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Registration number: 06869880

Premiership Chauffeurs Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 September 2023

 

Premiership Chauffeurs Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

Detailed Profit and Loss Account

9 to 11

 

Premiership Chauffeurs Limited

Company Information

Directors

Mrs Rachel Spellman

Mr Carl Mark Spellman

Registered office

50 Whinfell Road
Liverpool
L12 2AT

 

Premiership Chauffeurs Limited

(Registration number: 06869880)
Abridged Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

602

723

Tangible assets

5

108,968

93,647

 

109,570

94,370

Current assets

 

Debtors

252,998

234,458

Cash at bank and in hand

 

74,882

83,102

 

327,880

317,560

Prepayments and accrued income

 

162,270

145,425

Creditors: Amounts falling due within one year

(216,889)

(216,995)

Net current assets

 

273,261

245,990

Total assets less current liabilities

 

382,831

340,360

Creditors: Amounts falling due after more than one year

(27,098)

(54,720)

Accruals and deferred income

 

-

(1,200)

Net assets

 

355,733

284,440

Capital and reserves

 

Called up share capital

6

1,000

1,000

Retained earnings

354,733

283,440

Shareholders' funds

 

355,733

284,440

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:

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.

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 Board on 13 March 2024 and signed on its behalf by:
 

 

Premiership Chauffeurs Limited

(Registration number: 06869880)
Abridged Balance Sheet as at 30 September 2023

.........................................
Mrs Rachel Spellman
Director

 

Premiership Chauffeurs Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

1

General information

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

The address of its registered office is:
50 Whinfell Road
Liverpool
L12 2AT

These financial statements were authorised for issue by the Board on 13 March 2024.

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 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 8).

 

Premiership Chauffeurs Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

4

Intangible assets

Private vehicle registration numbers
 £

Cost or valuation

At 1 October 2022

1,204

At 30 September 2023

1,204

Amortisation

At 1 October 2022

482

Amortisation charge

120

At 30 September 2023

602

Carrying amount

At 30 September 2023

602

At 30 September 2022

723

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

7,139

205,423

212,562

Additions

1,502

56,521

58,023

Disposals

-

(51,308)

(51,308)

At 30 September 2023

8,641

210,636

219,277

Depreciation

At 1 October 2022

5,244

101,423

106,667

Charge for the year

661

29,683

30,344

Eliminated on disposal

-

(26,702)

(26,702)

At 30 September 2023

5,905

104,404

110,309

Carrying amount

At 30 September 2023

2,736

106,232

108,968

At 30 September 2022

1,896

91,751

93,647

 

Premiership Chauffeurs Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         

7

Related party transactions

Transactions with directors

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mrs Rachel Spellman

Directors Current Account - Interest free and repayable on demand

(1,054)

17,091

(14,178)

1,859

         
       

Mr Carl Mark Spellman

Directors Current Account - Interest free and repayable on demand

(1,054)

17,091

(14,178)

1,859

         
       

 

2022

At 1 October 2021
£

Advances to director
£

Repayments by director
£

At 30 September 2022
£

Mrs Rachel Spellman

Directors Current Account - Interest free and repayable on demand

1,315

(12,210)

9,840

(1,054)

         
       

Mr Carl Mark Spellman

Directors Current Account - Interest free and repayable on demand

1,315

(12,210)

9,840

(1,054)

         
       

 

8

Parent and ultimate parent undertaking

The company's immediate parent is Premiership Group Limited, incorporated in UK.

  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
£

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

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)

Non-operating exceptional items

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)

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

Sale of goods, UK

1,261,162

1,123,583

   

Cost of sales

Subcontract cost

(773,753)

(704,950)

Travelling

(33,381)

(28,105)

(807,134)

(733,055)

   

General administrative expenses

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

(Profit)/loss on disposal of tangible fixed assets

24,633

(12,250)

   

Other interest receivable and similar income

Bank interest receivable

62

6

   

Interest payable and similar expenses

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

Wages and salaries (excluding directors)

(74,400)

(63,039)

Subcontract cost

(1,783)

(3,816)

Staff training

(40)

-

(76,223)

(66,855)

   

Depreciation costs

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)