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Registration number: 01483407

PRC Hi-Fi & Video Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

PRC Hi-Fi & Video Limited

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Accountants' Report

4

Balance Sheet

5 to 6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 17

 

PRC Hi-Fi & Video Limited

Company Information

Directors

Mr Torlork Singh

Harpreet Singh

Mr Dilip Singh

Company secretary

Mrs Pushpa Singh

Registered office

Bentalls
Basildon
Essex
SS14 3BY

Accountants

Sterling Associates
Chartered Certified Accountants
5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

 

PRC Hi-Fi & Video Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Torlork Singh

Harpreet Singh

Mr Dilip Singh

Principal activity

The principal activity of the company is that of distributors of electrical and hi-fi goods and accessories.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 20 January 2025 and signed on its behalf by:
 

.........................................
Mr Torlork Singh
Director

 

PRC Hi-Fi & Video Limited

Statement of Directors' Responsibilities

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
PRC Hi-Fi & Video Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of PRC Hi-Fi & Video Limited for the year ended 31 March 2024 as set out on pages 5 to 17 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of PRC Hi-Fi & Video Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of PRC Hi-Fi & Video Limited and state those matters that we have agreed to state to the Board of Directors of PRC Hi-Fi & Video Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PRC Hi-Fi & Video Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that PRC Hi-Fi & Video Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of PRC Hi-Fi & Video Limited. You consider that PRC Hi-Fi & Video Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of PRC Hi-Fi & Video Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Sterling Associates
Chartered Certified Accountants
5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

20 January 2025

 

PRC Hi-Fi & Video Limited

(Registration number: 01483407)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

463,850

396,166

Investments

6

100

100

 

463,950

396,266

Current assets

 

Stocks

7

1,468,996

613,032

Debtors

8

1,677,453

1,674,050

Cash at bank and in hand

 

149,811

608,408

 

3,296,260

2,895,490

Creditors: Amounts falling due within one year

9

(1,045,599)

(631,142)

Net current assets

 

2,250,661

2,264,348

Total assets less current liabilities

 

2,714,611

2,660,614

Creditors: Amounts falling due after more than one year

9

(135,661)

(200,188)

Provisions for liabilities

(80,445)

(73,187)

Net assets

 

2,498,505

2,387,239

Capital and reserves

 

Called up share capital

10

50,000

50,000

Retained earnings

2,448,505

2,337,239

Shareholders' funds

 

2,498,505

2,387,239

For the financial year ending 31 March 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.

Approved and authorised by the Board on 20 January 2025 and signed on its behalf by:
 

 

PRC Hi-Fi & Video Limited

(Registration number: 01483407)
Balance Sheet as at 31 March 2024

.........................................
Mr Torlork Singh
Director

 

PRC Hi-Fi & Video Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

50,000

2,337,239

2,387,239

Profit for the year

-

111,266

111,266

At 31 March 2024

50,000

2,448,505

2,498,505

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

50,000

2,188,868

2,238,868

Profit for the year

-

148,371

148,371

At 31 March 2023

50,000

2,337,239

2,387,239

 

PRC Hi-Fi & Video Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Bentalls
Basildon
Essex
SS14 3BY
England

These financial statements were authorised for issue by the Board on 20 January 2025.

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 presentation currency of the financial statements is the Pound Sterling (£).

Group accounts not prepared

The financial statements contain information about PRC Hi-Fi & Video Limited as an individual company and do
not contain consolidated financial information as the parent of a group. The company is exempt under Section
399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
.

Going concern

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

 

PRC Hi-Fi & Video Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Judgements

In preparing these financial statements, the directors have had to make the following judgements:

Leases Determine whether the leases entered into by the company are operating or finance leases. These

decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from

the lessor to the lessee on a lease by lease basis.

Depreciation of tangible fixed assets Tangible fixed assets are depreciated over their useful lives taking into

account residual values where appropriate. The actual lives of the assets and residual values are assessed

annually and may vary depending on a number of factors.

