Premier Road Surfacing Ltd - Filleted accounts

Registered number

04127818

Premier Road Surfacing Ltd

Filleted Accounts

31 March 2017

Premier Road Surfacing Ltd
Registered number:		04127818
Balance Sheet
as at 31 March 2017

Notes			2017			2016
£				£
Fixed assets
Tangible assets	3		1,490,294			1,443,392

Current assets
Debtors	4	1,428,618			1,366,367
Cash at bank and in hand		363,049			207,556
		1,791,667			1,573,923

Creditors: amounts falling due within one year	5	(1,292,309)			(1,112,454)

Net current assets			499,358			461,469

Total assets less current liabilities			1,989,652			1,904,861

Creditors: amounts falling due after more than one year	6		(788,136)			(582,043)

Provisions for liabilities			(194,359)			(205,923)


Net assets			1,007,157			1,116,895

Capital and reserves
Called up share capital			1,000			1,000
Profit and loss account			1,006,157			1,115,895

Shareholders' funds			1,007,157			1,116,895

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




M S Varnham
Director
Approved by the board on 22 August 2017

Premier Road Surfacing Ltd
Notes to the Accounts
for the year ended 31 March 2017


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery	15% reducing balance
	Motor vehicles	25% reducing balance

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees			2017		2016
Number					Number

	Average number of persons employed by the company			35		31


3	Tangible fixed assets
		Plant and machinery etc		Motor vehicles		Total
£			£		£
	Cost
	At 1 April 2016	1,739,246		433,433		2,172,679
	Additions	897,333		68,000		965,333
	Disposals	(768,000)		(176,955)		(944,955)
	At 31 March 2017	1,868,579		324,478		2,193,057

	Depreciation
	At 1 April 2016	506,706		222,581		729,287
	Charge for the year	236,146		50,710		286,856
	On disposals	(212,439)		(100,941)		(313,380)
	At 31 March 2017	530,413		172,350		702,763

	Net book value
	At 31 March 2017	1,338,166		152,128		1,490,294
	At 31 March 2016	1,232,540		210,852		1,443,392


4	Debtors			2017		2016
£					£

	Trade debtors			1,400,154		1,322,116
	Other debtors			28,464		44,251
				1,428,618		1,366,367


5	Creditors: amounts falling due within one year			2017		2016
£					£

	Obligations under finance lease and hire purchase contracts			308,248		304,770
	Trade creditors			816,367		662,840
	Corporation tax			32,005		31,045
	Other taxes and social security costs			79,610		89,053
	Other creditors			56,079		24,746
				1,292,309		1,112,454


6	Creditors: amounts falling due after one year			2017		2016
£					£

	Obligations under finance lease and hire purchase contracts			788,136		582,043


7	Controlling party

	The company is controlled by its directors.


8	Other information

	Premier Road Surfacing Ltd is a private company limited by shares and incorporated in England. Its registered office is:
	Granite House
	Granite Close
	Enderby
	Leicester
	LE19 4AE