Registration number:
Premier Vauxhall Holdings Limited
for the Year Ended 30 September 2023
Premier Vauxhall Holdings Limited
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Premier Vauxhall Holdings Limited
(Registration number: 11525747)
Statement of Financial Position as at 30 September 2023
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2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Revaluation reserve |
26,190 |
26,190 |
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Profit and loss account |
670,812 |
311,635 |
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Shareholders' funds |
697,102 |
337,925 |
Premier Vauxhall Holdings Limited
(Registration number: 11525747)
Statement of Financial Position as at 30 September 2023 (continued)
For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 Statement of Comprehensive Income.
Approved and authorised by the
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Premier Vauxhall Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is that of a holding company and letting of own real estate.
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.
The financial statements are prepared in sterling which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents rent receivable.
Premier Vauxhall Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)
2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Tangible assets
Tangible assets are stated in the statement of financial position 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.
Impairment
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.
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Premier Vauxhall Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)
2 |
Accounting policies (continued) |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
Borrowings
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 statement of comprehensive income 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.
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Premier Vauxhall Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)
Tangible assets |
Freehold property |
Total |
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Cost or valuation |
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At 1 October 2022 |
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At 30 September 2023 |
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Depreciation |
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Carrying amount |
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At 30 September 2023 |
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At 30 September 2022 |
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Investment property
In the opinion of the directors the current valuation of the properties is a fair reflection of current market values.
Revaluation
The fair value of the company's Freehold property was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
The freehold properties are shown at market value. The market valuation of the properties has been undertaken by the directors based on market conditions.
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Premier Vauxhall Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)
5 |
Investments (continued) |
Subsidiaries |
£ |
Cost or valuation |
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At 1 October 2022 |
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Provision |
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Carrying amount |
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At 30 September 2023 |
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At 30 September 2022 |
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Debtors |
Note |
2023 |
2022 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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- |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
- |
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Taxation and social security |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Premier Vauxhall Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Revaluation reserve |
Retained earnings |
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Surplus/deficit on property, plant and equipment revaluation |
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( |
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Profit and loss account:
This reserve records retained earnings and accumulated losses.
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Bank loans and overdrafts represent mortgages due on the company's investment property and are repayable over 20 years. Interest rates are currently between 3.79% and 4.19%.
Bank loans and overdrafts are secured.
Included within creditors: amounts falling due after more than one year is an amount of £109,992 (2022 £116,557) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Related party transactions |
Transactions with directors |
2023 |
At 1 October 2022 |
Advances to director |
Repayments by director |
At 30 September 2023 |
Directors Loan Account |
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( |
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Premier Vauxhall Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)
10 |
Related party transactions (continued) |
2022 |
At 1 October 2021 |
Advances to director |
Repayments by director |
At 30 September 2022 |
Directors Loan Account |
( |
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( |
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Director's loans are repayable on demand and subject to interest on overdrawn balances at the official rate.
Summary of transactions with subsidiaries
Loans to related parties
2023 |
Subsidiary |
Total |
Advanced |
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At end of period |
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Loans from related parties
2023 |
Subsidiary |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
- |
- |
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2022 |
Subsidiary |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
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