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Registration number: 05425619

PR Cars (Exeter) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

PR Cars (Exeter) Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 7

 

PR Cars (Exeter) Limited

(Registration number: 05425619)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

81

163

Current assets

 

Stocks

6

120,870

205,607

Debtors

7

32,019

11,580

Cash at bank and in hand

 

371,661

350,143

 

524,550

567,330

Creditors: Amounts falling due within one year

8

(13,833)

(24,182)

Net current assets

 

510,717

543,148

Net assets

 

510,798

543,311

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

510,796

543,309

Shareholders' funds

 

510,798

543,311

For the financial year ending 30 April 2024 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 25 January 2025 and signed on its behalf by:
 


Mr A W Snell
Director

 

PR Cars (Exeter) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
Half Moon
Newton St Cyres
Exeter
Devon
EX5 5AE

Principal activity

The principal activity of the company is that of motor vehicle repairs, servicing and sales.

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 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.

Going concern

The financial statements have been prepared on a going concern basis.

 

PR Cars (Exeter) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

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 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 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 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.

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.

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

Plant and machinery

10% straight line

Computer equipment

25% straight line

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.

 

PR Cars (Exeter) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

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

10% straight line

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

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

PR Cars (Exeter) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

30,000

30,000

At 30 April 2024

30,000

30,000

Amortisation

At 1 May 2023

30,000

30,000

At 30 April 2024

30,000

30,000

Carrying amount

At 30 April 2024

-

-

5

Tangible assets

Computer equipment
£

Total
£

Cost or valuation

At 1 May 2023

325

325

At 30 April 2024

325

325

Depreciation

At 1 May 2023

162

162

Charge for the year

82

82

At 30 April 2024

244

244

Carrying amount

At 30 April 2024

81

81

At 30 April 2023

163

163

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

120,870

205,607

 

PR Cars (Exeter) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

7

Debtors

Note

2024
£

2023
£

Other debtors

 

24,401

11,567

Income tax asset

7,618

13

Less non-current portion

 

-

(10,000)

 

32,019

1,580

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

2,974

2,945

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

10

2,257

2,257

Taxation and social security

 

37

2,544

Accruals and deferred income

 

2,860

2,875

Other creditors

 

5,705

13,561

 

13,833

24,182

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

10

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Director

(1,539)

158,566

(142,625)

14,402

Director

(11,855)

6,400

(125)

(5,580)

 

(13,394)

164,966

(142,750)

8,822

       

 

 

PR Cars (Exeter) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

10

Related party transactions (continued)

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Director

(2,075)

12,571

(12,035)

(1,539)

Director

(11,870)

6,050

(6,035)

(11,855)

(13,945)

18,621

(18,070)

(13,394)