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COMPANY REGISTRATION NUMBER: 11113109
Priskilly Limited
Filleted Unaudited Financial Statements
30 June 2024
Priskilly Limited
Financial Statements
Year ended 30 June 2024
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Priskilly Limited
Officers and Professional Advisers
Director
Mr A Griffiths
Company secretary
Mr A Griffiths
Registered office
21 Nevill Street
Abergavenny
Monmouthshire
NP7 5AA
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
Priskilly Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
5
117,826
117,053
CURRENT ASSETS
Debtors
6
885,074
868,486
Cash at bank and in hand
4,045
2,359
---------
---------
889,119
870,845
CREDITORS: amounts falling due within one year
7
4,232,607
2,768,281
------------
------------
NET CURRENT LIABILITIES
3,343,488
1,897,436
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 3,225,662)
( 1,780,383)
CREDITORS: amounts falling due after more than one year
8
19,189
35,691
------------
------------
NET LIABILITIES
( 3,244,851)
( 1,816,074)
------------
------------
CAPITAL AND RESERVES
Called up share capital
9
100
100
Profit and loss account
( 3,244,951)
( 1,816,174)
------------
------------
SHAREHOLDERS DEFICIT
( 3,244,851)
( 1,816,074)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Priskilly Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 14 March 2025 , and are signed on behalf of the board by:
Mr A Griffiths
Director
Company registration number: 11113109
Priskilly Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. GENERAL INFORMATION
Priskilly Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The principal activity of the company is consultancy, maintenance and labour services.
2. STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative is 12 months. These financial statements only include the results of the individual entity made up to 30 June 2024. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The director has considered the future trading position of the company and is confident that with the support of the companies included in the group the going concern principle can be applied to the financial statements. The parent of the company has committed to support with the finances in the company.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below (i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 5 for the carrying amount of the property plant and equipment, and the depreciation accounting policy for the useful economic lives for each class of assets. (ii) Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 6 for the net carrying amount of the debtors and associated impairment provision. (iii) Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes (iv) Going Concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Rendering of services When the outcome of a transaction can be estimated reliably, turnover from consultancy, maintenance and labour services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to monies received. Interest receivable Interest income is recognised using the effective interest method.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Leases
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditor Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 20 (2023: 22 ).
5. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 July 2023
28,633
25,667
309,039
16,455
379,794
Additions
59,500
162
59,662
--------
--------
---------
--------
---------
At 30 June 2024
88,133
25,829
309,039
16,455
439,456
--------
--------
---------
--------
---------
Depreciation
At 1 July 2023
26,281
13,014
213,550
9,896
262,741
Charge for the year
4,939
6,417
43,419
4,114
58,889
--------
--------
---------
--------
---------
At 30 June 2024
31,220
19,431
256,969
14,010
321,630
--------
--------
---------
--------
---------
Carrying amount
At 30 June 2024
56,913
6,398
52,070
2,445
117,826
--------
--------
---------
--------
---------
At 30 June 2023
2,352
12,653
95,489
6,559
117,053
--------
--------
---------
--------
---------
6. DEBTORS
2024
2023
£
£
Trade debtors
24,830
32,495
Amounts owed by group undertakings and undertakings in which the company has a participating interest
7,156
7,156
Other debtors
853,088
828,835
---------
---------
885,074
868,486
---------
---------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
71,499
52,254
Amounts owed to group undertakings and undertakings in which the company has a participating interest
3,987,939
2,565,099
Social security and other taxes
16,466
13,320
Other creditors
156,703
137,608
------------
------------
4,232,607
2,768,281
------------
------------
Hire purchase contracts are secured over the asset to which they relate. The total amount of secured liabilities within and after 1 year at the year-end is £58,022 (2023: £53,994).
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Other creditors
19,189
35,691
--------
--------
9. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The amount owed to the company from the directors is £347,197 (2023: £386,293). This includes interest charged of £22,294 (2023:45,001)
11. RELATED PARTY TRANSACTIONS
During the period, the following transactions took place: Other related parties
2024 2021
£ £
Balance owed from other related parties 362,696 358,679
Balance owed to other related parties (110,337) (100,963)
Trade Debtor balances with other related parties 7,369 21,871
No interest was charged or incurred on these balances. Exemption under Section 33.1A has been claimed to not disclose transactions for 100% group companies.
12. PARENT UNDERTAKING
The ultimate parent company is Treffgarne Properties Limited, a company incorporated in England & Wales. Its registered office is 21 Nevill Street, Abergavenny, Monmouthshire, NP7 5AA.
The immediate parent company is Tabcell Limited, a company incorporated in England & Wales. Its registered office is the same as the ultimate parent company.