IRIS Accounts Production v25.1.0.734 02959836 Board of Directors Board of Directors 1.9.23 31.8.24 31.8.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh029598362023-08-31029598362024-08-31029598362023-09-012024-08-31029598362022-08-31029598362022-09-012023-08-31029598362023-08-3102959836ns15:EnglandWales2023-09-012024-08-3102959836ns14:PoundSterling2023-09-012024-08-3102959836ns10:Director12023-09-012024-08-3102959836ns10:Director22023-09-012024-08-3102959836ns10:PrivateLimitedCompanyLtd2023-09-012024-08-3102959836ns10:SmallEntities2023-09-012024-08-3102959836ns10:AuditExempt-NoAccountantsReport2023-09-012024-08-3102959836ns10:SmallCompaniesRegimeForDirectorsReport2023-09-012024-08-3102959836ns10:SmallCompaniesRegimeForAccounts2023-09-012024-08-3102959836ns10:FullAccounts2023-09-012024-08-3102959836ns10:CompanySecretary12023-09-012024-08-3102959836ns10:RegisteredOffice2023-09-012024-08-3102959836ns5:CurrentFinancialInstruments2024-08-3102959836ns5:CurrentFinancialInstruments2023-08-3102959836ns5:Non-currentFinancialInstruments2024-08-3102959836ns5:Non-currentFinancialInstruments2023-08-3102959836ns5:ShareCapital2024-08-3102959836ns5:ShareCapital2023-08-3102959836ns5:RetainedEarningsAccumulatedLosses2024-08-3102959836ns5:RetainedEarningsAccumulatedLosses2023-08-3102959836ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-09-012024-08-3102959836ns5:PlantMachinery2023-09-012024-08-3102959836ns5:FurnitureFittings2023-09-012024-08-3102959836ns5:MotorVehicles2023-09-012024-08-3102959836ns5:ComputerEquipment2023-09-012024-08-3102959836ns5:LandBuildings2023-08-3102959836ns5:PlantMachinery2023-08-3102959836ns5:FurnitureFittings2023-08-3102959836ns5:LandBuildings2023-09-012024-08-3102959836ns5:LandBuildings2024-08-3102959836ns5:PlantMachinery2024-08-3102959836ns5:FurnitureFittings2024-08-3102959836ns5:LandBuildings2023-08-3102959836ns5:PlantMachinery2023-08-3102959836ns5:FurnitureFittings2023-08-3102959836ns5:MotorVehicles2023-08-3102959836ns5:ComputerEquipment2023-08-3102959836ns5:MotorVehicles2024-08-3102959836ns5:ComputerEquipment2024-08-3102959836ns5:MotorVehicles2023-08-3102959836ns5:ComputerEquipment2023-08-3102959836ns5:WithinOneYearns5:CurrentFinancialInstruments2024-08-3102959836ns5:WithinOneYearns5:CurrentFinancialInstruments2023-08-3102959836ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-08-3102959836ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-08-3102959836ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-08-3102959836ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-08-3102959836ns5:HirePurchaseContracts2024-08-3102959836ns5:HirePurchaseContracts2023-08-3102959836ns5:WithinOneYear2024-08-3102959836ns5:WithinOneYear2023-08-3102959836ns5:BetweenOneFiveYears2024-08-3102959836ns5:BetweenOneFiveYears2023-08-3102959836ns5:AllPeriods2024-08-3102959836ns5:AllPeriods2023-08-3102959836ns5:DeferredTaxation2023-08-3102959836ns5:DeferredTaxation2024-08-31
REGISTERED NUMBER: 02959836 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

Prescott Instruments Limited

Prescott Instruments Limited (Registered number: 02959836)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Prescott Instruments Limited

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: P Prescott
Mrs J A Prescott





SECRETARY: Mrs J Prescott





REGISTERED OFFICE: Unit F
Northway Lane Trading Estate
Northway Lane
Tewkesbury
Gloucestershire
GL20 8JH





REGISTERED NUMBER: 02959836 (England and Wales)





ACCOUNTANTS: Knights
2A Lighthouse Trade Park
Lydney
21 Highnam Business Centre
Highnam
Gloucestershire
GL2 8DN

Prescott Instruments Limited (Registered number: 02959836)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 200,409 133,700

CURRENT ASSETS
Stocks 157,563 199,415
Debtors 5 183,184 293,089
Cash at bank 433,743 246,939
774,490 739,443
CREDITORS
Amounts falling due within one year 6 135,408 157,459
NET CURRENT ASSETS 639,082 581,984
TOTAL ASSETS LESS CURRENT
LIABILITIES

839,491

715,684

CREDITORS
Amounts falling due after more than one year 7 (29,448 ) -

PROVISIONS FOR LIABILITIES 9 (15,112 ) (1,374 )
NET ASSETS 794,931 714,310

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 794,929 714,308
SHAREHOLDERS' FUNDS 794,931 714,310

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

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

The directors acknowledge their 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.

Prescott Instruments Limited (Registered number: 02959836)

BALANCE SHEET - continued
31 AUGUST 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 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 1 May 2025 and were signed on its behalf by:




P Prescott - Director



Mrs J A Prescott - Director


Prescott Instruments Limited (Registered number: 02959836)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

Prescott Instruments 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.

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.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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

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.

Prescott Instruments Limited (Registered number: 02959836)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued

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 12 (2023 - 13 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 September 2023 199,122 299,312 29,356
Additions - 85,000 310
Disposals - (75,500 ) -
At 31 August 2024 199,122 308,812 29,666
DEPRECIATION
At 1 September 2023 99,579 291,455 27,503
Charge for year 3,982 21,796 541
Eliminated on disposal - (69,831 ) -
At 31 August 2024 103,561 243,420 28,044
NET BOOK VALUE
At 31 August 2024 95,561 65,392 1,622
At 31 August 2023 99,543 7,857 1,853

Prescott Instruments Limited (Registered number: 02959836)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 September 2023 51,575 25,664 605,029
Additions 25,942 582 111,834
Disposals - - (75,500 )
At 31 August 2024 77,517 26,246 641,363
DEPRECIATION
At 1 September 2023 29,337 23,455 471,329
Charge for year 12,044 1,093 39,456
Eliminated on disposal - - (69,831 )
At 31 August 2024 41,381 24,548 440,954
NET BOOK VALUE
At 31 August 2024 36,136 1,698 200,409
At 31 August 2023 22,238 2,209 133,700

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 173,093 276,788
Other debtors 10,091 16,301
183,184 293,089

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 21,424 -
Trade creditors 62,174 156,068
Taxation and social security 43,314 (8,827 )
Other creditors 8,496 10,218
135,408 157,459

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 29,448 -

Prescott Instruments Limited (Registered number: 02959836)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 21,424 -
Between one and five years 29,448 -
50,872 -

Non-cancellable operating leases
2024 2023
£    £   
Within one year 13,656 16,562
Between one and five years 23,026 14,669
36,682 31,231

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 15,112 1,374

Deferred
tax
£   
Balance at 1 September 2023 1,374
Accelerated capital allowances 13,738
Balance at 31 August 2024 15,112