Acorah Software Products - Accounts Production 16.1.200 false true true 31 October 2022 1 November 2021 false 1 November 2022 31 March 2024 31 March 2024 03177177 A Baldwin L Sawdon P Thurston Lucy Sawdon true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03177177 2022-10-31 03177177 2024-03-31 03177177 2022-11-01 2024-03-31 03177177 frs-core:Non-currentFinancialInstruments 2024-03-31 03177177 frs-core:BetweenOneFiveYears 2024-03-31 03177177 frs-core:ComputerEquipment 2022-11-01 2024-03-31 03177177 frs-core:FurnitureFittings 2022-11-01 2024-03-31 03177177 frs-core:MotorVehicles 2022-11-01 2024-03-31 03177177 frs-core:PlantMachinery 2022-11-01 2024-03-31 03177177 frs-core:WithinOneYear 2024-03-31 03177177 frs-core:ShareCapital 2024-03-31 03177177 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 03177177 frs-bus:PrivateLimitedCompanyLtd 2022-11-01 2024-03-31 03177177 frs-bus:AbridgedAccounts 2022-11-01 2024-03-31 03177177 frs-bus:SmallEntities 2022-11-01 2024-03-31 03177177 frs-bus:AuditExempt-NoAccountantsReport 2022-11-01 2024-03-31 03177177 frs-bus:SmallCompaniesRegimeForAccounts 2022-11-01 2024-03-31 03177177 1 2022-11-01 2024-03-31 03177177 frs-bus:Director1 2022-11-01 2024-03-31 03177177 frs-bus:Director2 2022-11-01 2024-03-31 03177177 frs-bus:Director3 2022-11-01 2024-03-31 03177177 frs-countries:EnglandWales 2022-11-01 2024-03-31 03177177 2021-10-31 03177177 2022-10-31 03177177 2021-11-01 2022-10-31 03177177 frs-core:Non-currentFinancialInstruments 2022-10-31 03177177 frs-core:BetweenOneFiveYears 2022-10-31 03177177 frs-core:PlantMachinery 2021-11-01 2022-10-31 03177177 frs-core:WithinOneYear 2022-10-31 03177177 frs-core:ShareCapital 2022-10-31 03177177 frs-core:RetainedEarningsAccumulatedLosses 2022-10-31
Registered number: 03177177
Prs Logistics Limited
Unaudited ABRIDGED Financial Statements
For the Period 1 November 2022 to 31 March 2024
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 03177177
31 March 2024 31 October 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 842,395 1,345,569
842,395 1,345,569
CURRENT ASSETS
Debtors 840,832 1,414,081
Cash at bank and in hand 43,641 141,474
884,473 1,555,555
Creditors: Amounts Falling Due Within One Year (1,625,636 ) (2,046,078 )
NET CURRENT ASSETS (LIABILITIES) (741,163 ) (490,523 )
TOTAL ASSETS LESS CURRENT LIABILITIES 101,232 855,046
Creditors: Amounts Falling Due After More Than One Year (243,840 ) (669,618 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (155,317 ) (172,353 )
NET (LIABILITIES)/ASSETS (297,925 ) 13,075
CAPITAL AND RESERVES
Called up share capital 6 2 2
Profit and Loss Account (297,927 ) 13,073
SHAREHOLDERS' FUNDS (297,925) 13,075
Page 1
Page 2
For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 March 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
L Sawdon
Director
30th December 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Prs Logistics Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03177177 . The registered office is Unit 7 Airport Gate Bath Road, Harmondsworth, West Drayton, UB7 0NA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, despite the deficiency in net assets at the balance sheet date. The Directors have assessed the financial performance of the company and confirm it will be able to meet its committments over the next 12 months so the goning concern basis of preparing the acounts is still applicable.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales tax.
Revenue is recognised based on the completion date of services provided during the year, which is also the date of
the invoice.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on RBM
Motor Vehicles 25% on RBM
Fixtures & Fittings 25% on RBM
Computer Equipment 25% on RBM
2.5. Financial Instruments
i) Financial assets
Basic financial assets, including trade and other receivables, and cash and bank balances, are initially recognised at
transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at
the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised.The impairment reversal is recognised in profit or loss.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.
Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing
additional restrictions.
...CONTINUED
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2.5. Financial Instruments - continued
ii) Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, and loans from fellow Group companies are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and
subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 30 (2022: 30)
30 30
4. Tangible Assets
Total
£
Cost
As at 1 November 2022 2,569,303
Additions 47,000
Disposals (445,159 )
As at 31 March 2024 2,171,144
Depreciation
As at 1 November 2022 1,223,734
Provided during the period 474,812
Disposals (369,797 )
As at 31 March 2024 1,328,749
...CONTINUED
Page 4
Page 5
Net Book Value
As at 31 March 2024 842,395
As at 1 November 2022 1,345,569
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
31 March 2024 31 October 2022
£ £
Plant & Machinery 581,742 894,133
5. Obligations Under Finance Leases and Hire Purchase
31 March 2024 31 October 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 357,404 322,577
Later than one year and not later than five years 243,840 669,618
601,244 992,195
601,244 992,195
6. Share Capital
31 March 2024 31 October 2022
£ £
Allotted, Called up and fully paid 2 2
7. Ultimate Controlling Party
The company's ultimate controlling party is Lucy Sawdon by virtue of his ownership of the majority ownership of the issued share capital in the company.
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