Premier Communications (Peterborough)Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03834055

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

PREMIER COMMUNICATIONS (PETERBOROUGH)LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Marco Poli

Vincenza Poli

REGISTERED OFFICE:

Unit 1, Centurion Business Centre

Sturrock Way

Bretton

Peterborough

Cambridgeshire

PE3 8YF

REGISTERED NUMBER:

03834055

ACCOUNTANTS:

Fortus Business Advisors & Accountants

4 Office Village

Forder Way

Cygnet Park, Hampton

Peterborough

Cambridgeshire

PE7 8GX

FIXED ASSETS

Intangible assets

4

-

26,478

Property, plant and equipment

5

1,083,037

902,166

1,083,037

928,644

CURRENT ASSETS

Inventories

349,000

250,000

Debtors

6

1,001,895

836,757

Cash at bank and in hand

194,688

177,119

1,545,583

1,263,876

CREDITORS

Amounts falling due within one year

7

1,319,233

1,195,491

NET CURRENT ASSETS

226,350

68,385

TOTAL ASSETS LESS CURRENT LIABILITIES

1,309,387

997,029

CREDITORS

Amounts falling due after more than one year

8

(615,426

)

(424,250

)

PROVISIONS FOR LIABILITIES

(164,430

)

(121,522

)

NET ASSETS

529,531

451,257

CAPITAL AND RESERVES

Called up share capital

101

101

Revaluation reserve

10

219,900

219,900

Retained earnings

309,530

231,256

SHAREHOLDERS' FUNDS

529,531

451,257

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 29 September 2022 and were signed on its behalf by:

Marco Poli - Director

1.	STATUTORY INFORMATION

Premier Communications (Peterborough) Limited is a private limited company, limited by shares, registered in England and Wales. The company's registered number and registered office address are as below:

0383405507715816

Registered office:

Unit 1 Centurian Business Centre

Sturrock Way

Bretton

Peterborough

PE3 8YF

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Revenue

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Artwork and Origination are being amortised evenly over their estimated useful life of five years.

Rebranding is being amortised evenly over its estimated useful life of five years.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

20% on reducing balance

Inventories

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern: covid-19

The directors have considered the impact of COVID-19 in relation to the assessment of going concern and in their opinion have taken all reasonable steps to mitigate these factors. As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2020 - 33 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 January 2021

and 31 December 2021

400,000

332,395

732,395

AMORTISATION

At 1 January 2021

400,000

305,917

705,917

Charge for year

-

26,478

26,478

At 31 December 2021

400,000

332,395

732,395

NET BOOK VALUE

At 31 December 2021

-

-

-

At 31 December 2020

-

26,478

26,478

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 January 2021

1,817,219

Additions

417,966

At 31 December 2021

2,235,185

DEPRECIATION

At 1 January 2021

915,053

Charge for year

237,095

At 31 December 2021

1,152,148

NET BOOK VALUE

At 31 December 2021

1,083,037

At 31 December 2020

902,166

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2021

740,880

Additions

130,800

At 31 December 2021

871,680

DEPRECIATION

At 1 January 2021

441,639

Charge for year

72,928

At 31 December 2021

514,567

NET BOOK VALUE

At 31 December 2021

357,113

At 31 December 2020

299,241

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

489,856

542,285

Other debtors

512,039

294,472

1,001,895

836,757

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

50,108

-

Hire purchase contracts and finance leases

109,420

70,000

Trade creditors

643,964

493,657

Taxation and social security

192,112

212,977

Other creditors

323,629

418,857

1,319,233

1,195,491

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

425,000

250,000

Hire purchase contracts and finance leases

190,426

174,250

615,426

424,250

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Hire purchase contracts and finance leases

299,846

244,250

10.

RESERVES

Revaluation

reserve

£

At 1 January 2021

and 31 December 2021

219,900

11.	DIRECTOR'S LOAN ACCOUNT

The following advance to directors subsisted during the years ended 31 December 2021 and 31 December 2020:

2021

2020

£

£

Marco Poli and Vincenza Poli

Balance outstanding at start of year

(17,357

)

132,575

Amounts advanced

190,941

178,198

Amounts repaid

(174,109

)

(328,130

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(525

)

(17,357

)

The above loans are unsecured and repayable upon demand.