Premier Limpet Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 02731668 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

PREMIER LIMPET LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R C Edwards

D A Irwin FCA

D R I Wallman

A Edwards

SECRETARY:

D A Irwin FCA

REGISTERED OFFICE:

8 Westwood

St Margarets Road

Altrincham

Cheshire

WA14 2AP

REGISTERED NUMBER:

02731668 (England and Wales)

ACCOUNTANTS:

Quinneys

Chartered Accountants

Saxon House

Hellesdon Park Road

Norwich

Norfolk

NR6 5DR

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

127,933

75,851

Investments

6

1

1

127,934

75,852

CURRENT ASSETS

Stocks

898,293

712,822

Debtors

7

1,594,033

1,447,710

Cash at bank and in hand

1,249,706

1,329,614

3,742,032

3,490,146

CREDITORS

Amounts falling due within one year

8

1,783,875

1,984,304

NET CURRENT ASSETS

1,958,157

1,505,842

TOTAL ASSETS LESS CURRENT LIABILITIES

2,086,091

1,581,694

PROVISIONS FOR LIABILITIES

24,278

13,542

NET ASSETS

2,061,813

1,568,152

CAPITAL AND RESERVES

Called up share capital

63,125

59,413

Share premium

81,968

15,152

Retained earnings

1,916,720

1,493,587

SHAREHOLDERS' FUNDS

2,061,813

1,568,152

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 4 September 2017 and were signed on its behalf by:

D A Irwin FCA - Director

1.	STATUTORY INFORMATION

Premier Limpet 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill acquired in the year ended 31 December 2005 has been fully amortised.

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.

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 - 25% on cost, 20% on cost, 15% on cost and 10% on cost

Stocks

Stocks 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 stocks 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 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.

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 56 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2016

and 31 December 2016

2,000

AMORTISATION

At 1 January 2016

and 31 December 2016

2,000

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2016

559,111

Additions

85,592

At 31 December 2016

644,703

DEPRECIATION

At 1 January 2016

483,260

Charge for year

33,510

At 31 December 2016

516,770

NET BOOK VALUE

At 31 December 2016

127,933

At 31 December 2015

75,851

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2016

and 31 December 2016

1

NET BOOK VALUE

At 31 December 2016

1

At 31 December 2015

1

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

1,483,591

1,389,801

Other debtors

110,442

57,909

1,594,033

1,447,710

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

1,118,423

1,380,054

Taxation and social security

560,512

524,780

Other creditors

104,940

79,470

1,783,875

1,984,304

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within creditors at the balance sheet date are loans from R C Edwards in the sum of £1,562

(2015:£5,530), from D A Irwin in the sum of £3,126 (2015:£4,714) and from D R I Wallman in the sum of £Nil

(2015:£20,565).

Included within debtors at the balance sheet date are loan to A Edwards in the sum of £35,450.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the company is D A Irwin, Mrs D M Irwin, R C Edwards and Mrs M E

Edwards acting in concert, who each own 20% of its issued share capital.