Priortea Limited - Accounts to registrar (filleted) - small 18.2

Priortea Limited - Accounts to registrar (filleted) - small 18.2

PRIORTEA LIMITED - Company Information

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IRIS Accounts Production v22.1.4.3 SC554783 Board of Directors Board of Directors 1.2.21 31.1.22 31.1.22 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC5547832021-01-31SC5547832022-01-31SC5547832021-02-012022-01-31SC5547832020-01-31SC5547832020-02-012021-01-31SC5547832021-01-31SC554783ns16:Scotland2021-02-012022-01-31SC554783ns15:PoundSterling2021-02-012022-01-31SC554783ns11:Director12021-02-012022-01-31SC554783ns11:Director22021-02-012022-01-31SC554783ns11:PrivateLimitedCompanyLtd2021-02-012022-01-31SC554783ns11:SmallEntities2021-02-012022-01-31SC554783ns11:AuditExempt-NoAccountantsReport2021-02-012022-01-31SC554783ns11:SmallCompaniesRegimeForDirectorsReport2021-02-012022-01-31SC554783ns11:SmallCompaniesRegimeForAccounts2021-02-012022-01-31SC554783ns11:FullAccounts2021-02-012022-01-31SC554783ns11:Director42021-02-012022-01-31SC554783ns11:CompanySecretary12021-02-012022-01-31SC554783ns11:RegisteredOffice2021-02-012022-01-31SC554783ns6:CurrentFinancialInstruments2022-01-31SC554783ns6:CurrentFinancialInstruments2021-01-31SC554783ns6:Non-currentFinancialInstruments2022-01-31SC554783ns6:Non-currentFinancialInstruments2021-01-31SC554783ns6:ShareCapital2022-01-31SC554783ns6:ShareCapital2021-01-31SC554783ns6:SharePremium2022-01-31SC554783ns6:SharePremium2021-01-31SC554783ns6:RetainedEarningsAccumulatedLosses2022-01-31SC554783ns6:RetainedEarningsAccumulatedLosses2021-01-31SC554783ns6:PlantMachinery2021-02-012022-01-31SC554783ns6:PlantMachinery2021-01-31SC554783ns6:PlantMachinery2022-01-31SC554783ns6:PlantMachinery2021-01-31SC554783ns6:WithinOneYearns6:CurrentFinancialInstruments2022-01-31SC554783ns6:WithinOneYearns6:CurrentFinancialInstruments2021-01-31
REGISTERED NUMBER: SC554783 (Scotland)















Unaudited Financial Statements for the Year Ended 31 January 2022

for

Priortea Limited
Priortea Limited (Registered number: SC554783)






Contents of the Financial Statements
for the Year Ended 31 January 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Priortea Limited

Company Information
for the Year Ended 31 January 2022







DIRECTORS: D O Fearn
Ms V Rae
J Mccallum





SECRETARY: D O Fearn





REGISTERED OFFICE: 61 Queen Street
Edinburgh
Midlothian
EH2 4NA





REGISTERED NUMBER: SC554783 (Scotland)





ACCOUNTANTS: Neil Nisbet & Co.
2nd Floor
Thain House
226 Queensferry Road
Edinburgh
EH4 2BP
Page 1
Priortea Limited (Registered number: SC554783)

Balance Sheet
31 January 2022

31.1.22 31.1.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 66,012 76,877

CURRENT ASSETS
Stocks 5,500 3,350
Debtors 5 5,000 5,000
Cash at bank and in hand 2,007 10,838
12,507 19,188
CREDITORS
Amounts falling due within one year 6 191,271 195,506
NET CURRENT LIABILITIES (178,764 ) (176,318 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
(112,752
)
(99,441
)

CREDITORS
Amounts falling due after more than one
year
7
20,000
12,908
NET LIABILITIES (132,752 ) (112,349 )

CAPITAL AND RESERVES
Called up share capital 154 154
Share premium 27,946 27,946
Retained earnings (160,852 ) (140,449 )
SHAREHOLDERS' FUNDS (132,752 ) (112,349 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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 notes form part of these financial statements

Page 2 continued...
Priortea Limited (Registered number: SC554783)

Balance Sheet - continued
31 January 2022


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 31 October 2022 and were signed on its behalf by:




D O Fearn - Director



Ms V Rae - Director


The notes form part of these financial statements

Page 3
Priortea Limited (Registered number: SC554783)

Notes to the Financial Statements
for the Year Ended 31 January 2022

1. STATUTORY INFORMATION

Priortea Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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 accounts have been prepared on the going concern concept despite showing a deficit position at the year end on the basis that the directors will continue to support the company by means of loan funds in the early years of trading when necessary.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance and over the length of the remaining lease

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.

Page 4 continued...
Priortea Limited (Registered number: SC554783)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2022

2. ACCOUNTING POLICIES - continued

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2021
and 31 January 2022 106,154
DEPRECIATION
At 1 February 2021 29,277
Charge for year 10,865
At 31 January 2022 40,142
NET BOOK VALUE
At 31 January 2022 66,012
At 31 January 2021 76,877

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.22 31.1.21
£    £   
Other debtors 5,000 5,000

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.22 31.1.21
£    £   
Bank loans and overdrafts 5,000 10,426
Trade creditors 1,339 2,593
Taxation and social security 3,982 687
Other creditors 180,950 181,800
191,271 195,506

Page 5 continued...
Priortea Limited (Registered number: SC554783)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2022

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.22 31.1.21
£    £   
Bank loans 20,000 12,908

8. RELATED PARTY DISCLOSURES

The commitments under the lease over the premises that the company operates from is guaranteed by Oddments Limited, a company associated with Ms V Rae and Mr D Fearn.

Page 6