 10597279 core:ShareCapital 2024-02-29 10597279 core:SharePremium 2024-02-29 10597279 core:OtherReservesSubtotal 2024-02-29 10597279 core:RetainedEarningsAccumulatedLosses 2024-02-29 10597279 core:LandBuildings 2024-02-29 10597279 core:PlantMachinery 2024-02-29 10597279 core:Vehicles 2024-02-29 10597279 2023-02-28 10597279 core:LandBuildings 2023-02-28 10597279 core:PlantMachinery 2023-02-28 10597279 core:Vehicles 2023-02-28 iso4217:GBP xbrli:pure