PRC Hi-Fi & Video Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 01483407 (England and Wales)

Abridged Unaudited Financial Statements

for the Year Ended 31 March 2019

for

PRC HI-FI & VIDEO LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Abridged Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

Mr T Singh

Mr D Singh

SECRETARY:

Mrs P Singh

REGISTERED OFFICE:

5 Theobald Court

Theobald Street

Elstree

Hertfordshire

WD6 4RN

REGISTERED NUMBER:

01483407 (England and Wales)

ACCOUNTANTS:

Sterling Associates

Chartered Accountants

5 Theobald Court

Theobald Street

Elstree

Hertfordshire

WD6 4RN

BANKERS:

Barclays Bank plc

737 Barking Road

Plaistow

London

E13 9PL

SOLICITORS:

DKLM

Solicitors

City House

3 Cranwood Street

London EC1V 9PE

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to

file a Statement of Financial Position. Readers are cautioned that the Abridged Statement of Comprehensive

Income and certain other primary statements and the Report of the Directors are not required to be filed with

the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of PRC Hi-Fi & Video Limited for the year ended 31 March 2019 which comprise the Abridged

Statement of Comprehensive Income, Abridged Statement of Financial Position, Statement of Changes in Equity and

the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of PRC Hi-Fi & Video Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of PRC Hi-Fi & Video Limited and state those matters that we have agreed to state to the Board of Directors of PRC Hi-Fi & Video Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PRC Hi-Fi & Video Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that PRC Hi-Fi & Video Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PRC Hi-Fi & Video Limited. You consider that PRC Hi-Fi & Video Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of PRC Hi-Fi & Video Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Sterling Associates

Chartered Accountants

5 Theobald Court

Theobald Street

Elstree

Hertfordshire

WD6 4RN

20 December 2019

FIXED ASSETS

Tangible assets

4

103,245

105,573

Investments

5

100

103,345

105,673

CURRENT ASSETS

Stocks

1,074,362

1,382,635

Debtors

749,645

583,697

Cash at bank and in hand

308,978

475,911

2,132,985

2,442,243

CREDITORS

Amounts falling due within one year

416,737

789,561

NET CURRENT ASSETS

1,716,248

1,652,682

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,819,593

1,758,355

CREDITORS

Amounts falling due after more than one
year

(7,198

)

-

PROVISIONS FOR LIABILITIES

(6,209

)

(2,568

)

NET ASSETS

1,806,186

1,755,787

CAPITAL AND RESERVES

Called up share capital

6

50,000

Retained earnings

7

1,756,186

1,705,787

SHAREHOLDERS' FUNDS

1,806,186

1,755,787

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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.

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 20 December 2019 and were signed on its
behalf by:

Mr T Singh - Director

1.	STATUTORY INFORMATION

PRC Hi-Fi & Video 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.

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.

Preparation of consolidated financial statements

The financial statements contain information about PRC Hi-Fi & Video Limited as an individual company and

do not contain consolidated financial information as the parent of a group. The company is exempt under

Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial

statements.

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

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 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.

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 15 (2018 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2018

1,247,228

Additions

21,000

Disposals

(14,175

)

At 31 March 2019

1,254,053

DEPRECIATION

At 1 April 2018

1,141,655

Charge for year

17,348

Eliminated on disposal

(8,195

)

At 31 March 2019

1,150,808

NET BOOK VALUE

At 31 March 2019

103,245

At 31 March 2018

105,573

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 April 2018

and 31 March 2019

100

NET BOOK VALUE

At 31 March 2019

100

At 31 March 2018

100

The company's investments at the Statement of Financial Position date in the share capital of companies

include the following:

Showbiz International Limited

Registered office:

Nature of business: Event management and development

%

Class of shares:

holding

Ordinary

100.00

6.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2019

2018

value:

£

50,000

Share capital 1

£1

50,000

7.

RESERVES

Retained

earnings

£

At 1 April 2018

1,705,787

Profit for the year

50,399

At 31 March 2019

1,756,186

8.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

The premises occupied by the company are personally owned by the director for which the company paid rent

at open market value amounting to £55,000 (2018 - £55,000).

During the year, the company charged management fees amounting to £40,000 (2018 : £40,000) to Lingate

Limited, a company incorporated in England and Wales. Mr T Singh is a director of that company. At the year

end the company was owed £120,233 (2018; £80,233) by Lingate Limited.

During the year, the company charged management fees amounting to £50,000 (2018 : £50,000) to Ventford

Limited, a company incorporated in England and Wales. Mr T Singh is a director of that company. At the year

end the company owed £17,439 (2018; - £82,561) to Ventford Limited.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Ventford Limited.

The ultimate controlling party is Mr T Singh.

PRC Hi-Fi & Video Limited - Accounts to registrar (filleted) - small 18.2

PRC Hi-Fi & Video Limited - Accounts to registrar (filleted) - small 18.2