Registered number
09907150
Premier Accident and Repair Centre Ltd
Filleted Accounts
31 December 2022
Premier Accident and Repair Centre Ltd
Registered number: 09907150
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 63,264 27,578
Current assets
Stocks 122,500 128,200
Debtors 4 243,097 306,980
Cash at bank and in hand 65,108 109,957
430,705 545,137
Creditors: amounts falling due within one year 5 (246,722) (312,788)
Net current assets 183,983 232,349
Total assets less current liabilities 247,247 259,927
Creditors: amounts falling due after more than one year 6 (197,842) (234,868)
Net assets 49,405 25,059
Capital and reserves
Called up share capital 10 10
Profit and loss account 49,395 25,049
Shareholders' funds 49,405 25,059
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Ashley
Director
Approved by the board on 29 September 2023
Premier Accident and Repair Centre Ltd
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Improvements to leasehold over 5 years
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 20 19
3 Tangible fixed assets
Improvements to lease Plant and machinery etc Total
£ £ £
Cost
At 1 January 2022 - 61,614 61,614
Additions 35,549 10,586 46,135
At 31 December 2022 35,549 72,200 107,749
Depreciation
At 1 January 2022 - 34,036 34,036
Charge for the year 3,555 6,894 10,449
At 31 December 2022 3,555 40,930 44,485
Net book value
At 31 December 2022 31,994 31,270 63,264
At 31 December 2021 - 27,578 27,578
4 Debtors 2022 2021
£ £
Trade debtors 162,540 190,799
Other debtors 80,557 116,181
243,097 306,980
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts - 22,091
Obligations under finance lease and hire purchase contracts 1,311 1,311
Trade creditors 158,739 178,829
Taxation and social security costs 82,538 105,683
Other creditors 4,134 4,874
246,722 312,788
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 151,830 187,086
Obligations under finance lease and hire purchase contracts 2,967 4,737
Other creditors 43,045 43,045
197,842 234,868
7 Other information
Premier Accident and Repair Centre Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 205 & 206 Angelsey Business Park
Littleworth Road
Hednesford
Staffordshire
WS12 1NR
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