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Registration number: 06338841

Premier Storage & Office Solutions Ltd

Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Premier Storage & Office Solutions Ltd

(Registration number: 06338841)

Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

3

16,484

21,979

Tangible assets

4

78,874

113,082

 

95,358

135,061

Current assets

 

Stocks

5

4,231

4,441

Debtors

6

454,096

255,619

Cash at bank and in hand

 

93,472

148,431

 

551,799

408,491

Creditors: Amounts falling due within one year

7

(326,928)

(290,252)

Net current assets

 

224,871

118,239

Total assets less current liabilities

 

320,229

253,300

Creditors: Amounts falling due after more than one year

7

(55,724)

(78,382)

Provisions for liabilities

(148)

(7,247)

Net assets

 

264,357

167,671

Capital and reserves

 

Called up share capital

2

2

Retained earnings

264,355

167,669

Shareholders' funds

 

264,357

167,671

 

Premier Storage & Office Solutions Ltd

(Registration number: 06338841)

Balance Sheet as at 31 August 2024 (continued)

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 6 January 2025 and signed on its behalf by:
 

.........................................

Mark Adrian Jepson

Director

 

Premier Storage & Office Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

Accounting policies

Statutory information

Premier Storage & Office Solutions Ltd is a private company, limited by shares, domiciled in England and Wales, company number 06338841. The registered office is at 3 Farriers Court, Horse Fair Green, Thorne, Doncaster, DN8 5EE.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Going concern

After due consideration of all relevant factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Premier Storage & Office Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

1

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Straight Line

Fixtures & Fittings

20% Straight Line

Office Equipment

20% Straight Line

Stocks

Stocks are stated at the lower of average cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to sell.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Premier Storage & Office Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

1

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 9).

 

Premier Storage & Office Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

3

Intangible assets

Website
£

Total
£

Cost

At 1 September 2023

21,979

21,979

At 31 August 2024

21,979

21,979

Amortisation

Amortisation charge

5,495

5,495

At 31 August 2024

5,495

5,495

Carrying amount

At 31 August 2024

16,484

16,484

At 31 August 2023

21,979

21,979

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost

At 1 September 2023

4,285

9,084

142,844

156,213

Additions

1,266

833

-

2,099

Disposals

(400)

-

-

(400)

At 31 August 2024

5,151

9,917

142,844

157,912

Depreciation

At 1 September 2023

3,754

4,342

35,035

43,131

Charge for the year

228

368

35,711

36,307

Eliminated on disposal

(400)

-

-

(400)

At 31 August 2024

3,582

4,710

70,746

79,038

Carrying amount

At 31 August 2024

1,569

5,207

72,098

78,874

At 31 August 2023

531

4,742

107,809

113,082

 

Premier Storage & Office Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

5

Stocks

2024
£

2023
£

Stock

4,231

4,441

6

Debtors

2024
£

2023
£

Trade debtors

285,945

210,797

Amounts owed by related parties

137,230

5,666

Prepayments

18,246

36,244

Other debtors

12,675

2,912

 

454,096

255,619

7

Creditors

2024
£

2023
£

Due within one year

 

Loans and borrowings

21,373

18,611

trade creditors

 

127,450

168,477

Taxation and social security

 

100,450

77,460

Accruals and deferred income

 

72,481

20,895

Other creditors

 

5,174

4,809

 

326,928

290,252

2024
£

2023
£

Due after one year

 

Loans and borrowings

55,724

78,382