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REGISTERED NUMBER: 02880147 (England and Wales)
























Financial Statements

for the Year Ended 31 December 2022

for

PRINCE AVENUE SERVICE STATION LIMITED

PRINCE AVENUE SERVICE STATION LIMITED (REGISTERED NUMBER: 02880147)






Contents of the Financial Statements
for the year ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PRINCE AVENUE SERVICE STATION LIMITED

Company Information
for the year ended 31 December 2022







DIRECTORS: Mr W G Cook
Mr D Lowe



SECRETARY: Mr W G Cook



REGISTERED OFFICE: 54 Sun Street
Waltham Abbey
Essex
EN9 1EJ



REGISTERED NUMBER: 02880147 (England and Wales)



SENIOR STATUTORY AUDITOR: Mr Christopher James Whale ACA



AUDITORS: Trevor Jones & Partners Ltd
Statutory Auditor
Springfield House
99/101 Crossbrook Street
Cheshunt
Waltham Cross
Hertfordshire
EN8 8JR

PRINCE AVENUE SERVICE STATION LIMITED (REGISTERED NUMBER: 02880147)

Balance Sheet
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9,080 8,328

CURRENT ASSETS
Stocks 31,992 284,002
Debtors 5 109,496 31,158
Cash at bank and in hand 85,474 422,111
226,962 737,271
CREDITORS
Amounts falling due within one year 6 205,887 644,221
NET CURRENT ASSETS 21,075 93,050
TOTAL ASSETS LESS CURRENT
LIABILITIES

30,155

101,378

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 30,055 101,278
30,155 101,378

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 25 September 2023 and were signed on its behalf by:




Mr D Lowe - Director



Mr W G Cook - Director


PRINCE AVENUE SERVICE STATION LIMITED (REGISTERED NUMBER: 02880147)

Notes to the Financial Statements
for the year ended 31 December 2022

1. STATUTORY INFORMATION

Prince Avenue Service Station Limited is a private company, limited by shares , registered in England and 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling (£) which is the functional currency for the company and rounded to the nearest £.

Turnover
Turnover is measured at the fair value of the consideration received or receivable,excluding value added tax, of sales of vehicles and parts together with amounts invoiced to customers for servicing and for the rental of vehicles. It includes commission receivable on arranging finance for customer purchases.

Turnover also includes income received from bonuses and incentives, which are recognised in the profit and loss account on a straight line basis over the period to which they relate.

Turnover from the sale of vehicles is recognised when the significant risks and rewards of ownership of the vehicle has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the vehicle.

Turnover is attributable to the principal activity of the company and is UK based.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings - Short Leasehold - over the length of the leases

Plant and machinery etc - at varying rates on cost

At each reporting date, property, plant and equipment are reviewed to determined whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment is recognised immediately in the profit and loss account.

PRINCE AVENUE SERVICE STATION LIMITED (REGISTERED NUMBER: 02880147)

Notes to the Financial Statements - continued
for the year ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value.

Cost incurred in bringing each product to its present location and condition is based on

Parts Purchase cost on a first-in, first our basis
New vehicles (owned) Original purchase cost
New vehicles (consignment) Current manufacturer purchase price
Demonstration vehicles Original cost adjusted to reflect changes in residual value
Used vehicles The price paid or trade-in allowance granted

Net realisable value is based upon selling price less an estimate for discounts and selling expenses to be incurred to disposal.

The directors consider that consignment stocks of certain new vehicles held by the company on behalf of the Suzuki Motor Company (relevant to comparative year) meet the criteria of Financial Reporting Standard 102 to be recognised as assets. Accordingly, such new vehicles are shown as stock in the financial statements with a corresponding liability shown within creditors falling due within one year.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Hire Purchase and leasing commitments
Rental under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trading Outlook
The impact of Covid 19 and global repercussions therefrom on the UK economy and, in particular, on the motor sector in 2022 have been negative.

The company directors, however, have taken swift, robust and decisive action to mitigate the threats from the pandemic to the business. To the extent that they have been able to positively influence controllable factors, they have done so. The company has forecast various post year end sales scenarios and considered the cash flow impact therefrom.


PRINCE AVENUE SERVICE STATION LIMITED (REGISTERED NUMBER: 02880147)

Notes to the Financial Statements - continued
for the year ended 31 December 2022

2. ACCOUNTING POLICIES - continued
The company has ensured that all existing forms of finance, including trade creditors, are paid within agreed terms and will be so going forwards. There are no banking or other covenants not being complied with.

As a result of the above measures and key judgements made, the company directors are confident that the company continues to be a going concern.

Trade and Other Receivables
Trade and other receivables are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest.

Trade and Other Payables
Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method. Amounts owed to group undertakings are deemed to be short term trading balances.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and any short term deposits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 8 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2022 49,154 37,652 86,806
Additions 7,660 - 7,660
At 31 December 2022 56,814 37,652 94,466
DEPRECIATION
At 1 January 2022 43,420 35,058 78,478
Charge for year 5,234 1,674 6,908
At 31 December 2022 48,654 36,732 85,386
NET BOOK VALUE
At 31 December 2022 8,160 920 9,080
At 31 December 2021 5,734 2,594 8,328

PRINCE AVENUE SERVICE STATION LIMITED (REGISTERED NUMBER: 02880147)

Notes to the Financial Statements - continued
for the year ended 31 December 2022

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors - 32,267
Amounts owed by group undertakings 109,496 -
Other debtors - (1,109 )
109,496 31,158

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 4,608 150,430
Amounts owed to group undertakings 179,706 414,660
Taxation and social security - 25,700
Other creditors 21,573 53,431
205,887 644,221

7. SECURED DEBTS

Consignment stock had been purchased under a New Vehicle Supply agreement with Suzuki GB plc. At the year end of 2021, the company had a liability under this agreement of £148,486) which was secured by a charge over the relevant consignment stock and an indemnity given by the directors of the company.

The company has given an unlimited guarantee to its bankers in respect of bank indebtedness.

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Christopher James Whale ACA (Senior Statutory Auditor)
for and on behalf of Trevor Jones & Partners Ltd

9. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption available under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose transactions entered into between two or more members of a group on the basis that any subsidiary undertakings which is party to the transaction is a wholly owned subsidiary undertaking within the group.

10. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary undertaking of Essex Motor Company Limited, a company whose registered office is in the United Kingdom and which prepares consolidated financial statements.