7
false
false
false
true
false
false
false
false
false
false
true
false
false
false
false
true
false
No description of principal activity
2021-12-01
Sage Accounts Production Advanced 2021 - FRS102_2021
120,879
120,877
2
2
xbrli:pure
xbrli:shares
iso4217:GBP
01279462
2021-12-01
2022-11-30
01279462
2022-11-30
01279462
2021-11-30
01279462
2020-12-01
2021-11-30
01279462
2021-11-30
01279462
core:Subsidiary1
2021-12-01
2022-11-30
01279462
core:LandBuildings
core:LongLeaseholdAssets
2021-12-01
2022-11-30
01279462
core:PlantMachinery
2021-12-01
2022-11-30
01279462
core:FurnitureFittings
2021-12-01
2022-11-30
01279462
core:MotorVehicles
2021-12-01
2022-11-30
01279462
bus:RegisteredOffice
2021-12-01
2022-11-30
01279462
bus:LeadAgentIfApplicable
2021-12-01
2022-11-30
01279462
bus:Director2
2021-12-01
2022-11-30
01279462
bus:CompanySecretary1
2021-12-01
2022-11-30
01279462
core:LandBuildings
core:LongLeaseholdAssets
2021-11-30
01279462
core:LandBuildings
core:ShortLeaseholdAssets
2021-11-30
01279462
core:PlantMachinery
2021-11-30
01279462
core:FurnitureFittings
2021-11-30
01279462
core:MotorVehicles
2021-11-30
01279462
core:LandBuildings
core:LongLeaseholdAssets
2022-11-30
01279462
core:LandBuildings
core:ShortLeaseholdAssets
2022-11-30
01279462
core:PlantMachinery
2022-11-30
01279462
core:FurnitureFittings
2022-11-30
01279462
core:MotorVehicles
2022-11-30
01279462
core:LandBuildings
core:ShortLeaseholdAssets
2021-12-01
2022-11-30
01279462
core:WithinOneYear
2022-11-30
01279462
core:WithinOneYear
2021-11-30
01279462
core:AfterOneYear
2022-11-30
01279462
core:AfterOneYear
2021-11-30
01279462
bus:AllOrdinaryShares
2020-12-01
2021-11-30
01279462
core:ShareCapital
2022-11-30
01279462
core:ShareCapital
2021-11-30
01279462
core:CapitalRedemptionReserve
2022-11-30
01279462
core:CapitalRedemptionReserve
2021-11-30
01279462
core:RetainedEarningsAccumulatedLosses
2022-11-30
01279462
core:RetainedEarningsAccumulatedLosses
2021-11-30
01279462
core:BetweenOneFiveYears
2022-11-30
01279462
core:BetweenOneFiveYears
2021-11-30
01279462
core:CostValuation
core:Non-currentFinancialInstruments
2022-11-30
01279462
core:Non-currentFinancialInstruments
core:ProvisionsForImpairmentInvestments
2022-11-30
01279462
core:Non-currentFinancialInstruments
2022-11-30
01279462
core:Non-currentFinancialInstruments
2021-11-30
01279462
core:LandBuildings
core:LongLeaseholdAssets
2021-11-30
01279462
core:LandBuildings
core:ShortLeaseholdAssets
2021-11-30
01279462
core:PlantMachinery
2021-11-30
01279462
core:FurnitureFittings
2021-11-30
01279462
core:MotorVehicles
2021-11-30
01279462
bus:SmallEntities
2021-12-01
2022-11-30
01279462
bus:AuditExemptWithAccountantsReport
2021-12-01
2022-11-30
01279462
bus:FullAccounts
2021-12-01
2022-11-30
01279462
bus:SmallCompaniesRegimeForAccounts
2021-12-01
2022-11-30
01279462
bus:PrivateLimitedCompanyLtd
2021-12-01
2022-11-30
01279462
core:CapitalRedemptionReserve
2021-12-01
2022-11-30
01279462
core:AllSubsidiaries
2021-12-01
2022-11-30
COMPANY REGISTRATION NUMBER:
01279462
Filleted Unaudited Financial Statements
|
|
Year ended 30 November 2022
Officers and professional advisers
|
1
|
|
|
Statement of financial position
|
2
|
|
|
Notes to the financial statements
|
4
|
|
|
Officers and Professional Advisers
|
|
Director
|
Mr M.G. Prescott
|
|
|
Company secretary
|
Mrs K.L. Prescott
