PRC Hi-Fi & Video Limited - Accounts to registrar (filleted) - small 17.3
PRC Hi-Fi & Video Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2017 |
| for |
| PRC HI-FI & VIDEO LIMITED |
| PRC HI-FI & VIDEO LIMITED (REGISTERED NUMBER: 01483407) |
| Contents of the Financial Statements |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| PRC HI-FI & VIDEO LIMITED |
| Company Information |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 5 Theobald Court |
| Theobald Street |
| Elstree |
| Hertfordshire |
| WD6 4RN |
| BANKERS: |
| 737 Barking Road |
| Plaistow |
| London |
| E13 9PL |
| SOLICITORS: |
| Solicitors |
| City House |
| 3 Cranwood Street |
| London EC1V 9PE |
| PRC HI-FI & VIDEO LIMITED (REGISTERED NUMBER: 01483407) |
| Statement of Financial Position |
| 31 MARCH 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| PRC HI-FI & VIDEO LIMITED (REGISTERED NUMBER: 01483407) |
| Statement of Financial Position - continued |
| 31 MARCH 2017 |
| 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 on |
| PRC HI-FI & VIDEO LIMITED (REGISTERED NUMBER: 01483407) |
| Notes to the Financial Statements |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 1. | STATUTORY INFORMATION |
| PRC Hi-Fi & Video Limited is a |
| 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 |
| 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 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 |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| 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. |
| 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. |
| PRC HI-FI & VIDEO LIMITED (REGISTERED NUMBER: 01483407) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 April 2016 |
| and 31 March 2017 |
| DEPRECIATION |
| At 1 April 2016 |
| Charge for year |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2016 |
| and 31 March 2017 |
| DEPRECIATION |
| At 1 April 2016 |
| Charge for year |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| PRC HI-FI & VIDEO LIMITED (REGISTERED NUMBER: 01483407) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertaking |
| £ |
| COST |
| At 1 April 2016 |
| and 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Amounts owed by participating interests | 40,233 | - |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 8. | 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 are personally owned by the director for which the company paid rent at open market |
| value amounting to £55,000 (2016 - £55,000). |
| During the year, the company charged management fees amounting to £40,000 (2016 : £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 (2016 : £50,000) 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 was |
| owed a sum of £72,561 from Ventford Limited. |
| 9. | ULTIMATE CONTROLLER |
| The director is the ultimate controller as he and his wife hold all the issued share capital of the company. |