Prestige Quality Repair Centre Ltd - Period Ending 2014-03-31

Registration number: 06132367

Prestige Quality Repair Centre Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2014
 

Tymar Associates Limited
Chartered Certified Accountants
44 London Street
Reading
Berkshire
RG1 4SQ

Prestige Quality Repair Centre Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Prestige Quality Repair Centre Ltd
for the Year Ended 31 March 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Prestige Quality Repair Centre Ltd for the year ended 31 March 2014 set out on pages 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/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Prestige Quality Repair Centre 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 Prestige Quality Repair Centre Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Prestige Quality Repair Centre Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Prestige Quality Repair Centre 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 Prestige Quality Repair Centre Ltd. You consider that Prestige Quality Repair Centre 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 Prestige Quality Repair Centre 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.

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

Tymar Associates Limited
Chartered Certified Accountants
44 London Street
Reading
Berkshire
RG1 4SQ

19 December 2014

Page 1

Prestige Quality Repair Centre Ltd
(Registration number: 06132367)
Abbreviated Balance Sheet at 31 March 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					18,888			25,184
Tangible fixed assets					206,734			222,680
					225,622			247,864
Current assets
Stocks					28,077			24,516
Debtors					146,007			269,421
Cash at bank and in hand					524			2,507
					174,608			296,444
Creditors: Amounts falling due within one year					(234,249)			(274,501)
Net current (liabilities)/assets					(59,641)			21,943
Total assets less current liabilities					165,981			269,807
Creditors: Amounts falling due after more than one year					(48,277)			(61,321)
Provisions for liabilities					(34,652)			(34,652)
Net assets					83,052			173,834
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					82,952			173,734
Shareholders' funds					83,052			173,834

For the year ending 31 March 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 19 December 2014 and signed on its behalf by:

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Prestige Quality Repair Centre Ltd
(Registration number: 06132367)
Abbreviated Balance Sheet at 31 March 2014
......... continued

.........................................
Mr Trevor Sheppard
Director

.........................................
Mr Douglas C Russell
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Prestige Quality Repair Centre Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line basis

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Asset class	Depreciation method and rate
Leasehold property	Straight line over the life of the lease
Plant and machinery	15% and 25% reducing balance basis

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 4

Prestige Quality Repair Centre Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2013		62,960			330,303			393,263
Additions		-			16,750			16,750
Disposals		-			(23,176)			(23,176)
At 31 March 2014		62,960			323,877			386,837
Depreciation
At 1 April 2013		37,776			107,623			145,399
Charge for the year		6,296			24,664			30,960
Eliminated on disposals		-			(15,144)			(15,144)
At 31 March 2014		44,072			117,143			161,215
Net book value
At 31 March 2014		18,888			206,734			225,622
At 31 March 2013		25,184			222,680			247,864

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

Page 5

Prestige Quality Repair Centre Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

		2014 £			2013 £
Amounts falling due within one year		25,738			-
Amounts falling due after more than one year		10,541			-
Total secured creditors		36,279			-

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

Page 6