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REGISTERED NUMBER: 04026031 (England and Wales)















Financial Statements for the Year Ended 30 September 2024

for

P.r.s. Office Furniture Limited

P.r.s. Office Furniture Limited (Registered number: 04026031)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


P.r.s. Office Furniture Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: PJ Kemp
LC Kemp





REGISTERED OFFICE: 5 Harvington Park
Pitstone Business Park
Pitstone
Bedfordshire
LU7 9GX





REGISTERED NUMBER: 04026031 (England and Wales)





AUDITORS: TC Group
Brightfield Business Hub
Bakewell Rd
Orton Southgate
Peterborough
PE2 6XU

P.r.s. Office Furniture Limited (Registered number: 04026031)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 295,251 314,696

CURRENT ASSETS
Stocks 1,209,031 1,323,022
Debtors 5 3,967,659 2,140,286
Cash at bank and in hand 1,200,940 1,541,754
6,377,630 5,005,062
CREDITORS
Amounts falling due within one year 6 3,479,855 2,328,384
NET CURRENT ASSETS 2,897,775 2,676,678
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,193,026

2,991,374

PROVISIONS FOR LIABILITIES 73,813 78,674
NET ASSETS 3,119,213 2,912,700

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 3,119,211 2,912,698
SHAREHOLDERS' FUNDS 3,119,213 2,912,700

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 March 2025 and were signed on its behalf by:





PJ Kemp - Director


P.r.s. Office Furniture Limited (Registered number: 04026031)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

P.r.s. Office Furniture Limited 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.

The financial statements are presented in British pounds and amounts are rounded to the nearest whole currency unit.

Going Concern
At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.

The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

P.r.s. Office Furniture Limited (Registered number: 04026031)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and liability simultaneously.

Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less and bank over drafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank and cash balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the individual financial arrangements entered into. An equity instrument is any contract that evidences residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, in which case the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due in one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.


P.r.s. Office Furniture Limited (Registered number: 04026031)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
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 operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2023 - 27 ) .

P.r.s. Office Furniture Limited (Registered number: 04026031)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2023 498,609
Additions 67,192
At 30 September 2024 565,801
DEPRECIATION
At 1 October 2023 183,913
Charge for year 86,637
At 30 September 2024 270,550
NET BOOK VALUE
At 30 September 2024 295,251
At 30 September 2023 314,696

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 3,758,038 1,781,081
Amounts owed by participating interests 84,691 215,905
Other debtors 124,930 143,300
3,967,659 2,140,286

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade creditors 1,921,755 1,069,266
Amounts owed to group undertakings 398,892 -
Amounts owed to participating interests 28,425 390,239
Taxation and social security 339,521 172,997
Other creditors 791,262 695,882
3,479,855 2,328,384

P.r.s. Office Furniture Limited (Registered number: 04026031)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.9.24 30.9.23
£    £   
Within one year 71,324 48,000
Between one and five years 99,544 120,000
170,868 168,000

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
2 Ordinary 1 2 2

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Grant FCCA (Senior Statutory Auditor)
for and on behalf of TC Group

10. RELATED PARTY DISCLOSURES

Summary of transactions with group companies
The Company has taken advantage of the exemption in FRS 102 Section 33 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by its parent group.

Summary of transactions with related parties
During the year, the company made sales to entities in which the directors’ have a participating interest of £368,387.

At the year end, debtors included £98,648 and creditors included £28,425 in respect of entities in which the directors’ have a participating interest.

11. ULTIMATE CONTROLLING PARTY

The controlling party is LPK Group Limited which owns 100% of the issued share capital. the company's results are included in the consolidated accounts of LPK Group Limited which are publicly available from 5 Harvington Park, Pitstone, LU7 9GX.

The company was controlled throughout the current and previous year by PJ Kemp and LC Kemp by virtue of their indirect 100% ownership of the issued share capital in LPK Group Limited.