Property Repairs & Services Ltd - Period Ending 2017-03-31

Registration number: 04324751

Property Repairs & Services Ltd

trading as Prestige Property Services

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Morton Baxter Associates Limited
3 Slaters Court
Princess Street
Knutsford
Cheshire
WA16 6BW

Property Repairs & Services Ltd

trading as Prestige Property Services

Contents

Directors' Report	1
Accountants' Report	2
Profit and Loss Account	3
Balance Sheet	4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 9
Non-statutory pages	10 to 11
Detailed Profit and Loss Account	10

Property Repairs & Services Ltd

trading as Prestige Property Services

Directors' Report for the Year Ended 31 March 2017

The Directors present their report and the financial statements for the year ended 31 March 2017.

Directors of the Company

The directors who held office during the year were as follows:

David Philip Tindall

Stephen John Hunter

Dividends

The directors recommend a final dividend payment of £Nil be made in respect of the financial year ended 31 March 2017. This dividend has not been recognised as a liability in the financial statements.

Principal activity

The principal activity of the company is the provision of business property services including gardening, cleaning & maintenance. The company changed its trading name from Prestige Property Associates Limited on 31/03/2014

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 30 September 2017 and signed on its behalf by:

.........................................
David Philip Tindall
Director

Page 1

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Property Repairs & Services Ltd

trading as Prestige Property Services
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Property Repairs & Services Ltd for the year ended 31 March 2017 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Property Repairs & Services Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Property Repairs & Services Ltd and state those matters that we have agreed to state to the Board of Directors of Property Repairs & Services Ltd, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Property Repairs & Services Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Property Repairs & Services Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Property Repairs & Services Ltd. You consider that Property Repairs & Services Ltd 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 accounts of Property Repairs & Services Ltd. 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 accounts.

......................................

Morton Baxter Associates Limited
3 Slaters CourtPrincess StreetKnutsfordCheshireWA16 6BW

30 September 2017

Page 2

Property Repairs & Services Ltd

trading as Prestige Property Services

Profit and Loss Account for the Year Ended 31 March 2017

	Note	2017  £	2016  £
Turnover		425,634	427,137
Raw materials and consumables used		(97,107)	(107,304)
Employee benefits expense		(226,898)	(237,793)
Depreciation and amortisation expense		(11,241)	(6,762)
Other expenses		(69,818)	(96,550)
Operating profit/(loss)		20,570	(21,272)
Interest payable and similar charges		(2,498)	(1,888)
Profit/(loss) before tax	4	18,072	(23,160)
Profit/(loss) for the year		18,072	(23,160)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

The notes on pages 6 to 9 form an integral part of these financial statements.
Page 3

Property Repairs & Services Ltd

trading as Prestige Property Services

(Registration number: 04324751)
Balance Sheet as at 31 March 2017

	Note	2017  £	2016  £
Fixed assets
Tangible assets	5	37,577	19,554
Current assets
Debtors	6	60,377	61,827
Creditors: Amounts falling due within one year	7	(82,572)	(98,246)
Net current liabilities		(22,195)	(36,419)
Total assets less current liabilities		15,382	(16,865)
Creditors: Amounts falling due after more than one year	7	(19,952)	(5,777)
Net liabilities		(4,570)	(22,642)
Capital and reserves
Called up share capital		10,000	10,000
Profit and loss account		(14,570)	(32,642)
Total equity		(4,570)	(22,642)

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 30 September 2017 and signed on its behalf by:
 

.........................................

David Philip Tindall

Director

The notes on pages 6 to 9 form an integral part of these financial statements.
Page 4

Property Repairs & Services Ltd

trading as Prestige Property Services

Statement of Changes in Equity for the Year Ended 31 March 2017

	Share capital £	Profit and loss account £	Total £
At 1 April 2016	10,000	(32,642)	(22,642)
Profit for the year	-	18,072	18,072
Total comprehensive income	-	18,072	18,072
At 31 March 2017	10,000	(14,570)	(4,570)

	Share capital £	Profit and loss account £	Total £
At 1 April 2015	10,000	(9,482)	518
Loss for the year	-	(23,160)	(23,160)
Total comprehensive income	-	(23,160)	(23,160)
At 31 March 2016	10,000	(32,642)	(22,642)

The notes on pages 6 to 9 form an integral part of these financial statements.
Page 5

Property Repairs & Services Ltd

trading as Prestige Property Services

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
Quay House
Viaduct Road
Altrincham
WA14 5DU

These financial statements were authorised for issue by the Board on 30 September 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The Company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the Company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor vehicles	25% Straight Line
Plant and machinery	25% Straight Line
Office equipment	25% Straight Line

Page 6

Property Repairs & Services Ltd

trading as Prestige Property Services

Notes to the Financial Statements for the Year Ended 31 March 2017

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation. Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

	2017  No.	2016  No.
Production	10	10
Administration and support	1	1
	11	11

Page 7

Property Repairs & Services Ltd

trading as Prestige Property Services

Notes to the Financial Statements for the Year Ended 31 March 2017

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

	2017  No.	2016  No.
Production	10	10
Administration and support	1	1
	11	11

4	Profit/loss before tax

Arrived at after charging/(crediting)

