Porsche Classics Limited 05755921 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is car repairs and restoration Digita Accounts Production Advanced 6.30.9574.0 true 05755921 2022-06-01 2023-05-31 05755921 2023-05-31 05755921 core:CapitalRedemptionReserve 2023-05-31 05755921 core:RetainedEarningsAccumulatedLosses 2023-05-31 05755921 core:ShareCapital 2023-05-31 05755921 core:FinanceLeases core:CurrentFinancialInstruments 2023-05-31 05755921 core:CurrentFinancialInstruments 2023-05-31 05755921 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 05755921 core:Non-currentFinancialInstruments 2023-05-31 05755921 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 05755921 core:Goodwill 2023-05-31 05755921 core:ConstructionInProgressAssetsUnderConstruction 2023-05-31 05755921 core:FurnitureFittingsToolsEquipment 2023-05-31 05755921 core:MotorVehicles 2023-05-31 05755921 core:OtherPropertyPlantEquipment 2023-05-31 05755921 bus:SmallEntities 2022-06-01 2023-05-31 05755921 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 05755921 bus:FullAccounts 2022-06-01 2023-05-31 05755921 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 05755921 bus:RegisteredOffice 2022-06-01 2023-05-31 05755921 bus:Director1 2022-06-01 2023-05-31 05755921 bus:Director3 2022-06-01 2023-05-31 05755921 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 05755921 bus:Agent1 2022-06-01 2023-05-31 05755921 core:Goodwill 2022-06-01 2023-05-31 05755921 core:ConstructionInProgressAssetsUnderConstruction 2022-06-01 2023-05-31 05755921 core:FurnitureFittings 2022-06-01 2023-05-31 05755921 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 05755921 core:LeaseholdImprovements 2022-06-01 2023-05-31 05755921 core:MotorCars 2022-06-01 2023-05-31 05755921 core:MotorVehicles 2022-06-01 2023-05-31 05755921 core:OtherPropertyPlantEquipment 2022-06-01 2023-05-31 05755921 core:PlantMachinery 2022-06-01 2023-05-31 05755921 countries:AllCountries 2022-06-01 2023-05-31 05755921 2022-05-31 05755921 core:Goodwill 2022-05-31 05755921 core:ConstructionInProgressAssetsUnderConstruction 2022-05-31 05755921 core:FurnitureFittingsToolsEquipment 2022-05-31 05755921 core:MotorVehicles 2022-05-31 05755921 core:OtherPropertyPlantEquipment 2022-05-31 05755921 2021-06-01 2022-05-31 05755921 2022-05-31 05755921 core:FinanceLeases core:CurrentFinancialInstruments 2022-05-31 05755921 core:CurrentFinancialInstruments 2022-05-31 05755921 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 05755921 core:Non-currentFinancialInstruments 2022-05-31 05755921 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 05755921 core:Goodwill 2022-05-31 05755921 core:ConstructionInProgressAssetsUnderConstruction 2022-05-31 05755921 core:FurnitureFittingsToolsEquipment 2022-05-31 05755921 core:MotorVehicles 2022-05-31 05755921 core:OtherPropertyPlantEquipment 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 05755921

Porsche Classics Limited

trading as Prill Porsche Classics

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Porsche Classics Limited

trading as Prill Porsche Classics

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Porsche Classics Limited

trading as Prill Porsche Classics

Company Information

Directors

A J Prill

S Prill

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

Coutts & Co.
440 Strand
London
WC2R 0QS

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Porsche Classics Limited

trading as Prill Porsche Classics

(Registration number: 05755921)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

4,200

5,600

Tangible assets

5

34,776

45,482

 

38,976

51,082

Current assets

 

Stocks

144,911

145,080

Debtors

6

17,039

92,341

Cash at bank and in hand

 

162,604

135,132

 

324,554

372,553

Creditors: Amounts falling due within one year

7

(100,592)

(159,571)

Net current assets

 

223,962

212,982

Total assets less current liabilities

 

262,938

264,064

Creditors: Amounts falling due after more than one year

7

(22,500)

(32,500)

Provisions for liabilities

(6,607)

(5,303)

Net assets

 

233,831

226,261

Capital and reserves

 

Called up share capital

100

100

Capital redemption reserve

50

50

Profit and loss account

233,681

226,111

Total equity

 

233,831

226,261

 

Porsche Classics Limited

trading as Prill Porsche Classics

(Registration number: 05755921)
Balance Sheet as at 31 May 2023 (continued)

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 February 2024 and signed on its behalf by:
 

A J Prill
Director

 

Porsche Classics Limited

trading as Prill Porsche Classics

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

1

General information

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

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB, England.

The principal place of business is: 54 Broton Drive, Halstead, Essex, CO9 1HB.

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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Current Tax is recognised in the profit and loss account, 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Porsche Classics Limited

trading as Prill Porsche Classics

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

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

Asset class

Depreciation method and rate

Fixtures, fittings and office equipment

33% Straight line and 25% Reducing balance basis

Motor vehicles

25% Reducing balance basis

Plant and machinery

25% Reducing balance basis

Improvements to property

10% Straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years straight line method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. 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.

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.

 

Porsche Classics Limited

trading as Prill Porsche Classics

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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.

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 directors) during the year, was 9 (2022 - 11).

 

Porsche Classics Limited

trading as Prill Porsche Classics

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2022

28,000

28,000

At 31 May 2023

28,000

28,000

Amortisation

At 1 June 2022

22,400

22,400

Amortisation charge

1,400

1,400

At 31 May 2023

23,800

23,800

Carrying amount

At 31 May 2023

4,200

4,200

At 31 May 2022

5,600

5,600

5

Tangible assets

Fixtures, fittings and office equipment
 £

Motor vehicles
 £

Improvements to property
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2022

69,179

58,084

31,840

47,788

206,891

Additions

1,271

-

-

-

1,271

Disposals

(1,599)

-

-

-

(1,599)

At 31 May 2023

68,851

58,084

31,840

47,788

206,563

Depreciation

At 1 June 2022

56,064

44,540

18,172

42,632

161,408

Charge for the year

4,119

3,386

3,184

1,289

11,978

Eliminated on disposal

(1,599)

-

-

-

(1,599)

At 31 May 2023

58,584

47,926

21,356

43,921

171,787

Carrying amount

At 31 May 2023

10,267

10,158

10,484

3,867

34,776

At 31 May 2022

13,115

13,544

13,668

5,155

45,482

 

Porsche Classics Limited

trading as Prill Porsche Classics

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

6

Debtors

2023
£

2022
£

Trade debtors

 

15,291

62,948

Amounts owed by group undertakings and undertakings in which the company has a participating interest

-

25,000

Prepayments

 

1,748

4,393

 

17,039

92,341

7

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

17,816

21,101

Trade creditors

 

46,951

53,239

Social security and other taxes

 

18,483

16,656

Other creditors

 

701

63,797

Corporation tax

 

14,018

-

Accruals and deferred income

 

2,623

4,778

 

100,592

159,571


Creditors due within one year include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £7,816 (2022 - £11,101).

 

Porsche Classics Limited

trading as Prill Porsche Classics

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

22,500

32,500

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Finance lease liabilities

7,816

11,101

17,816

21,101

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,500

32,500