|
|
|
Registered office
|
4 Broadgate
|
|
Broadway Business Park
|
|
Chadderton
|
|
Oldham
|
|
OL9 9XA
|
|
|
Accountants
|
Edwards Veeder (UK) Limited
|
|
Chartered accountants
|
|
4 Broadgate
|
|
Broadway Business Park
|
|
Chadderton
|
|
Oldham
|
|
OL9 9XA
|
|
|
Bankers
|
Royal Bank of Scotland PLC
|
|
St. Ann's Street
|
|
Manchester
|
|
M60 2SS
|
|
|
Statement of Financial Position
|
|
30 November 2022
Fixed assets
Tangible assets
|
6
|
|
912,613
|
963,528
|
Investments
|
7
|
|
2
|
2
|
|
|
---------
|
---------
|
|
|
912,615
|
963,530
|
|
|
|
|
|
Current assets
Stocks
|
500
|
|
500
|
Debtors
|
8
|
134,205
|
|
241,825
|
Cash at bank and in hand
|
183,199
|
|
57,068
|
|
---------
|
|
---------
|
|
317,904
|
|
299,393
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
9
|
207,806
|
|
366,685
|
|
---------
|
|
---------
|
Net current assets/(liabilities)
|
|
110,098
|
(
67,292)
|
|
|
------------
|
---------
|
Total assets less current liabilities
|
|
1,022,713
|
896,238
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
10
|
|
60,710
|
30,605
|
|
|
|
|
|
Provisions
|
|
55,232
|
63,482
|
|
|
------------
|
---------
|
Net assets
|
|
906,771
|
802,151
|
|
|
------------
|
---------
|
|
|
|
|
Statement of Financial Position (continued)
|
|
30 November 2022
Capital and reserves
Called up share capital
|
|
51
|
51
|
Capital redemption reserve
|
12
|
|
51
|
51
|
Profit and loss account
|
12
|
|
906,669
|
802,049
|
|
|
---------
|
---------
|
Shareholders funds
|
|
906,771
|
802,151
|
|
|
---------
|
---------
|
|
|
|
|
|
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.
For the year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
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
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
6 February 2023
, and are signed on behalf of the board by:
Mr M.G. Prescott
|
|
Director
|
|
|
|
Company registration number:
01279462
Notes to the Financial Statements
|
|
Year ended 30 November 2022
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 4 Broadgate, Broadway Business Park, Chadderton, Oldham, OL9 9XA.
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 modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Companies Act 2006 as applicable to companies subject 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 true and fair view.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
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. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the provision of haulage and other related services, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
Leasehold property
|
-
|
1% straight line
|
|
Leasehold property improvements
|
-
|
Over remaining period of lease
|
|
Plant and machinery
|
-
|
15% reducing balance
|
|
Fixtures and fittings
|
-
|
15% reducing balance
|
|
Motor vehicles
|
-
|
25% reducing balance
|
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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
A financial asset or a financial liability is recognised only when the entity becomes a 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. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
7
(2021:
7
).
5.
Dividends
|
2022
|
2021
|
|
£
|
£
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
|
–
|
50,000
|
|
----
|
--------
|
|
|
|
6.
