5 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 185,781 113,217 298,998 3,870 59,630 63,500 235,498 181,911 xbrli:pure xbrli:shares iso4217:GBP 14491794 2024-01-01 2024-12-31 14491794 2024-12-31 14491794 2023-12-31 14491794 2023-01-01 2023-12-31 14491794 2023-12-31 14491794 2022-12-31 14491794 core:MotorVehicles 2024-01-01 2024-12-31 14491794 bus:Director2 2024-01-01 2024-12-31 14491794 core:MotorVehicles 2023-12-31 14491794 core:MotorVehicles 2024-12-31 14491794 core:WithinOneYear 2024-12-31 14491794 core:WithinOneYear 2023-12-31 14491794 core:AfterOneYear 2024-12-31 14491794 core:AfterOneYear 2023-12-31 14491794 core:UKTax 2024-01-01 2024-12-31 14491794 core:UKTax 2023-01-01 2023-12-31 14491794 core:ShareCapital 2024-12-31 14491794 core:ShareCapital 2023-12-31 14491794 core:RetainedEarningsAccumulatedLosses 2024-12-31 14491794 core:RetainedEarningsAccumulatedLosses 2023-12-31 14491794 core:MotorVehicles 2023-12-31 14491794 bus:SmallEntities 2024-01-01 2024-12-31 14491794 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 14491794 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 14491794 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 14491794 bus:FullAccounts 2024-01-01 2024-12-31
COMPANY REGISTRATION NUMBER: 14491794
PREMIUM STOCK SUPPLIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 December 2024
PREMIUM STOCK SUPPLIES LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
235,498
181,911
CURRENT ASSETS
Stocks
195,669
275,778
Debtors
7
824,422
607,795
Cash at bank and in hand
620,088
631,697
------------
------------
1,640,179
1,515,270
CREDITORS: amounts falling due within one year
8
( 488,732)
( 727,534)
------------
------------
NET CURRENT ASSETS
1,151,447
787,736
------------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,386,945
969,647
CREDITORS: amounts falling due after more than one year
9
( 216,177)
( 159,179)
PROVISIONS
( 58,875)
( 45,478)
------------
---------
NET ASSETS
1,111,893
764,990
------------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
1,111,793
764,890
------------
---------
SHAREHOLDERS FUNDS
1,111,893
764,990
------------
---------
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 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PREMIUM STOCK SUPPLIES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 19 August 2025 , and are signed on behalf of the board by:
R Tobias
Director
Company registration number: 14491794
PREMIUM STOCK SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 Parkhill Business Centre, Walton Road, Wetherby, LS22 5DZ, England.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods and services supplied exclusive of VAT.
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. 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 before operating profit.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. TAX ON PROFIT
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
102,346
201,152
Deferred tax:
Origination and reversal of timing differences
13,397
45,478
---------
---------
Tax on profit
115,743
246,630
---------
---------
6. TANGIBLE ASSETS
Motor vehicles
£
Cost
At 1 January 2024
185,781
Additions
113,217
---------
At 31 December 2024
298,998
---------
Depreciation
At 1 January 2024
3,870
Charge for the year
59,630
---------
At 31 December 2024
63,500
---------
Carrying amount
At 31 December 2024
235,498
---------
At 31 December 2023
181,911
---------
7. DEBTORS
2024
2023
£
£
Trade debtors
498,598
292,510
Other debtors
325,824
315,285
---------
---------
824,422
607,795
---------
---------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
90,599
54,929
Corporation tax
102,346
201,152
Social security and other taxes
23,348
50,363
Other creditors
272,439
421,090
---------
---------
488,732
727,534
---------
---------
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Other creditors
216,177
159,179
---------
---------