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 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M Page

H S Nash

L J R Coupland

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

CURRENT ASSETS

Stocks

45,993

40,614

Debtors

5

474,029

346,808

Cash at bank and in hand

25,428

31,289

545,450

418,711

CREDITORS

Amounts falling due within one year

6

1,101,349

1,127,455

NET CURRENT LIABILITIES

(555,899

)

(708,744

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(555,899

)

(617,588

)

PROVISIONS FOR LIABILITIES

-

17,319

NET LIABILITIES

(555,899

)

(634,907

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(555,999

)

(635,007

)

SHAREHOLDERS' FUNDS

(555,899

)

(634,907

)

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 8 September 2021 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 £555,899 at the year-end. 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 (2019 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2020

15,641

240,506

256,147

Additions

-

4,494

4,494

Reclassification/transfer

-

(245,000

)

(245,000

)

At 31 December 2020

15,641

-

15,641

DEPRECIATION

At 1 January 2020

15,641

149,350

164,991

Charge for year

-

2,047

2,047

Reclassification/transfer

-

(151,397

)

(151,397

)

At 31 December 2020

15,641

-

15,641

NET BOOK VALUE

At 31 December 2020

-

-

-

At 31 December 2019

-

91,156

91,156

5.

DEBTORS

2020

2019

£

£

Amounts falling due within one year:

Trade debtors

237,036

229,633

Amounts owed by group undertakings

203,506

73,362

Other debtors

21,845

32,171

462,387

335,166

Amounts falling due after more than one year:

Other debtors

11,642

11,642

Aggregate amounts

474,029

346,808

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

133,233

219,991

Amounts owed to group undertakings

704,627

729,729

Taxation and social security

116,584

45,467

Other creditors

146,905

132,268

1,101,349

1,127,455

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

7,655

38,808

Between one and five years

-

7,762

7,655

46,570

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

The Report of the Auditors was unqualified.

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 2020 amounted to £837,123 (2019 - £287,167).

The company is jointly and severally liable in respect of a bank loan arising in Page Automotive Group Limited, a fellow group company, which is secured by a floating charge over the company's assets. The contingent liability at 31st December 2020 amounted to £1,000,000 (2019 - nil).

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.

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, assist with the preparation of the financial statements, to process our payroll and file the related information with HMRC.

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

The company is under the control of the parent undertaking, Page Automotive Group Limited. The ultimate parent undertaking is Page Holdings Limited and the ultimate controlling party is Mr M L Page.