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Registration number: 04938278

Prestige Car Repairs Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Prestige Car Repairs Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Prestige Car Repairs Limited

Company Information

Directors

Mr N Branch

Mrs P Branch

Registered office

19-21 Cavendish Street
Ipswich
Suffolk
IP3 8AX

Accountants

Richard Lawson
Chartered Certified Accountants
Pucks Piece
Manningtree Road
Stutton
Ipswich
Suffolk
IP9 2SR

 

Prestige Car Repairs Limited

(Registration number: 04938278)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

246,824

255,338

Current assets

 

Stocks

5

8,332

4,337

Debtors

6

6,536

8,687

Cash at bank and in hand

 

107,098

186,584

 

121,966

199,608

Creditors: Amounts falling due within one year

7

(81,441)

(85,757)

Net current assets

 

40,525

113,851

Net assets

 

287,349

369,189

Capital and reserves

 

Called up share capital

8

200

200

Retained earnings

287,149

368,989

Shareholders' funds

 

287,349

369,189

For the financial year ending 31 October 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 Profit and Loss Account.

Approved and authorised by the Board on 21 February 2025 and signed on its behalf by:
 

 

Prestige Car Repairs Limited

(Registration number: 04938278)
Balance Sheet as at 31 October 2024

.........................................
Mr N Branch
Director

.........................................
Mrs P Branch
Director

 

Prestige Car Repairs Limited

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

1

General information

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

The address of its registered office is:
19-21 Cavendish Street
Ipswich
Suffolk
IP3 8AX

These financial statements were authorised for issue by the Board on 21 February 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.

Going concern

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

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 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.

 

Prestige Car Repairs Limited

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

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

Buildings

2% straight line basis

Fixtures and fittings

25% reducing balance basis

Office equipment

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Amortisation

Asset class

Amortisation method and rate

Goodwill

10% straight line basis

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.

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.

 

Prestige Car Repairs Limited

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

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.

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 5 (2023 - 5).

 

Prestige Car Repairs Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

357,004

48,858

1,700

407,562

At 31 October 2024

357,004

48,858

1,700

407,562

Depreciation

At 1 November 2023

107,162

43,363

1,699

152,224

Charge for the year

7,140

1,374

-

8,514

At 31 October 2024

114,302

44,737

1,699

160,738

Carrying amount

At 31 October 2024

242,702

4,121

1

246,824

At 31 October 2023

249,842

5,495

1

255,338

Included within the net book value of land and buildings above is £242,702 (2023 - £249,842) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

8,332

4,337

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,542

8,687

Other debtors

4,994

-

 

6,536

8,687

 

Prestige Car Repairs Limited

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

35,936

30,424

Taxation and social security

9,822

13,959

Accruals and deferred income

-

5,712

Other creditors

35,683

35,662

81,441

85,757

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

       

9

Related party transactions

 

Prestige Car Repairs Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,140

25,140

Contributions paid to money purchase schemes

200,000

100,000

225,140

125,140