Registered number
07533263
P.R.S. Southall Limited
Filleted Accounts
31 August 2024
P.R.S. Southall Limited
Registered number: 07533263
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,766 7,687
Current assets
Stocks 75,435 117,935
Debtors 4 921,036 903,975
Cash at bank and in hand 202,469 110,305
1,198,940 1,132,215
Creditors: amounts falling due within one year 5 (884,389) (798,248)
Net current assets 314,551 333,967
Total assets less current liabilities 320,317 341,654
Creditors: amounts falling due after more than one year 6 (12,437) (22,387)
Net assets 307,880 319,267
Capital and reserves
Called up share capital 120 120
Profit and loss account 307,760 319,147
Shareholders' funds 307,880 319,267
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.
Surander Kumar Lund
Director
Approved by the board on 28 May 2025
P.R.S. Southall Limited
Notes to the Accounts
for the year ended 31 August 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2023 65 10,250 10,315
At 31 August 2024 65 10,250 10,315
Depreciation
At 1 September 2023 65 2,563 2,628
Charge for the year - 1,921 1,921
At 31 August 2024 65 4,484 4,549
Net book value
At 31 August 2024 - 5,766 5,766
At 31 August 2023 - 7,687 7,687
4 Debtors 2024 2023
£ £
Trade debtors 97,936 92,937
Amounts owed by group undertakings and undertakings in which the company has a participating interest 821,443 809,483
Deferred tax asset 282 180
Other debtors 1,375 1,375
921,036 903,975
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 804,583 650,774
Taxation and social security costs 1,187 7,735
Other creditors 68,619 129,739
884,389 798,248
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,437 22,387
7 Controlling party
The company is not under the control of a single individual.
8 Other information
P.R.S. Southall Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit A5 Charles House
Bridge Road
Southall
Middlesex
UB2 4BD
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