Registration number:
Premiership Chauffeurs Limited
for the Year Ended 30 September 2023
Premiership Chauffeurs Limited
Contents
Company Information |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
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Detailed Profit and Loss Account |
Premiership Chauffeurs Limited
Company Information
Directors |
Mrs Rachel Spellman Mr Carl Mark Spellman |
Registered office |
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Premiership Chauffeurs Limited
(Registration number: 06869880)
Abridged Balance Sheet as at 30 September 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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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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Prepayments and accrued income |
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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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Accruals and deferred income |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
Premiership Chauffeurs Limited
(Registration number: 06869880)
Abridged Balance Sheet as at 30 September 2023
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Premiership Chauffeurs Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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 abridged 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 abridged 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.
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 charge 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.
Premiership Chauffeurs Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023
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:
Asset class |
Depreciation method and rate |
Motor Vehicles |
20% Straight Line |
Furniture, Fittings & Equipment |
20% Straight Line |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
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 |
Private vehicle registration numbers |
10% 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, they are recognised at the transaction price.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers, they are recognised at transaction price. 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.
Borrowings
Premiership Chauffeurs Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023
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.Where the company transfers substantially all the risks and rewards of ownership, the arrangement is classified as a finance lease and a receivable is recognised at an amount equal to the net investment in the lease. Recognition of finance income is based on a pattern reflecting a constant periodic rate of return on the lessor's net investment in the finance lease.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Premiership Chauffeurs Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023
Intangible assets |
Private vehicle registration numbers |
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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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Amortisation |
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At 1 October 2022 |
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Amortisation charge |
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At 30 September 2023 |
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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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Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 October 2022 |
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Additions |
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Disposals |
- |
( |
( |
At 30 September 2023 |
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Depreciation |
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At 1 October 2022 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 30 September 2023 |
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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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Premiership Chauffeurs Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
Related party transactions |
Transactions with directors |
2023 |
At 1 October 2022 |
Advances to director |
Repayments by director |
At 30 September 2023 |
Mrs Rachel Spellman |
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Directors Current Account - Interest free and repayable on demand |
( |
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( |
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Mr Carl Mark Spellman |
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Directors Current Account - Interest free and repayable on demand |
( |
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( |
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2022 |
At 1 October 2021 |
Advances to director |
Repayments by director |
At 30 September 2022 |
Mrs Rachel Spellman |
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Directors Current Account - Interest free and repayable on demand |
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( |
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( |
Mr Carl Mark Spellman |
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Directors Current Account - Interest free and repayable on demand |
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( |
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( |
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from 50 Whinfell Road, Liverpool, England, L12 2AT
Premiership Chauffeurs Limited
Detailed Profit and Loss Account for the Year Ended 30 September 2023
2023 |
2022 |
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turnover (analysed below) |
1,261,162 |
1,123,583 |
Cost of sales (analysed below) |
(807,134) |
(733,055) |
Gross profit |
454,028 |
390,528 |
Gross profit (%) |
36% |
34.76% |
Administrative expenses |
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Employment costs (analysed below) |
(76,223) |
(66,855) |
General administrative expenses (analysed below) |
(123,035) |
(69,535) |
Depreciation costs (analysed below) |
(30,464) |
(31,339) |
(229,722) |
(167,729) |
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Non-operating exceptional items |
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Profit/(Loss) on disposal of tangible fixed assets |
24,633 |
(12,250) |
Operating profit |
248,939 |
210,549 |
Other interest receivable and similar income (analysed below) |
62 |
6 |
Interest payable and similar expenses (analysed below) |
(4,464) |
(3,732) |
(4,402) |
(3,726) |
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Profit before tax |
244,537 |
206,823 |
Premiership Chauffeurs Limited
Detailed Profit and Loss Account for the Year Ended 30 September 2023
2023 |
2022 |
Turnover |
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Sale of goods, UK |
1,261,162 |
1,123,583 |
Cost of sales |
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Subcontract cost |
(773,753) |
(704,950) |
Travelling |
(33,381) |
(28,105) |
(807,134) |
(733,055) |
General administrative expenses |
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Directors remuneration |
(25,895) |
(25,393) |
Directors pensions (Defined contribution) |
(50,000) |
- |
Rent and rates |
(11,390) |
(9,910) |
Insurance |
(1,314) |
(1,059) |
Repairs and maintenance |
(55) |
(140) |
Telephone and fax |
(5,373) |
(3,924) |
Computer software and maintenance costs |
(4,342) |
(3,360) |
Printing, postage and stationery |
(929) |
(1,470) |
Trade subscriptions |
(747) |
(869) |
Charitable donations |
(227) |
(458) |
Sundry expenses |
(1,458) |
(1,462) |
Travel and subsistence |
(2,006) |
(4,108) |
Advertising |
- |
(693) |
Staff entertaining (allowable for tax) |
(326) |
(406) |
Customer entertaining (disallowable for tax) |
(4,573) |
(3,953) |
Accountancy fees |
(14,000) |
(12,200) |
Legal and professional fees |
(236) |
- |
Bank charges |
(164) |
(130) |
(123,035) |
(69,535) |
Non-operating exceptional items |
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(Profit)/loss on disposal of tangible fixed assets |
24,633 |
(12,250) |
Other interest receivable and similar income |
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Bank interest receivable |
62 |
6 |
Interest payable and similar expenses |
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Bank loan interest payable |
(1,233) |
(1,048) |
Hire purchase interest |
(3,231) |
(2,684) |
(4,464) |
(3,732) |
Premiership Chauffeurs Limited
Detailed Profit and Loss Account for the Year Ended 30 September 2023
2023 |
2022 |
Employment costs |
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Wages and salaries (excluding directors) |
(74,400) |
(63,039) |
Subcontract cost |
(1,783) |
(3,816) |
Staff training |
(40) |
- |
(76,223) |
(66,855) |
Depreciation costs |
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Amortisation of private vehicle registration numbers |
(120) |
(120) |
Depreciation of motor vehicles |
(29,684) |
(30,210) |
Depreciation of office equipment |
(660) |
(1,009) |
(30,464) |
(31,339) |