Prism Parfums Limited Filleted accounts for Companies House (small and micro)

Prism Parfums Limited Filleted accounts for Companies House (small and micro)

PRISM PARFUMS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09164684
Prism Parfums Limited
Filleted Unaudited Financial Statements
31 March 2020
Prism Parfums Limited
Statement of Financial Position
31 March 2020
2020
2019
Note
£
£
£
Current assets
Stocks
235,738
276,204
Debtors
4
106,824
103,448
Cash at bank and in hand
7,125
64,190
----------
----------
349,687
443,842
Creditors: amounts falling due within one year
5
529,162
541,732
----------
----------
Net current liabilities
179,475
97,890
----------
---------
Total assets less current liabilities
( 179,475)
( 97,890)
----------
---------
Net liabilities
( 179,475)
( 97,890)
----------
---------
Capital and reserves
Called up share capital
3
3
Profit and loss account
( 179,478)
( 97,893)
----------
---------
Shareholders deficit
( 179,475)
( 97,890)
----------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 March 2020 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 .
Prism Parfums Limited
Statement of Financial Position (continued)
31 March 2020
These financial statements were approved by the board of directors and authorised for issue on 21 June 2021 , and are signed on behalf of the board by:
Mr SCW Moorehead
Director
Company registration number: 09164684
Prism Parfums Limited
Notes to the Financial Statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1A The Moorings, Dane Road Industrial Estate, Sale, Cheshire, M33 7BH.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Company continues to have the financial support of its main supplier as they work together to develop and manufacture products.The Director considers this supplier has adequate resources to support the company, and therefore it is appropriate to prepare the accounts on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Debtors
2020
2019
£
£
Trade debtors
54,761
62,227
Other debtors
52,063
41,221
----------
----------
106,824
103,448
----------
----------
5. Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
467,637
478,857
Other creditors
61,525
62,875
----------
----------
529,162
541,732
----------
----------