Critical accounting judgements and key sources of estimation uncertainty:

In the application of the accounting policies, the directors are required to make judgements, estimates and

assumptions about the carrying amounts of the assets and liabilities that are not readily apparent from other

sources. The estimate and associated assumptions are based on historical experience and other factors that are

considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions too accounting

estimates are recognised in the period in which the estimate is revised where the revision affects only that

period, or in the period of the revision and future periods where the revision affects both current and future

periods.

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 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.

 

PRC Hi-Fi & Video Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:

Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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.

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 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.

 

PRC Hi-Fi & Video Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 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.

 

PRC Hi-Fi & Video Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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.

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 18 (2023 - 18).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

84,372

66,094

 

PRC Hi-Fi & Video Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 April 2023

644,777

670,798

251,965

16,530

Additions

-

145,210

-

6,845

At 31 March 2024

644,777

816,008

251,965

23,375

Depreciation

At 1 April 2023

430,315

568,216

208,656

15,981

Charge for the year

25,711

37,169

10,827

1,848

At 31 March 2024

456,026

605,385

219,483

17,829

Carrying amount

At 31 March 2024

188,751

210,623

32,482

5,546

At 31 March 2023

214,462

102,582

43,309

549

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

74,127

1,658,197

Additions

-

152,055

At 31 March 2024

74,127

1,810,252

Depreciation

At 1 April 2023

38,863

1,262,031

Charge for the year

8,816

84,371

At 31 March 2024

47,679

1,346,402

Carrying amount

At 31 March 2024

26,448

463,850

At 31 March 2023

35,264

396,166

Included within the net book value of land and buildings above is £188,751 (2023 - £214,462) in respect of short leasehold land and buildings.
 

 

PRC Hi-Fi & Video Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 April 2023

100

Provision

Carrying amount

At 31 March 2024

100

At 31 March 2023

100

7

Stocks

2024
£

2023
£

Other inventories

1,468,996

613,032

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

83,815

131,982

Amounts owed by related parties

12

1,201,791

1,195,116

Prepayments

 

15,842

27,041

Other debtors

 

376,005

319,911

   

1,677,453

1,674,050

 

PRC Hi-Fi & Video Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

65,204

71,476

Trade creditors

 

602,410

209,253

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

12

304,621

210,330

Taxation and social security

 

28,459

93,941

Accruals and deferred income

 

42,192

42,442

Other creditors

 

2,713

3,700

 

1,045,599

631,142


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £65,204 (2023 - £71,476).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

135,661

200,188


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £135,661 (2023 - £200,188).

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

50,000

50,000

50,000

50,000

       
 

PRC Hi-Fi & Video Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

135,661

200,188

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

65,204

71,476

12

Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party
transactions with wholly owned subsidiaries within the group.

- TPD Properties Limited, a company in which Mr T Singh is a director and shareholder owed £84,000 (2023; -£38,304).

- Quay Corporate Limited, a company in which Mr T Singh is a director and shareholder, for which the company
paid rent at open market value amounting to £89,000 (2023 - £89,000l). At the year end the company owed
£196,900 (2023; £172,026l) to Quay Corporate Limited.

Wistone Limited, a company in which Mr T Singh is a director, at the year end the company was owed
£150,065 (2023; £Nil) to Wistone Limited.

During the year,
- the company charged management fees amounting to £50,000 (2023 : £50,000) to Ventford Limited, a
company incorporated in England and Wales. Mr T Singh is a director of that company. At the year end the
company was owed £107,721 (2023; -£182,561) to Ventford Limited.

- Lingate Limited, a company incorporated in England and Wales. Mr T Singh is a director of that company. At the year end the
company was owed £800,233 (2023; £800,233) by Lingate Limited.

 

PRC Hi-Fi & Video Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

114,701

116,953

13

Parent and ultimate parent undertaking

The company's immediate parent is Ventford Limited, incorporated in .

 The ultimate controlling party is T Singh.