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COMPANY REGISTRATION NUMBER: 06231629
Prestige Allparts Ltd
Filleted Unaudited Financial Statements
31 May 2022
Prestige Allparts Ltd
Statement of Financial Position
31 May 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
6
319,563
279,553
Current assets
Stocks
126,350
149,850
Debtors
7
195,206
49,258
Cash at bank and in hand
65,343
118,000
---------
---------
386,899
317,108
Creditors: amounts falling due within one year
8
416,517
315,222
---------
---------
Net current (liabilities)/assets
( 29,618)
1,886
---------
---------
Total assets less current liabilities
289,945
281,439
Creditors: amounts falling due after more than one year
10
95,009
125,000
---------
---------
Net assets
194,936
156,439
---------
---------
Capital and reserves
Called up share capital
60
60
Profit and loss account
194,876
156,379
---------
---------
Shareholders funds
194,936
156,439
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Prestige Allparts Ltd
Statement of Financial Position (continued)
31 May 2022
These financial statements were approved by the board of directors and authorised for issue on 2 September 2022 , and are signed on behalf of the board by:
Mr P C Curren
Director
Company registration number: 06231629
Prestige Allparts Ltd
Notes to the Financial Statements
Year ended 31 May 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Mossdown Road, Royton, Oldham, OL2 6HS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
25% reducing balance
Fixtures & fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2021: 19 ).
5. Intangible assets
Goodwill
£
Cost
At 1 June 2021 and 31 May 2022
33,809
--------
Amortisation
At 1 June 2021 and 31 May 2022
33,809
--------
Carrying amount
At 31 May 2022
--------
At 31 May 2021
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 June 2021
615,203
25,888
125,964
170,221
937,276
Additions
33,369
69,314
40,000
7,374
150,057
Disposals
( 9,914)
( 19,265)
( 29,179)
---------
--------
---------
---------
------------
At 31 May 2022
638,658
95,202
146,699
177,595
1,058,154
---------
--------
---------
---------
------------
Depreciation
At 1 June 2021
456,438
11,307
63,541
126,437
657,723
Charge for the year
47,876
20,977
24,931
12,813
106,597
Disposals
( 9,170)
( 16,559)
( 25,729)
---------
--------
---------
---------
------------
At 31 May 2022
495,144
32,284
71,913
139,250
738,591
---------
--------
---------
---------
------------
Carrying amount
At 31 May 2022
143,514
62,918
74,786
38,345
319,563
---------
--------
---------
---------
------------
At 31 May 2021
158,765
14,581
62,423
43,784
279,553
---------
--------
---------
---------
------------
7. Debtors
2022
2021
£
£
Other debtors
195,206
49,258
---------
--------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
103,029
51,163
Trade creditors
62,888
132,787
Corporation tax
30,264
26,063
Social security and other taxes
74,308
84,450
Other creditors
146,028
20,759
---------
---------
416,517
315,222
---------
---------
9. Charge on assets
The bank borrowings are secured by a debenture held by Barclays Bank.
10. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
95,009
125,000
--------
---------
11. Director's advances, credits and guarantees
Included within creditors due within one year is a loan from the director totalling £113,181 (2021: £13,188) on which no interest is being charged. The loan is repayable in full or in part on demand. Dividends totalling £175,000 (2021: £180,000) were paid in the year in respect of shares held by the company's director.
12. Related party transactions
The bank hold a personal guarantee of £85,000 undertaken by Mr P Curren, sole director and sole shareholder of the company. The company occupies premises jointly owned by the director and shareholder, Mr P Curren. Rent is charged on a normal commercial basis. Included within other debtors is an interest free loan to this business, Prestige Properties, of £Nil (2021: £7,179). Mr P Curren is also a director and 50% shareholder in Municipal Vehicle Services Ltd. Included within trade debtors is £Nil (2021: £Nil) owing by this company. Administrative expenses are recharged on an arm's length basis. No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.