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

REGISTERED NUMBER: 01483407 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2021

for

PRC HI-FI & VIDEO LIMITED

Page

Company Information

1

Chartered Certified Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

Mr T Singh

Mr D Singh

H 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 Certified 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 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 2021 which comprise the Statement of Comprehensive Income, 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

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 the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company 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 Certified Accountants

5 Theobald Court

Theobald Street

Elstree

Hertfordshire

WD6 4RN

12 November 2021

FIXED ASSETS

Tangible assets

4

70,069

84,763

Investments

5

100

100

70,169

84,863

CURRENT ASSETS

Stocks

6

805,078

780,494

Debtors

7

829,961

1,135,309

Cash at bank and in hand

1,163,183

290,014

2,798,222

2,205,817

CREDITORS

Amounts falling due within one year

8

793,649

414,672

NET CURRENT ASSETS

2,004,573

1,791,145

TOTAL ASSETS LESS CURRENT LIABILITIES

2,074,742

1,876,008

CREDITORS

Amounts falling due after more than one year

9

-

(1,199

)

PROVISIONS FOR LIABILITIES

(4,503

)

(5,352

)

NET ASSETS

2,070,239

1,869,457

CAPITAL AND RESERVES

Called up share capital

10

50,000

50,000

Retained earnings

11

2,020,239

1,819,457

SHAREHOLDERS' FUNDS

2,070,239

1,869,457

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 November 2021 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.

Significant judgements and estimates

In preparing these financial statements, the directors have had to make the following judgements:

Leases Determine whether the leases entered into by the company are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Depreciation of tangible fixed assets Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of the assets and liabilities that are not readily apparent from other sources. The estimate and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions too accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and accrued expenses.

Debt instruments that are payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost less impairment and amortised cost are assessed at the end of each reporting period for evidence of impairment. If evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying value and the recoverable amount which is an approximation of the amount that the group would receive for the asset if it were to be sold at reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern of accounting in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2020 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2020

and 31 March 2021

387,668

177,085

585,133

DEPRECIATION

At 1 April 2020

387,668

174,264

520,165

Charge for year

-

705

9,745

At 31 March 2021

387,668

174,969

529,910

NET BOOK VALUE

At 31 March 2021

-

2,116

55,223

At 31 March 2020

-

2,821

64,968

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2020

and 31 March 2021

64,206

16,530

1,230,622

DEPRECIATION

At 1 April 2020

48,534

15,228

1,145,859

Charge for year

3,918

326

14,694

At 31 March 2021

52,452

15,554

1,160,553

NET BOOK VALUE

At 31 March 2021

11,754

976

70,069

At 31 March 2020

15,672

1,302

84,763

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2020

and 31 March 2021

100

NET BOOK VALUE

At 31 March 2021

100

At 31 March 2020

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.

STOCKS

2021

2020

£

£

Stocks

805,078

780,494

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

121,693

565,610

Amounts owed by group undertakings

248,783

198,783

Amounts owed by participating interests

120,233

120,233

Other debtors

251,214

231,764

Prepayments

88,038

18,919

829,961

1,135,309

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Hire purchase contracts

2,029

6,802

Trade creditors

631,563

279,720

Tax

52,031

20,777

Social security and other taxes

10,256

9,122

VAT

43,592

69,379

Other creditors

1,037

-

Directors' current accounts

1,672

1,672

Accrued expenses

51,469

27,200

793,649

414,672

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Hire purchase contracts

-

1,199

10.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2021

2020

value:

£

£

50,000

Share capital 1

£1

50,000

50,000

11.

RESERVES

Retained

earnings

£

At 1 April 2020

1,819,457

Profit for the year

200,782

At 31 March 2021

2,020,239

12.	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 is owned by TPD Properties Limited, a company in which Mr T Singh is a director and shareholder, for which the company paid rent at open market value amounting to £55,000 (2020 - £55,000).

At the year end the company was owed £120,233 (2020; £120,233) by Lingate Limited, a company incorporated in England and Wales. Mr T Singh is a director of that company.

During the year, the company charged management fees amounting to £50,000 (2020 : £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 was owed £82,561 (2020; £32,561) by Ventford Limited.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is Ventford Limited.

The ultimate controlling party is Mr T Singh.