Company registration number: 07456628
Unaudited financial statements
for the year ended 30 November 2023
for
Premier Turfing Limited
Pages for filing with the Registrar
Company registration number: 07456628
Premier Turfing Limited
Balance sheet
as at 30 November 2023
30 Nov 23 30 Nov 22
Note £ £ £ £
Fixed assets
Intangible assets 4 17,500 20,000
Tangible assets 5 997,176 866,149
1,014,676 886,149
Current assets
Stocks 69,268 33,859
Debtors 318,577 406,123
Cash at bank and in hand 819,711 870,111
1,207,556 1,310,093
Creditors: amounts falling due within
one year
(501,069) (606,938)
Net current assets 706,487 703,155
Total assets less current liabilities 1,721,163 1,589,304
Creditors: Amounts falling due after
more than one year
(90,558) (172,671)
Provisions for liabilities (136,720) (121,097)
NET ASSETS 1,493,885 1,295,536
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,493,785 1,295,436
TOTAL EQUITY 1,493,885 1,295,536
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 30 November 2023.
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 to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 07456628
Premier Turfing Limited
Balance sheet - continued
as at 30 November 2023
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 Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 28 November 2024 and signed on its behalf by:
Mr I Mawer, Director
28 November 2024
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Premier Turfing Limited
Notes to the financial statements
for the year ended 30 November 2023
1 Company information
Premier Turfing Limited is a private company registered in England and Wales. Its registered number is 07456628. The company is ********. Its registered office is Station Farm Station Road, Langworth, Lincolnshire, LN3 5BB.
2 Accounting policies
Basis of preparing the financial statements
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 historic cost convention.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Goodwill - Goodwill, being the amount paid in connection with the
acquisition of a business in 2011, is being amortised
evenly over its estimated useful life of twenty years.
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Premier Turfing Limited
Notes to the financial statements - continued
for the year ended 30 November 2023
2 Accounting policies - continued
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.
Land and buildings:
Freehold property - 1% straight line
Plant and machinery etc.:
Plant and machinery - 25% reducing balance
Fixtures & fittings - 15% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 15% reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Work in progress is valued at the lower of cost and net realisable value. Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
Taxation
Taxation for the year comprises current and deferred taxation. Tax is recognised in the Profit and loss account, 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 taxation
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 been enacted or substantively enacted by the balance sheet date 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 probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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Premier Turfing Limited
Notes to the financial statements - continued
for the year ended 30 November 2023
2 Accounting policies - continued
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 lossover the relevant period. The capital element of the future payments is treated as a liability.
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
3 Average number of employees
During the year the average number of employees was 10 (2022 - 10).
4 Intangible assets
Goodwill
£
Cost
At 1 December 2022 50,000
At 30 November 2023 50,000
Amortisation
At 1 December 2022 30,000
Charge for year 2,500
At 30 November 2023 32,500
Net book value
At 30 November 2023 17,500
At 30 November 2022 20,000
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Premier Turfing Limited
Notes to the financial statements - continued
for the year ended 30 November 2023
5 Tangible fixed assets
Land and
buildings
Plant and
machinery
etc.
Totals
£ £ £
Cost
At 1 December 2022 243,321 1,297,696 1,541,017
Additions - 334,385 334,385
Disposals - (30,700) (30,700)
At 30 November 2023 243,321 1,601,381 1,844,702
Depreciation
At 1 December 2022 14,599 660,269 674,868
Charge for year 2,433 193,758 196,191
Eliminated on disposal - (23,533) (23,533)
At 30 November 2023 17,032 830,494 847,526
Net book value
At 30 November 2023 226,289 770,887 997,176
At 30 November 2022 228,722 637,427 866,149
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