PRC Hi-Fi & Video Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 01483407 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2016

for

PRC HI-FI & VIDEO LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

4

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, from which the unaudited abbreviated accounts (set out on pages three to six) have been prepared.

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 2016 which comprise the Profit and Loss Account, the

Balance Sheet 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 at icaew.com/membershandbook.

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 AAF 2/10 as detailed at icaew.com/compilation. 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 Accountants

5 Theobald Court

Theobald Street

Elstree

Hertfordshire

WD6 4RN

20 December 2016

FIXED ASSETS

Tangible assets

2

185,223

250,571

Investments

3

100

185,323

250,671

CURRENT ASSETS

Stocks

1,261,020

1,349,497

Debtors

951,778

1,656,128

Cash at bank and in hand

95,827

175,158

2,308,625

3,180,783

CREDITORS

Amounts falling due within one year

4

821,420

1,047,948

NET CURRENT ASSETS

1,487,205

2,132,835

TOTAL ASSETS LESS CURRENT LIABILITIES

1,672,528

2,383,506

CREDITORS

Amounts falling due after more than one year

4

-

(413,898

)

PROVISIONS FOR LIABILITIES

(5,828

)

(13,994

)

NET ASSETS

1,666,700

1,955,614

CAPITAL AND RESERVES

Called up share capital

5

50,000

Profit and loss account

1,616,700

1,905,614

SHAREHOLDERS' FUNDS

1,666,700

1,955,614

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 20 December 2016 and were signed on its behalf by:

Mr T Singh - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective January 2015).

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 has taken the option under Section 398 of the

Companies Act 2006 not to prepare consolidated financial statements.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

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 the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

1,276,348

Additions

14,175

Disposals

(21,000

)

At 31 March 2016

1,269,523

DEPRECIATION

At 1 April 2015

1,025,777

Charge for year

70,664

Eliminated on disposal

(12,141

)

At 31 March 2016

1,084,300

NET BOOK VALUE

At 31 March 2016

185,223

At 31 March 2015

250,571

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 April 2015

and 31 March 2016

100

NET BOOK VALUE

At 31 March 2016

100

At 31 March 2015

100

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Showbiz International Limited

Country of incorporation: England & Wales

Nature of business: Event management and development

%

Class of shares:

holding

Ordinary

100.00

2016

2015

£

Aggregate capital and reserves

(187,979

)

(187,979

)

4.

CREDITORS

Creditors include an amount of £ 0 (2015 - £ 466,170 ) for which security has been given.

They also include the following debts falling due in more than five years:

2016

2015

£

Repayable by instalments

-

204,810

5.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2016

2015

value:

£

50,000

Share capital 1

£1

50,000

6.	RELATED PARTY DISCLOSURES

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 (2015 - £55,000).

During the year, the company charged management fees amounting to £55,000 (2015 : £55,000) to 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 (2015 : £25,000) to Ventford Limited, a

company incorporated in England and Wales. Mr T Singh is a director of that company. At 31 March 2016, the company

owed a sum of £17,439 to Ventford Limited.

7.	ULTIMATE CONTROLLER

The director is the ultimate controller as he and his wife hold all the issued share capital of the company.