Registered number
07246599
Prescott Special Projects Limited
Filleted Accounts
31 May 2024
Prescott Special Projects Limited
Registered number: 07246599
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 304,142 205,888
Current assets
Debtors 4 608,721 497,838
Cash at bank and in hand 321,321 351,846
930,042 849,684
Creditors: amounts falling due within one year 5 (496,095) (594,599)
Net current assets 433,947 255,085
Total assets less current liabilities 738,089 460,973
Creditors: amounts falling due after more than one year 6 (9,974) (103,523)
Net assets 728,115 357,450
Capital and reserves
Called up share capital 2 2
Profit and loss account 728,113 357,448
Shareholders' funds 728,115 357,450
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Robert Prescott
Director
Approved by the board on 25 February 2025
Prescott Special Projects Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 538,094
Additions 234,680
At 31 May 2024 772,774
Depreciation
At 1 June 2023 332,206
At 31 May 2024 468,632
Net book value
At 31 May 2024 304,142
At 31 May 2023 205,888
4 Debtors 2024 2023
£ £
Trade debtors 594,086 483,203
Other debtors 14,635 14,635
608,721 497,838
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,885 122,472
Trade creditors 271,788 286,865
Taxation and social security costs 142,268 30,434
Other creditors 71,154 154,828
496,095 594,599
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 9,974 103,523
7 Other information
Prescott Special Projects Limited is a private company limited by shares and incorporated in England. Its registered office is:
50 Crabtree Lane
Burscough
Lancashire
L40 0RN
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