Prizetrack Limited 03934498 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of the repair & resale of hydraulic hoses Digita Accounts Production Advanced 6.30.9574.0 true true 03934498 2022-04-01 2023-03-31 03934498 2023-03-31 03934498 core:RetainedEarningsAccumulatedLosses 2023-03-31 03934498 core:ShareCapital 2023-03-31 03934498 core:CurrentFinancialInstruments 2023-03-31 03934498 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03934498 core:Non-currentFinancialInstruments 2023-03-31 03934498 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 03934498 core:FurnitureFittings 2023-03-31 03934498 core:MotorVehicles 2023-03-31 03934498 core:OfficeEquipment 2023-03-31 03934498 core:PlantMachinery 2023-03-31 03934498 core:OtherRelatedParties 2023-03-31 03934498 bus:SmallEntities 2022-04-01 2023-03-31 03934498 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03934498 bus:FullAccounts 2022-04-01 2023-03-31 03934498 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 03934498 bus:RegisteredOffice 2022-04-01 2023-03-31 03934498 bus:CompanySecretary1 2022-04-01 2023-03-31 03934498 bus:Director2 2022-04-01 2023-03-31 03934498 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 03934498 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03934498 core:CommercialMotorVehicles 2022-04-01 2023-03-31 03934498 core:FurnitureFittings 2022-04-01 2023-03-31 03934498 core:MotorCars 2022-04-01 2023-03-31 03934498 core:MotorVehicles 2022-04-01 2023-03-31 03934498 core:OfficeEquipment 2022-04-01 2023-03-31 03934498 core:PlantMachinery 2022-04-01 2023-03-31 03934498 core:OtherRelatedParties 2022-04-01 2023-03-31 03934498 countries:EnglandWales 2022-04-01 2023-03-31 03934498 2022-03-31 03934498 core:FurnitureFittings 2022-03-31 03934498 core:MotorVehicles 2022-03-31 03934498 core:OfficeEquipment 2022-03-31 03934498 core:PlantMachinery 2022-03-31 03934498 core:OtherRelatedParties 2022-03-31 03934498 2021-04-01 2022-03-31 03934498 2022-03-31 03934498 core:RetainedEarningsAccumulatedLosses 2022-03-31 03934498 core:ShareCapital 2022-03-31 03934498 core:CurrentFinancialInstruments 2022-03-31 03934498 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 03934498 core:Non-currentFinancialInstruments 2022-03-31 03934498 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 03934498 core:FurnitureFittings 2022-03-31 03934498 core:MotorVehicles 2022-03-31 03934498 core:OfficeEquipment 2022-03-31 03934498 core:PlantMachinery 2022-03-31 03934498 core:OtherRelatedParties 2022-03-31 03934498 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 03934498 core:OtherRelatedParties 2021-04-01 2022-03-31 03934498 2021-03-31 03934498 core:OtherRelatedParties 2021-03-31 iso4217:GBP xbrli:pure

Registration number: 03934498

Prizetrack Limited

trading as Pirtek Hull

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Prizetrack Limited

trading as Pirtek Hull

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Prizetrack Limited

trading as Pirtek Hull

Company Information

Director

Mr M C Summerfield

Company secretary

Mrs H S Summerfield

Registered office

Unit 1-2 Tadman Street
Hull
North Humberside
HU3 2BH

 

Prizetrack Limited

trading as Pirtek Hull

(Registration number: 03934498)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

35,297

31,575

Current assets

 

Stocks

5

117,229

76,916

Debtors

6

320,191

312,942

Cash at bank and in hand

 

34,533

6,632

 

471,953

396,490

Creditors: Amounts falling due within one year

7

(315,997)

(245,365)

Net current assets

 

155,956

151,125

Total assets less current liabilities

 

191,253

182,700

Creditors: Amounts falling due after more than one year

7

(32,523)

(60,884)

Provisions for liabilities

(6,501)

(5,748)

Net assets

 

152,229

116,068

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

151,229

115,068

Shareholders' funds

 

152,229

116,068

 

Prizetrack Limited

trading as Pirtek Hull

(Registration number: 03934498)
Balance Sheet as at 31 March 2023 (continued)

For the financial year ending 31 March 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 2 October 2023
 

.........................................
Mr M C Summerfield
Director

   
     
 

Prizetrack Limited

trading as Pirtek Hull

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1-2 Tadman Street
Hull
North Humberside
HU3 2BH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Prizetrack Limited

trading as Pirtek Hull

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Prizetrack Limited

trading as Pirtek Hull

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Plant and Machinery

10 years straight line

Fixtures and Fittings

10 years straight line

Motor Cars

4 years straight line

Motor Vans

3 years straight line

Office Equipment

5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Prizetrack Limited

trading as Pirtek Hull

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2022 - 9).

 

Prizetrack Limited

trading as Pirtek Hull

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

18,946

29,696

64,317

164,755

277,714

Additions

-

-

-

27,150

27,150

Disposals

-

-

-

(25,561)

(25,561)

At 31 March 2023

18,946

29,696

64,317

166,344

279,303

Depreciation

At 1 April 2022

18,946

28,841

57,135

141,217

246,139

Charge for the year

-

308

2,599

20,521

23,428

Eliminated on disposal

-

-

-

(25,561)

(25,561)

At 31 March 2023

18,946

29,149

59,734

136,177

244,006

Carrying amount

At 31 March 2023

-

547

4,583

30,167

35,297

At 31 March 2022

-

855

7,182

23,538

31,575

 

Prizetrack Limited

trading as Pirtek Hull

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

5

Stocks

2023
£

2022
£

Other inventories

117,229

76,916

6

Debtors

Current

2023
£

2022
£

Trade debtors

254,691

224,717

Prepayments

23,158

40,414

Other debtors

42,342

47,811

 

320,191

312,942

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

52,050

28,172

Trade creditors

 

163,632

122,154

Taxation and social security

 

42,530

28,392

Other creditors

 

57,141

66,550

Directors current account

 

644

97

 

315,997

245,365

 

Prizetrack Limited

trading as Pirtek Hull

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

7

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

32,523

60,884

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

29,339

48,432

HP and finance lease liabilities

3,184

12,452

32,523

60,884

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,547

12,411

Hire purchase liabilities

42,503

15,761

Directors current account

644

97

52,694

28,269

 

Prizetrack Limited

trading as Pirtek Hull

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

9

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £45.297 (2022 - £48.20) per each Ordinary

 

45,297

 

48,200

         

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,812

9,568

Contributions paid to money purchase schemes

9,000

12,000

18,812

21,568

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

47,811

47,811

Repaid

(5,470)

(5,470)

At end of period

42,341

42,341

2022

Other related parties
£

Total
£

At start of period

28,453

28,453

Advanced

19,358

19,358

At end of period

47,811

47,811

Terms of loans to related parties

Prizetrack Ltd has a loan outstanding due from Prizetrack (York) Ltd of £28,634 (2021: £35,157). Prizetrack Ltd has a loan outstanding due from Airhalf Ltd of £13,707 ( 2022 £12,654). There are no terms of repayment or interest charges attached to these loans. Prizetrack (York) Ltd and Airhalf Ltd are both under the common control of Mr Mark Summerfield.