Prestige Quality Repair Centre Limited - Accounts to registrar (filleted) - small 18.2
Prestige Quality Repair Centre Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| PRESTIGE QUALITY REPAIR CENTRE LIMITED |
| Financial Statements for the Year Ended 31 December 2017 |
| PRESTIGE QUALITY REPAIR CENTRE LIMITED (REGISTERED NUMBER: 06132367) |
| Contents of the Financial Statements |
| for the year ended 31 December 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| PRESTIGE QUALITY REPAIR CENTRE LIMITED |
| Company Information |
| for the year ended 31 December 2017 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants and Statutory Auditors |
| Nightingale House |
| 46-48 East Street |
| Epsom |
| Surrey |
| KT17 1HQ |
| PRESTIGE QUALITY REPAIR CENTRE LIMITED (REGISTERED NUMBER: 06132367) |
| Balance Sheet |
| 31 December 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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 by: |
| PRESTIGE QUALITY REPAIR CENTRE LIMITED (REGISTERED NUMBER: 06132367) |
| Notes to the Financial Statements |
| for the year ended 31 December 2017 |
| 1. | STATUTORY INFORMATION |
| Prestige Quality Repair Centre Limited is a |
| Wales. The company's registered number and registered office address can be found on the Company |
| Information page. |
| 2. | ACCOUNTING POLICIES |
| BASIS OF PREPARING THE FINANCIAL STATEMENTS - GOING CONCERN |
| The company had net liabilities of £414,432 at the year-end and net current liabilities of £502,220. The directors |
| consider that it is appropriate to prepare the accounts on a going concern basis as the parent company, Page |
| Automotive Group Limited, has undertaken to continue to provide financial support for the company as required |
| for a period of at least twelve months from the date of approval of these accounts. |
| The financial statements are presented in Sterling which is the functional currency of the company. |
| TURNOVER |
| Turnover represents net invoiced sales for services, excluding value added tax. |
| Revenue is recognised upon completion of the job. |
| INTANGIBLE ASSETS |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| TANGIBLE FIXED ASSETS |
| Land and buildings | - |
| Plant and machinery etc | - |
| Two bake ovens purchased in 2011 included within Plant & Machinery at cost £87,000 are considered to have a |
| useful life of 20 years and are depreciated at 5% per annum on a straight line basis. |
| STOCKS |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance |
| for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
| bringing stocks to their present location and condition. |
| 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 balance sheet date. |
| PRESTIGE QUALITY REPAIR CENTRE LIMITED (REGISTERED NUMBER: 06132367) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| DEFERRED TAX |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet 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. |
| HIRE PURCHASE AND LEASING COMMITMENTS |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
| under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
| are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
| of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
| lease. |
| 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. |
| FINANCIAL INSTRUMENTS |
| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, |
| as either financial assets, financial liabilities or equity instruments. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| PRESTIGE QUALITY REPAIR CENTRE LIMITED (REGISTERED NUMBER: 06132367) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2017 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2017 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2017 |
| DEPRECIATION |
| At 1 January 2017 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2017 |
| NET BOOK VALUE |
| At 31 December 2017 |
| At 31 December 2016 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 January 2017 |
| Disposals | ( |
) |
| Transfer to ownership | (13,749 | ) |
| At 31 December 2017 |
| DEPRECIATION |
| At 1 January 2017 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| Transfer to ownership | (10,976 | ) |
| At 31 December 2017 |
| NET BOOK VALUE |
| At 31 December 2017 |
| At 31 December 2016 |
| PRESTIGE QUALITY REPAIR CENTRE LIMITED (REGISTERED NUMBER: 06132367) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2017 |
| 5. | DEBTORS |
| 2017 | 2016 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 8) |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Hire purchase contracts (see note 8) |
| Other creditors |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2017 | 2016 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| PRESTIGE QUALITY REPAIR CENTRE LIMITED (REGISTERED NUMBER: 06132367) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2017 |
| 8. | LEASING AGREEMENTS - continued |
| Non-cancellable operating |
| leases |
| 2017 | 2016 |
| £ | £ |
| Within one year |
| Between one and five years |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 10. | CONTINGENT LIABILITIES |
| The company is jointly and severally liable in respect of VAT liabilities arising in other group undertakings. The |
| contingent liability at 31st December 2017 amounted to £276,066 (2016 - £118,188). |
| 11. | 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. |
| During the year, the company paid costs of £22,411 on behalf of A & J Lawrence Limited, a fellow group |
| company (2016 - incurred cost recharges of £1,587 from A & J Lawrence Limited) and was owed £20,823 by A |
| & J Lawrence Limited at 31 December 2017 (2016 - owed A & J Lawrence Limited £1,588). This amount is |
| included within amounts due within one year and is repayable on demand. |
| 12. | APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
| In common with many other businesses of our size and nature we use our auditors to prepare and submit returns |
| to the tax authorities and assist with the preparation of the financial statements. |
| In common with many other businesses of our size and nature we use our auditors to provide tax advice and to |
| represent us in dealing with tax authorities. |
| 13. | ULTIMATE CONTROLLING PARTY |
| The company is under the control of the parent undertaking, Page Automotive Group Limited. The ultimate |
| parent undertaking is Page Holdings Limited and the ultimate controlling party is Mr R L Page. |