Page Motors (Epsom) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00278352 (England and Wales)

PAGE MOTORS (EPSOM) LIMITED

Financial Statements for the Year Ended 31 December 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M Page

REGISTERED OFFICE:

Nightingale House

46-48 East Street

Epsom

Surrey

KT17 1HQ

REGISTERED NUMBER:

00278352 (England and Wales)

AUDITORS:

Tudor John Limited

Chartered Accountants and Statutory Auditors

Nightingale House

46-48 East Street

Epsom

Surrey

KT17 1HQ

CURRENT ASSETS

Debtors

4

383,341

3,188,889

Cash at bank

750

27,442

384,091

3,216,331

CREDITORS

Amounts falling due within one year

5

284,091

355,191

NET CURRENT ASSETS

100,000

2,861,140

TOTAL ASSETS LESS CURRENT LIABILITIES

100,000

2,861,140

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Retained earnings

-

2,761,140

SHAREHOLDERS' FUNDS

100,000

2,861,140

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 director and authorised for issue on 10 December 2020 and were signed by:

M Page - Director

1.	STATUTORY INFORMATION

Page Motors (Epsom) 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 represents rents receivable, excluding value added tax.

INVESTMENT PROPERTY

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 1 (2018 - 3 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed by group undertakings

383,098

3,093,233

Other debtors

243

95,656

383,341

3,188,889

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed to group undertakings

84,349

84,349

Taxation and social security

-

34,695

Other creditors

199,742

236,147

284,091

355,191

6.	SECURED DEBTS

A fixed charge exists over the company's investment properties in respect of the bank loans and borrowings of the company's parent undertaking, Page Holdings Limited.

7.	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

8.	CONTINGENT LIABILITIES

The company is jointly and severally liable in respect of VAT liabilities arising in other group undertakings. The additional balance at 31st December 2019 was a liability of £307,607 (2018 : £310,112).

9.	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.

10.	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. We also use our auditors to raise our invoices and maintain our accounting records including preparation of our quarterly VAT returns.

11.	ULTIMATE CONTROLLING PARTY