	2017  £	2016  £
Depreciation expense	11,241	6,762

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2016	671	46,756	15,061	62,488
Additions	-	29,063	200	29,263
Disposals	-	(8,864)	-	(8,864)
At 31 March 2017	671	66,955	15,261	82,887
Depreciation
At 1 April 2016	556	31,979	10,398	42,933
Charge for the year	115	8,877	2,248	11,240
Eliminated on disposal	-	(8,863)	-	(8,863)
At 31 March 2017	671	31,993	12,646	45,310
Carrying amount
At 31 March 2017	-	34,962	2,615	37,577
At 31 March 2016	115	14,776	4,663	19,554

6

Debtors

	2017  £	2016  £
Trade debtors	43,315	45,631
Other debtors	14,823	13,854
Prepayments	2,239	2,342
Total current trade and other debtors	60,377	61,827

Page 8

Property Repairs & Services Ltd

trading as Prestige Property Services

Notes to the Financial Statements for the Year Ended 31 March 2017

7

Creditors

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	8	19,721	26,906
Trade creditors		22,626	40,009
Social security and other taxes		26,123	21,840
Other payables		14,102	9,491
		82,572	98,246
Due after one year
Loans and borrowings	8	19,952	5,777

8	Loans and borrowings

	2017  £	2016  £
Non-current loans and borrowings
Finance lease liabilities	19,952	5,777

	2017  £	2016  £
Current loans and borrowings
Bank overdrafts	19,721	26,906

9

Dividends

The directors are proposing a final dividend of £Nil (2016 - £Nil) per share totalling £Nil (2016 - £Nil). This dividend has not been accrued in the Balance Sheet.

Page 9

Property Repairs & Services Ltd

trading as Prestige Property Services

Detailed Profit and Loss Account for the Year Ended 31 March 2017

	2017  £	2016  £
Turnover
Sales, UK	425,634	427,137
Raw materials and consumables used
Materials	60,501	86,683
Subcontract cost	36,606	19,691
Staff training	-	930
	97,107	107,304
Employee benefits expense
Wages and salaries	226,759	237,387
Staff welfare	139	406
	226,898	237,793
Depreciation and amortisation expense
Depreciation of plant and machinery	2,248	2,998
Depreciation of motor vehicles (owned)	8,878	3,598
Depreciation of office equipment (owned)	115	166
	11,241	6,762
Other expenses
Rent and rates	852	-
Rent	7,349	7,592
Insurance	4,284	4,321
Telephone and fax	3,603	4,204
Computer software and maintenance costs	1,970	2,528
Printing, postage and stationery	233	243
Trade subscriptions	83	180
Sundry expenses	231	-
Waste disposal	6,791	6,404
Management charges payable	4,500	12,780
Motor expenses	31,920	45,655
Travel and subsistence	68	132
Advertising	115	21
Staff entertaining (allowable for tax)	9	238
Customer entertaining (disallowable for tax)	224	159
Accountancy fees	6,000	6,000
Legal and professional fees	-	300
Bad debts written off	-	4,175
Bank charges	1,007	683
Credit card charges	579	935
	69,818	96,550
Operating profit/(loss)	20,570	(21,272)
Interest payable and similar charges
Bank interest payable	709	1,175
Finance lease interest	1,789	713
	2,498	1,888
Profit/(loss) before tax	18,072	(23,160)

This page does not form part of the statutory financial statements.
Page 10

Property Repairs & Services Ltd

trading as Prestige Property Services

Detailed Profit and Loss Account for the Year Ended 31 March 2017

	2017  £	2016  £
Turnover
Sales, UK	425,634	427,137
Raw materials and consumables used
Materials	60,501	86,683
Subcontract cost	36,606	19,691
Staff training	-	930
	97,107	107,304
Employee benefits expense
Wages and salaries	226,759	237,387
Staff welfare	139	406
	226,898	237,793
Depreciation and amortisation expense
Depreciation of plant and machinery	2,248	2,998
Depreciation of motor vehicles (owned)	8,878	3,598
Depreciation of office equipment (owned)	115	166
	11,241	6,762
Other expenses
Rent and rates	852	-
Rent	7,349	7,592
Insurance	4,284	4,321
Telephone and fax	3,603	4,204
Computer software and maintenance costs	1,970	2,528
Printing, postage and stationery	233	243
Trade subscriptions	83	180
Sundry expenses	231	-
Waste disposal	6,791	6,404
Management charges payable	4,500	12,780
Motor expenses	31,920	45,655
Travel and subsistence	68	132
Advertising	115	21
Staff entertaining (allowable for tax)	9	238
Customer entertaining (disallowable for tax)	224	159
Accountancy fees	6,000	6,000
Legal and professional fees	-	300
Bad debts written off	-	4,175
Bank charges	1,007	683
Credit card charges	579	935
	69,818	96,550
Operating profit/(loss)	20,570	(21,272)
Interest payable and similar charges
Bank interest payable	709	1,175
Finance lease interest	1,789	713
	2,498	1,888
Profit/(loss) before tax	18,072	(23,160)

This page does not form part of the statutory financial statements.
Page 11