Company Registration No. 04114294 (England and Wales)
PressOn Limited
Unaudited accounts
for the year ended 31 December 2024
PressOn Limited
Unaudited accounts
Contents
PressOn Limited
Company Information
for the year ended 31 December 2024
Directors
Andrew Michael Wilson
Anita Alison Wilson
Company Number
04114294 (England and Wales)
Registered Office
Unit 5 Revenge Road
Chatham
Kent
ME5 8UD
United Kingdom
Accountants
Surrey Hills Accountancy Limited
The Old Workshop
Longfrey Cottage
Dorking Road
Chilworth
GU4 8RH
PressOn Limited
Statement of financial position
as at 31 December 2024
Tangible assets
372,057
459,606
Cash at bank and in hand
67,646
248,336
Creditors: amounts falling due within one year
(367,250)
(748,818)
Net current assets
426,015
129,017
Total assets less current liabilities
798,172
592,353
Creditors: amounts falling due after more than one year
(318,381)
(128,857)
Provisions for liabilities
Deferred tax
(24,518)
(20,096)
Net assets
455,273
443,400
Called up share capital
50
50
Capital redemption reserve
40,050
40,050
Profit and loss account
415,173
403,300
Shareholders' funds
455,273
443,400
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 2 June 2025 and were signed on its behalf by
Andrew Michael Wilson
Director
Company Registration No. 04114294
PressOn Limited
Notes to the Accounts
for the year ended 31 December 2024
PressOn Limited is a private company, limited by shares, registered in England and Wales, registration number 04114294. The registered office is Unit 5 Revenge Road, Chatham, Kent, ME5 8UD, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The accounts are presented in £ sterling.
The financial statements have been prepared on a going concern basis.
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Income is recognised when the outcome of a transaction for the rendering of services can be estimated reliably. When the outcome of a service cannot be estimated reliably the company only recognises income to the extent of the recoverable expenses recognised.
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
PressOn Limited
Notes to the Accounts
for the year ended 31 December 2024
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
2-5 years straight line
Motor vehicles
4 years straight line
Fixtures & fittings
5 years straight line
Other tangible fixed assets
Over term of lease
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Expenditure on research and development is written off in the year in which it is incurred.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the
fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
PressOn Limited
Notes to the Accounts
for the year ended 31 December 2024
4
Intangible fixed assets
Other
At 31 December 2024
62,840
At 31 December 2024
62,840
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2024
243,013
1,047,887
60,472
76,835
1,428,207
Additions
-
8,029
16,075
6,650
30,754
Disposals
-
(110,920)
(18,169)
-
(129,089)
At 31 December 2024
243,013
944,996
58,378
83,485
1,329,872
At 1 January 2024
7,720
839,171
49,800
71,910
968,601
Charge for the year
(7,720)
73,782
2,031
2,703
70,796
On disposals
-
(70,920)
(10,662)
-
(81,582)
At 31 December 2024
-
842,033
41,169
74,613
957,815
At 31 December 2024
243,013
102,963
17,209
8,872
372,057
At 31 December 2023
235,293
208,716
10,672
4,925
459,606
6
Investments
Subsidiary undertakings
Valuation at 1 January 2024
100
Valuation at 31 December 2024
100
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking - PressOn Automotive Limited
Registered Office - Unit 5 Revenge Road, Chatham, Kent, United Kingdom, ME5 8UD
Holding - Ordinary shares of £1 each
Proportion of voting rights and shares held:
2023 - 100%
2024 - 100%
PressOn Limited
Notes to the Accounts
for the year ended 31 December 2024
Amounts falling due within one year
Trade debtors
353,084
450,941
Accrued income and prepayments
28,662
33,734
Other debtors
31,019
54,793
Amounts falling due after more than one year
Amounts due from group undertakings etc.
243,175
65,728
8
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
78,076
299,359
Obligations under finance leases and hire purchase contracts
14,524
-
Trade creditors
257,234
327,419
Taxes and social security
9,168
24,425
Other creditors
13,981
10,569
9
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
42,381
-
10
Transactions with related parties
The company has taken advantage of the exemption available in FRS102 section 33.1A "Related Party Transactions" whereby it has not disclosed transactions that have taken place between two or more members of group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
11
Average number of employees
During the year the average number of employees was 14 (2023: 16).