Prestige Quality Repair Centre Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06132367 (England and Wales)

PRESTIGE QUALITY REPAIR CENTRE LIMITED

Financial Statements for the Year Ended 31 December 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M Page

S D Field

REGISTERED OFFICE:

Nightingale House

46-48 East Street

Epsom

Surrey

KT17 1HQ

REGISTERED NUMBER:

06132367 (England and Wales)

AUDITORS:

Tudor John Limited

Chartered Accountants and Statutory Auditors

Nightingale House

46-48 East Street

Epsom

Surrey

KT17 1HQ

FIXED ASSETS

Tangible assets

4

91,156

102,936

CURRENT ASSETS

Stocks

40,614

30,613

Debtors

5

346,808

297,243

Cash at bank and in hand

31,289

25,081

418,711

352,937

CREDITORS

Amounts falling due within one year

6

1,127,455

1,041,048

NET CURRENT LIABILITIES

(708,744

)

(688,111

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(617,588

)

(585,175

)

PROVISIONS FOR LIABILITIES

17,319

20,407

NET LIABILITIES

(634,907

)

(605,582

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(635,007

)

(605,682

)

SHAREHOLDERS' FUNDS

(634,907

)

(605,582

)

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 10 December 2020 and were signed on its behalf by:

M Page - Director

1.	STATUTORY INFORMATION

Prestige Quality Repair Centre 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 - GOING CONCERN

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 company had net liabilities of £632,529 at the year-end and net current liabilities of £706,366. The directors consider that it is appropriate to prepare the accounts on a going concern basis as the parent company, Page Automotive Group Limited, has undertaken to continue to provide financial support for the company as required for a period of at least twelve months from the date of approval of these accounts.

The financial statements are presented in Sterling which is the functional currency of the company.

TURNOVER

Turnover represents net invoiced sales for services, excluding value added tax.

Revenue is recognised upon completion of the job.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

over the life of the property lease

Plant and machinery etc

-

15% on reducing balance

Two bake ovens purchased in 2011 included within Plant & Machinery at cost £87,000 are considered to have a useful life of 20 years and are depreciated at 5% per annum on a straight line basis.

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.

FINANCIAL INSTRUMENTS

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2018 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2019

15,641

240,110

255,751

Additions

-

396

396

At 31 December 2019

15,641

240,506

256,147

DEPRECIATION

At 1 January 2019

15,450

137,365

152,815

Charge for year

191

11,985

12,176

At 31 December 2019

15,641

149,350

164,991

NET BOOK VALUE

At 31 December 2019

-

91,156

91,156

At 31 December 2018

191

102,745

102,936

5.

DEBTORS

2019

2018

£

£

Amounts falling due within one year:

Trade debtors

229,633

193,113

Amounts owed by group undertakings

73,362

50,131

Other debtors

32,171

42,357

335,166

285,601

2019

2018

£

£

Amounts falling due after more than one year:

Other debtors

11,642

11,642

Aggregate amounts

346,808

297,243

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 7)

-

10,062

Trade creditors

219,991

139,882

Amounts owed to group undertakings

729,729

706,023

Taxation and social security

45,467

43,421

Other creditors

132,268

141,660

1,127,455

1,041,048

7.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2019

2018

£

£

Net obligations repayable:

Within one year

-

10,062

Non-cancellable operating

leases

2019

2018

£

£

Within one year

38,808

38,808

Between one and five years

7,762

46,570

46,570

85,378

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

We draw attention to the directors' statement under future developments within the directors' report on page 2 of these financial statements concerning COVID-19. It is recognised by the directors that the future financial performance of the company will inevitably be impacted by the novel coronavirus (COVID-19), which was declared a global pandemic by the World Health Organisation in March 2020. In the period since the financial year end date, the company's operations have been significantly impacted by the pandemic, as detailed in the director's report. However, the directors have currently assessed that the company should not be so effected by the pandemic that it not should be regarded as a going concern and therefore the financial statements include no adjustment in this respect.

Uncertainties related to the potential effects of COVID-19 are relevant to understanding our audit of the financial statements. All audits assess and challenge the reasonableness of estimates made by companies, the related disclosures and the appropriateness of the going concern assumption of financial statements. The appropriateness of the going concern assumption depends on assessments of the future economic environment and the company's future prospects and performance. The COVID-19 pandemic is an unprecedented challenge for humanity and for the economy globally, and at the date of this report is effects are subject to significant levels of uncertainty. We have evaluated the situation and uncertainties as described in the aforementioned disclosure and consider the disclosure to be adequate. However, an audit cannot predict the unknowable factors or all possible future implications for a company and this is particularly the case in relation to COVID-19. Our opinion is not modified in this respect.

Donald Nelson FCA (Senior Statutory Auditor)

for and on behalf of Tudor John Limited

9.	CONTINGENT LIABILITIES

The company is jointly and severally liable in respect of VAT liabilities arising in other group undertakings. The contingent liability at 31st December 2019 amounted to £287,167 (2018 - £292,339).

10.	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.

On 10th May 2019 Page Automotive Group purchased the remaining shares of A&J Lawrence and since that date it has been a wholly owned subsidiary of the group. Prior to becoming wholly owned A & J Lawrence Limited, made purchases of £308 from the company. (2018 - paid costs of £30,604 on behalf of the company).

11.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

In common with many other businesses of our size and nature we use our auditors to provide tax advice and to represent us in dealing with tax authorities.

12.	ULTIMATE CONTROLLING PARTY