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REGISTERED NUMBER: SC206569 (Scotland)















Premier Automatics Limited

Financial Statements For The Year Ended 31 May 2024






Premier Automatics Limited (Registered number: SC206569)






Contents of the Financial Statements
For The Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Premier Automatics Limited

Company Information
For The Year Ended 31 May 2024







DIRECTOR: Mr J Wielewski



SECRETARY: Mrs L Wielewski



REGISTERED OFFICE: 42 West Church Street
Buckie
Banffshire
AB56 1HL



REGISTERED NUMBER: SC206569 (Scotland)



ACCOUNTANTS: The Long Partnership
4 North Guildry Street
Elgin
Moray
IV30 1JR



BANKERS: Bank of Scotland
21 East Church Street
Buckie
AB56 1EX

Premier Automatics Limited (Registered number: SC206569)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 84,853 50,637
84,853 50,637

CURRENT ASSETS
Debtors 6 31,606 37,109
Cash at bank 461,411 616,954
493,017 654,063
CREDITORS
Amounts falling due within one year 7 40,767 150,256
NET CURRENT ASSETS 452,250 503,807
TOTAL ASSETS LESS CURRENT
LIABILITIES

537,103

554,444

PROVISIONS FOR LIABILITIES 8 16,122 9,621
NET ASSETS 520,981 544,823

CAPITAL AND RESERVES
Called up share capital 9 5,100 5,100
Retained earnings 10 515,881 539,723
SHAREHOLDERS' FUNDS 520,981 544,823

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Automatics Limited (Registered number: SC206569)

Balance Sheet - continued
31 May 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 director and authorised for issue on 24 February 2025 and were signed by:





Mr J Wielewski - Director


Premier Automatics Limited (Registered number: SC206569)

Notes to the Financial Statements
For The Year Ended 31 May 2024

1. STATUTORY INFORMATION

Premier Automatics Limited is a private company, limited by shares , registered in Scotland. 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of five years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 33% on cost, 25% on cost and 25% on reducing balance

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Premier Automatics Limited (Registered number: SC206569)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 5,500
AMORTISATION
At 1 June 2023
and 31 May 2024 5,500
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
Equipment fittings vehicles Totals
£    £    £    £   
COST
At 1 June 2023 219,804 17,260 113,680 350,744
Additions 37,365 583 36,245 74,193
Disposals (2,289 ) - (54,516 ) (56,805 )
At 31 May 2024 254,880 17,843 95,409 368,132
DEPRECIATION
At 1 June 2023 207,496 16,608 76,003 300,107
Charge for year 10,534 573 10,187 21,294
Eliminated on disposal (855 ) - (37,267 ) (38,122 )
At 31 May 2024 217,175 17,181 48,923 283,279
NET BOOK VALUE
At 31 May 2024 37,705 662 46,486 84,853
At 31 May 2023 12,308 652 37,677 50,637

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 7,986 13,505
Other debtors 23,620 23,604
31,606 37,109

Premier Automatics Limited (Registered number: SC206569)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors 6,365 3,005
Taxation and social security 734 1,889
Other creditors 33,668 145,362
40,767 150,256

8. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax 16,122 9,621

Deferred
tax
£   
Balance at 1 June 2023 9,621
Provided during year 6,501
Balance at 31 May 2024 16,122

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
5,000 Ordinary A 1 5,000 5,000
100 Ordinary B £1 100 100
5,100 5,100

10. RESERVES
Retained
earnings
£   

At 1 June 2023 539,723
Deficit for the year (23,842 )
At 31 May 2024 515,881

11. RELATED PARTY DISCLOSURES

As at 1 June 2023 the company owed the director £140,612. During the year the director met expenses amounting to £10,338 on behalf of the company and the company met expenditure of £121,427 on behalf of the director. As at 31 May 2024 the company owed the director £29,523. This loan is interest free and has no fixed terms of repayment.