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COMPANY REGISTRATION NUMBER: 03847348
Prestige Walker Limited
Filleted Financial Statements
31 March 2024
Prestige Walker Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
27,816
36,407
Current assets
Work in progress
3,798
61,626
Debtors
6
930,458
553,778
Cash at bank and in hand
13,452
119,730
---------
---------
947,708
735,134
Creditors: amounts falling due within one year
7
( 818,577)
( 610,790)
---------
---------
Net current assets
129,131
124,344
---------
---------
Total assets less current liabilities
156,947
160,751
Creditors: amounts falling due after more than one year
8
( 46,667)
( 86,667)
Provisions
Taxation including deferred tax
( 6,918)
( 6,918)
---------
---------
Net assets
103,362
67,166
---------
---------
Capital and reserves
Called up share capital
156
156
Share premium account
99,870
99,870
Profit and loss account
3,336
( 32,860)
---------
--------
Shareholders funds
103,362
67,166
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Prestige Walker Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 29 October 2024 , and are signed on behalf of the board by:
F Macmillan
V Beacham
Director
Director
Company registration number: 03847348
Prestige Walker Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Godalming Business Centre, Woolsack Way, Godalming Surrey GU7 1XW. The principal place of business is Terminal House, Station Approach, Shepperton, Middlesex, TW17 8AS. The principal activity of the company is the provision of commercial building services including interior design, refurbishment and facilities management.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis as set out in the accounting policies below. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have made appropriate enquiries and having reviewed the company's forecasts and projections, the directors believe that the company has adequate resources to continue in operational existence for the foreseeable future and to meet its obligations and settle its liabilities as they fall due for payment (at least 12 months from the date the accounts are approved and signed). The company therefore continues to adopt the going concern basis in preparing the company financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from construction contracts includes the amount agreed in the initial contract, plus revenue from alterations in the original contract work. Revenue in respect of construction contracts are recognised by reference to the stage of completion of the contract.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
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.
Trade debtors
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment for bad and doubtful debts.
Trade and other creditors
Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less and bank overdrafts.
Work in progress
Work in progress on long-term contracts are assessed on a contract by contract basis and are reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Where the outcome of each long-term contract can be assessed with reasonable certainty before its conclusion, the attributable profit is recognised in the profit and loss account as the difference between the reported turnover and related costs for that contract.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined benefit pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2023: 12 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
2,950
118,463
26,628
148,041
Additions
861
861
-------
---------
--------
---------
At 31 March 2024
2,950
119,324
26,628
148,902
-------
---------
--------
---------
Depreciation
At 1 April 2023
2,530
108,030
1,074
111,634
Charge for the year
104
2,820
6,528
9,452
-------
---------
--------
---------
At 31 March 2024
2,634
110,850
7,602
121,086
-------
---------
--------
---------
Carrying amount
At 31 March 2024
316
8,474
19,026
27,816
-------
---------
--------
---------
At 31 March 2023
420
10,433
25,554
36,407
-------
---------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
789,396
440,129
Amounts owed by group undertakings and undertakings in which the company has a participating interest
69,147
52,428
Other debtors
71,915
61,221
---------
---------
930,458
553,778
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
149,008
40,000
Trade creditors
312,975
309,238
Corporation tax
22,527
Social security and other taxes
171,229
145,948
Other creditors
162,838
115,604
---------
---------
818,577
610,790
---------
---------
A previous debenture dated 29 November 2011 secured a fixed and floating charge over all current and future assets of the company in favour of Shawbrook Bank Limited. This was was satisfied during the year.
A new debenture dated 26 October 2023 secures a fixed and floating charge over all current and future assets of the company in favour of Praetura Invoice Finance Limited.
An additional charge dated 7 October 2022 secures a fixed and floating charge over all current and future assets of the company in favour of Dawn Walker, John Ponti and Nigel Baxter.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
46,667
86,667
--------
--------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
10,091
8,925
Later than 1 year and not later than 5 years
1,080
--------
-------
11,171
8,925
--------
-------
10. Summary audit opinion
The auditor's report dated 29 October 2024 was unqualified .
The senior statutory auditor was Stephen Foster , for and on behalf of Shipleys LLP .
11. Related party transactions
As a wholly owned subsidiary of PW Holdings Surrey Limited, the company has taken advantage of the disclosure exemption available under Financial Reporting Standard 102 in respect of transactions with other group companies. PW Holdings Surrey Limited is registered at 5 Godalming Business Centre, Woolsack Way, Godalming, Surrey, United Kingdom, GU7 1XW.
12. Controlling party
The company is a 100% subsidiary of PW Holdings Surrey Limited.