Premier Insulations Limited
Unaudited Financial Statements
For the year ended 30 September 2024
Pages for Filing with Registrar
Company Registration No. 00408062 (England and Wales)
Premier Insulations Limited
Company Information
Directors
Mr S A Winkworth
Mrs S A Winkworth
Mr K Winkworth
Mrs K Winkworth
Secretary
Mr K Winkworth Esq
Company number
00408062
Registered office
Unit 44 Globe Industrial Estate
Towers Road
Grays
Essex, RM17 6ST
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Premier Insulations Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
Premier Insulations Limited
Balance Sheet
As at 30 September 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
744,915
775,605
Current assets
Stock
552,159
570,286
Debtors
4
1,336,234
1,209,025
Cash at bank and in hand
352,127
242,661
2,240,520
2,021,972
Creditors: amounts falling due within one year
5
(913,090)
(795,926)
Net current assets
1,327,430
1,226,046
Total assets less current liabilities
2,072,345
2,001,651
Provisions for liabilities
6
(2,241)
(2,664)
Net assets
2,070,104
1,998,987
Capital and reserves
Called up share capital
8
400
400
Capital redemption reserve
6,436
6,436
Profit and loss reserves
2,063,268
1,992,151
Total equity
2,070,104
1,998,987
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Premier Insulations Limited
Balance Sheet (Continued)
As at 30 September 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 12 June 2025 and are signed on its behalf by:
Mr K Winkworth
Director
Company Registration No. 00408062
Premier Insulations Limited
Statement of Changes in Equity
For the year ended 30 September 2024
Page 3
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 October 2022
400
6,436
1,929,879
1,936,715
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
137,672
137,672
Dividends
-
-
(75,400)
(75,400)
Balance at 30 September 2023
400
6,436
1,992,151
1,998,987
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
146,517
146,517
Dividends
-
-
(75,400)
(75,400)
Balance at 30 September 2024
400
6,436
2,063,268
2,070,104
Premier Insulations Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 4
1
Accounting policies
Company information
Premier Insulations Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 44 Globe Industrial Estate, Towers Road, Grays, Essex, RM17 6ST.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a 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.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services, and is shown net of VAT and other sales related taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold buildings
2% straight line
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
Freehold land is not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Premier Insulations Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
Page 5
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stock
Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.
Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Premier Insulations Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
Page 6
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2023 - 7).
Premier Insulations Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 7
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2023
906,032
214,497
1,120,529
Additions
2,642
2,642
Disposals
(17,717)
(17,717)
At 30 September 2024
906,032
199,422
1,105,454
Depreciation and impairment
At 1 October 2023
181,200
163,724
344,924
Depreciation charged in the year
18,121
12,058
30,179
Eliminated in respect of disposals
(14,564)
(14,564)
At 30 September 2024
199,321
161,218
360,539
Carrying amount
At 30 September 2024
706,711
38,204
744,915
At 30 September 2023
724,832
50,773
775,605
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Motor vehicles
-
3,153
Depreciation charge for the year in respect of leased assets
-
1,051
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,132,074
1,010,047
Amounts owed by group undertakings
167,272
167,272
Other debtors
20
451
Prepayments and accrued income
36,868
31,255
1,336,234
1,209,025
Premier Insulations Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 8
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
217,020
131,636
Amounts owed to group undertakings
444
424
Corporation tax
18,952
41,119
Other taxation and social security
41,076
52,262
Other creditors
627,118
562,005
Accruals and deferred income
8,480
8,480
913,090
795,926
6
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
7
2,241
2,664
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
2,241
2,664
2024
Movements in the year:
£
Liability at 1 October 2023
2,664
Credit to profit or loss
(423)
Liability at 30 September 2024
2,241
8
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
400
400
Premier Insulations Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 9
9
Related party transactions
The company has taken the available exemption to disclose related party transactions with group companies.
The S.A.W Group of Companies Limited owns the entire share capital of Premier Insulations Limited and Enigma Insulation Supplies Limited.
Included in other creditors is an amount of £626,958 owed to the directors (2023: £564,631).
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