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Registration number: 05634892

Prism Logistical Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

image-name
 

Prism Logistical Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Prism Logistical Services Limited

Company Information

Directors

P Clarkson

C Gillie

Registered office

Lloyds Bank House
Bellingham
Hexham
Northumberland
NE48 2AZ

Accountants

TyneRede Accountancy Ltd
Chartered Certified Accountants
Lloyds Bank House
Bellingham
Hexham
Northumberland
NE48 2AZ

 

Prism Logistical Services Limited

(Registration number: 05634892)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

67,526

120,933

Current assets

 

Debtors

8

334,048

574,868

Cash at bank and in hand

 

29,840

69,664

 

363,888

644,532

Creditors: Amounts falling due within one year

9

(353,665)

(437,967)

Net current assets

 

10,223

206,565

Total assets less current liabilities

 

77,749

327,498

Creditors: Amounts falling due after more than one year

9

(9,000)

(27,000)

Provisions for liabilities

8,763

(5,347)

Net assets

 

77,512

295,151

Capital and reserves

 

Called up share capital

10

750

1,000

Capital redemption reserve

250

-

Retained earnings

76,512

294,151

Shareholders' funds

 

77,512

295,151

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 August 2025 and signed on its behalf by:
 

 

Prism Logistical Services Limited

(Registration number: 05634892)
Balance Sheet as at 30 November 2024

.........................................
P Clarkson
Director

 

Prism Logistical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lloyds Bank House
Bellingham
Hexham
Northumberland
NE48 2AZ
United Kingdom

These financial statements were authorised for issue by the Board on 27 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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.

 

Prism Logistical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line basis

Motor vehicles

25% straight line basis

Office equipment

25% straight line basis

Plant and machinery

25% straight line basis

Office improvements

50% straight line basis

Lease hold improvements

7 years straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Prism Logistical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 18).

 

Prism Logistical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

35,088

50,785

Impairment loss

-

32,161

5

Tangible assets

Fixtures, fittings and office equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

212,762

128,315

341,077

Additions

931

-

931

Disposals

-

(38,500)

(38,500)

At 30 November 2024

213,693

89,815

303,508

Depreciation

At 1 December 2023

144,903

75,241

220,144

Charge for the year

18,680

16,408

35,088

Eliminated on disposal

-

(19,250)

(19,250)

At 30 November 2024

163,583

72,399

235,982

Carrying amount

At 30 November 2024

50,110

17,416

67,526

At 30 November 2023

67,859

53,074

120,933

 

Prism Logistical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 December 2023

22,000

22,000

At 30 November 2024

22,000

22,000

Impairment

At 1 December 2023

22,000

22,000

At 30 November 2024

22,000

22,000

Carrying amount

At 30 November 2024

-

-

7

Stocks

2024
£

2023
£

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

237,064

374,998

Amounts owed by related parties

13

13,242

12,018

Prepayments

 

8,094

-

Other debtors

 

75,648

187,852

   

334,048

574,868

 

Prism Logistical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

18,000

18,000

Trade creditors

 

190,376

213,609

Taxation and social security

 

28,461

56,754

Accruals and deferred income

 

43,575

43,475

Other creditors

 

73,253

106,129

 

353,665

437,967

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

9,000

27,000

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

       

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

9,000

27,000

Current loans and borrowings

2024
£

2023
£

Bank borrowings

18,000

18,000

 

Prism Logistical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £Nil).

13

Related party transactions

Transactions with directors

2024

At 1 December 2023
£

Advances to director
£

At 30 November 2024
£

Interest charged on average balance at 2.25% (2023 - 0.00%)

(5,065)

41,168

36,102

 

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Interest charged on average balance at 2.25% (2023 - 0.00%)

(1,282)

14,716

(18,500)

(5,065)