Prodrive Property Maintenance Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04325435 (England and Wales)

Prodrive Property Maintenance Limited

Unaudited Financial Statements for the Year Ended 31st March 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

I D Boyes

D M Hynes

SECRETARY:

C Angus

REGISTERED OFFICE:

Field Buildings

Telford Road

Middlesbrough

CLEVELAND

TS3 8BL

REGISTERED NUMBER:

04325435 (England and Wales)

ACCOUNTANTS:

DRAYCOTT & KIRK

Cleveland House

92 Westgate

Guisborough

CLEVELAND

TS14 6AP

FIXED ASSETS

Tangible assets

4

140,422

87,034

CURRENT ASSETS

Stocks

567,494

441,235

Debtors

5

579,042

437,320

Cash at bank and in hand

350,804

201,089

1,497,340

1,079,644

CREDITORS

Amounts falling due within one year

6

739,841

527,480

NET CURRENT ASSETS

757,499

552,164

TOTAL ASSETS LESS CURRENT LIABILITIES

897,921

639,198

CREDITORS

Amounts falling due after more than one year

7

(42,875

)

-

PROVISIONS FOR LIABILITIES

(18,103

)

(7,042

)

NET ASSETS

836,943

632,156

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

836,643

631,856

SHAREHOLDERS' FUNDS

836,943

632,156

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2019 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 on 9th December 2019 and were signed on its behalf by:

I D Boyes - Director

1.	STATUTORY INFORMATION

Prodrive Property Maintenance 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 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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

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.

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 42 (2018 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1st April 2018

36,157

97,742

89,897

223,796

Additions

-

-

94,575

94,575

Disposals

-

-

(11,009

)

(11,009

)

At 31st March 2019

36,157

97,742

173,463

307,362

DEPRECIATION

At 1st April 2018

32,308

47,370

57,084

136,762

Charge for year

963

8,187

31,841

40,991

Eliminated on disposal

-

-

(10,813

)

(10,813

)

At 31st March 2019

33,271

55,557

78,112

166,940

NET BOOK VALUE

At 31st March 2019

2,886

42,185

95,351

140,422

At 31st March 2018

3,849

50,372

32,813

87,034

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

Motor

vehicles

£

COST

At 1st April 2018

11,938

Additions

74,292

At 31st March 2019

86,230

DEPRECIATION

At 1st April 2018

7,741

Charge for year

19,622

At 31st March 2019

27,363

NET BOOK VALUE

At 31st March 2019

58,867

At 31st March 2018

4,197

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

549,119

425,965

Other debtors

29,923

11,355

579,042

437,320

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

13,875

101,633

Hire purchase contracts

24,500

-

Trade creditors

156,778

100,485

Taxation and social security

250,342

158,612

Other creditors

294,346

166,750

739,841

527,480

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

42,875

-

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is I D Boyes.