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REGISTERED NUMBER: 05682175 (England and Wales)










Unaudited Financial Statements for the Year Ended 5 April 2024

for

Premier Timber Systems Ltd

Premier Timber Systems Ltd (Registered number: 05682175)






Contents of the Financial Statements
for the Year Ended 5 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Premier Timber Systems Ltd

Company Information
for the Year Ended 5 April 2024







DIRECTORS: Mr L A Moorwood
Mr E C Robinson
Mr A M Silvester
Mr A T Walker





REGISTERED OFFICE: Units 14,15 & 16
Power Park Industrial Estate
Calder Vale Road
Wakefield
West Yorkshire
WF1 5PE





REGISTERED NUMBER: 05682175 (England and Wales)

Premier Timber Systems Ltd (Registered number: 05682175)

Balance Sheet
5 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 193,828 261,122

CURRENT ASSETS
Stocks 199,349 475,000
Debtors 5 778,097 975,644
Cash at bank 453,203 96,365
1,430,649 1,547,009
CREDITORS
Amounts falling due within one year 6 1,095,703 1,142,954
NET CURRENT ASSETS 334,946 404,055
TOTAL ASSETS LESS CURRENT
LIABILITIES

528,774

665,177

CREDITORS
Amounts falling due after more than one
year

7

(210,636

)

(332,601

)

PROVISIONS FOR LIABILITIES (67,696 ) (86,057 )
NET ASSETS 250,442 246,519

CAPITAL AND RESERVES
Called up share capital 400 400
Share premium 34,959 34,959
Retained earnings 215,083 211,160
SHAREHOLDERS' FUNDS 250,442 246,519

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Premier Timber Systems Ltd (Registered number: 05682175)

Balance Sheet - continued
5 April 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2024 and were signed on its behalf by:




Mr L A Moorwood - Director Mr E C Robinson - Director




Mr A T Walker - Director Mr A M Silvester - Director


Premier Timber Systems Ltd (Registered number: 05682175)

Notes to the Financial Statements
for the Year Ended 5 April 2024

1. STATUTORY INFORMATION

Premier Timber Systems Ltd 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.

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 historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue in respect of installation contracts is recognised as the company performs its obligations and when the outcome of the transaction can be estimated reliably. The company is able to reliably estimate the outcome of a construction contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the entity;
- the stage of completion of the transaction at the end of the reporting period can be measured reliably; and
- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.
Where the company renders invoices in advance of work performed, the sale is deferred in the balance sheet as deferred income and is presented within creditors falling due within one year until the revenue recognition criteria in FRS 102, Section 23 Revenue is met.

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 - 10% on cost
Plant and machinery etc - 33% on cost and 25% on reducing balance

Stocks
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 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.


Premier Timber Systems Ltd (Registered number: 05682175)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024

2. ACCOUNTING POLICIES - continued
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 makes payments to employee pension schemes and this complies with auto enrolment legislation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2023 - 26 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 6 April 2023 14,495 410,171 424,666
Additions - 6,969 6,969
Disposals - (18,750 ) (18,750 )
At 5 April 2024 14,495 398,390 412,885
DEPRECIATION
At 6 April 2023 3,055 160,489 163,544
Charge for year 1,449 62,926 64,375
Eliminated on disposal - (8,862 ) (8,862 )
At 5 April 2024 4,504 214,553 219,057
NET BOOK VALUE
At 5 April 2024 9,991 183,837 193,828
At 5 April 2023 11,440 249,682 261,122

Premier Timber Systems Ltd (Registered number: 05682175)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024

4. TANGIBLE FIXED ASSETS - continued

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

Plant and
machinery
etc
£   
COST
At 6 April 2023
and 5 April 2024 228,715
DEPRECIATION
At 6 April 2023 85,595
Charge for year 35,780
At 5 April 2024 121,375
NET BOOK VALUE
At 5 April 2024 107,340
At 5 April 2023 143,120

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 646,234 824,089
Other debtors 131,863 151,555
778,097 975,644

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 20,556 22,969
Hire purchase contracts 42,423 39,878
Trade creditors 519,586 557,308
Taxation and social security 305,112 465,530
Other creditors 208,026 57,269
1,095,703 1,142,954

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 24,459 43,159
Hire purchase contracts 46,985 89,439
Other creditors 139,192 200,003
210,636 332,601

Premier Timber Systems Ltd (Registered number: 05682175)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 89,408 129,317

9. OTHER FINANCIAL COMMITMENTS

At 5th April 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £472,246, (2023: £525,041).

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Monies were loaned by the directors to the company on an interest free basis.

The balances owing to them and reflected in other creditors under and over 1 year.

Mr E Robinson £90,570, (2023: £150,002).

Mr A Sylvester £48,622, (2023: £50,001).

Mr L Moorwood £2,456, (2023: £Nil)

Mr A and Mrs D Walker £5,652, (2023: £Nil).

11. ULTIMATE CONTROLLING PARTY

The company does not have a controlling party.