Prestige Valve and Engineering Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04364750 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

PRESTIGE VALVE & ENGINEERING SUPPLIES

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D Moxon

M Walker

SECRETARY:

D Moxon

REGISTERED OFFICE:

Unit 9

Innovation Square

Green Lane

Featherstone

West Yorkshire

WF7 6NX

REGISTERED NUMBER:

04364750 (England and Wales)

ACCOUNTANTS:

Sedulo Leeds Limited

St Paul's House

23 Park Square

Leeds

West Yorkshire

LS1 2ND

CURRENT ASSETS

Stocks

309

2,625

Debtors

4

14,451

17,479

Cash at bank and in hand

54,579

40,731

69,339

60,835

CREDITORS

Amounts falling due within one year

5

19,114

16,247

NET CURRENT ASSETS

50,225

44,588

TOTAL ASSETS LESS CURRENT LIABILITIES

50,225

44,588

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

49,925

44,288

SHAREHOLDERS' FUNDS

50,225

44,588

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 August 2022 and were signed on its behalf by:

D Moxon - Director

M Walker - Director

1.	STATUTORY INFORMATION

Prestige Valve & Engineering Supplies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principal activity of the company in the year under review was the supply of valves, spare parts and ancillary products.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling, which is the functional currency of the company, rounded to the nearest £1.

At the time of signing these accounts, having considered the economic climate, the Directors expectations and intentions for the next twelve months, and the availability of working capital, the Directors are of the opinion that the Company will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the Going Concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

14,451

17,479

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade creditors

4,678

4,976

Taxation and social security

3,717

1,195

Other creditors

10,719

10,076

19,114

16,247

6.	RELATED PARTY DISCLOSURES

Included in creditors at the year end were the following amounts owed to directors and shareholders:

D Moxon £Nil (2021: £4,400)

M Walker £Nil (2021: £4,400)

Director loans are interest free and have no fixed terms of repayment.

At the year end a balance of £9,869 (2021: £369) was due to Prestige Pumps Limited, a company in which D Moxon and M Walker are also directors. This balance is included within other creditors.