Company registration number SC048563 (Scotland)
PROPERTY REPAIR NETWORK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PROPERTY REPAIR NETWORK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
PROPERTY REPAIR NETWORK LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
2
110
110
Net current assets
110
110
Capital and reserves
Called up share capital
3
110
110

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
J O Brown
Director
Company Registration No. SC048563
PROPERTY REPAIR NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -
1
Accounting policies
Company information

Property Repair Network Limited is a private company limited by shares incorporated in Scotland. The registered office is 8 Cambuslang Way, Gateway Glasgow, Glasgow, G32 8ND.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Property Repair Network Limited is a wholly owned subsidiary of Richardson & Starling (Northern) Limited, a company incorporated in England & Wales. The ultimate parent company is Veitchi (Holdings) Limited, a company incorporated in Scotland, and the results of Property Repair Network Limited are included in the consolidated financial statements of Veitchi (Holdings) Limited which are available from 8 Cambuslang Way, Gateway Glasgow, Glasgow, G32 8ND.

1.2
Going concern

The company is dependent on the ongoing support of Veitchi (Holdings) Limited, the ultimate parenttrue company, to provide funds to meet its debts and other financial obligations as they fall due. Veitchi (Holdings) Limited has pledged its support to the company to enable it to continue in operational existence for the foreseeable future. In view of this, the directors are satisfied that it is appropriate to prepare the accounts on a going concern basis.

1.3
Profit and loss account

The company has not traded during the year or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no profit and loss account is presented in these financial statements.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Debtors with no stated interest rate payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

PROPERTY REPAIR NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Creditors

Creditors with no stated interest rate payable within one year are recorded at transaction price.

 

All interest bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable. After initial recognition they are measured at amortised cost.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
110
110
3
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
110
110
110
110
4
Financial commitments, guarantees and contingent liabilities

Santander UK plc group bank facilities are secured by cross guarantees and floating charges between Veitchi (Holdings) Limited, Veitchi Flooring Limited, Veitchi Industrial Flooring Limited, Richardson & Starling (Northern) Limited, Property Repair Network Limited, Linotol Products Limited, Veitchi Homes Limited and Veitchi Interiors Limited.

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