Tangible assets
|
Leasehold property
|
Leasehold property improvements
|
Plant and machinery
|
Fixtures and fittings
|
Motor vehicles
|
Total
|
|
£
|
£
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
|
|
At 1 Dec 2021
|
646,035
|
92,167
|
63,389
|
36,060
|
781,182
|
1,618,833
|
Additions
|
–
|
–
|
–
|
791
|
47,203
|
47,994
|
Disposals
|
–
|
–
|
–
|
–
|
(
246,359)
|
(
246,359)
|
|
---------
|
--------
|
--------
|
--------
|
---------
|
------------
|
At 30 Nov 2022
|
646,035
|
92,167
|
63,389
|
36,851
|
582,026
|
1,420,468
|
|
---------
|
--------
|
--------
|
--------
|
---------
|
------------
|
Depreciation
|
|
|
|
|
|
|
At 1 Dec 2021
|
96,857
|
13,825
|
59,587
|
29,563
|
455,473
|
655,305
|
Charge for the year
|
6,460
|
922
|
570
|
1,093
|
49,951
|
58,996
|
Disposals
|
–
|
–
|
–
|
–
|
(
206,446)
|
(
206,446)
|
|
---------
|
--------
|
--------
|
--------
|
---------
|
------------
|
At 30 Nov 2022
|
103,317
|
14,747
|
60,157
|
30,656
|
298,978
|
507,855
|
|
---------
|
--------
|
--------
|
--------
|
---------
|
------------
|
Carrying amount
|
|
|
|
|
|
|
At 30 Nov 2022
|
542,718
|
77,420
|
3,232
|
6,195
|
283,048
|
912,613
|
|
---------
|
--------
|
--------
|
--------
|
---------
|
------------
|
At 30 Nov 2021
|
549,178
|
78,342
|
3,802
|
6,497
|
325,709
|
963,528
|
|
---------
|
--------
|
--------
|
--------
|
---------
|
------------
|
|
|
|
|
|
|
|
7.
Investments
|
Shares in group undertakings
|
|
£
|
Cost
|
|
At 1 December 2021 and 30 November 2022
|
120,879
|
|
---------
|
Impairment
|
|
At 1 December 2021 and 30 November 2022
|
120,877
|
|
---------
|
|
|
Carrying amount
|
|
At 30 November 2022
|
2
|
|
---------
|
At 30 November 2021
|
2
|
|
---------
|
|
|
Subsidiaries, associates and other investments
|
Class of share
|
Percentage of shares held
|
Subsidiary undertakings
|
|
|
Prescotts Garage & Filling Station Limited
|
Ordinary
|
100
|
|
|
|
The registered office of the subsidiary is 4 Broadgate, Broadway Business Park, Chadderton, Oldham OL9 9XA
The results and capital and reserves for the year are as follows:
|
Capital and reserves
|
Profit/(loss) for the year
|
|
2022
|
2021
|
2022
|
2021
|
|
£
|
£
|
£
|
£
|
Subsidiary undertakings
|
|
|
|
|
Prescotts Garage & Filling Station Limited
|
17,639
|
17,639
|
–
|
–
|
|
--------
|
--------
|
----
|
----
|
|
|
|
|
|
8.
Debtors
|
2022
|
2021
|
|
£
|
£
|
Trade debtors
|
110,059
|
169,936
|
Other debtors
|
24,146
|
71,889
|
|
---------
|
---------
|
|
134,205
|
241,825
|
|
---------
|
---------
|
|
|
|
9.
Creditors:
amounts falling due within one year
|
2022
|
2021
|
|
£
|
£
|
Bank loans and overdrafts
|
1,261
|
23,048
|
Trade creditors
|
53,127
|
76,186
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
27,443
|
27,443
|
Corporation tax
|
33,064
|
–
|
Social security and other taxes
|
21,209
|
4,250
|
Other creditors
|
71,702
|
235,758
|
|
---------
|
---------
|
|
207,806
|
366,685
|
|
---------
|
---------
|
|
|
|
The bank loans amounting to £1,261 (2021 £23,048) are secured by a charge over the assets of the company. The hire purchase agreements amounting to £62,339 (2021 £160,513) are secured by a charge over the specific assets purchased by those agreements.
10.
Creditors:
amounts falling due after more than one year
|
2022
|
2021
|
|
£
|
£
|
Other creditors
|
60,710
|
30,605
|
|
--------
|
--------
|
|
|
|
The hire purchase agreements amounting to £60,710 (2021 £30,605) are secured by a charge over the specific assets purchased by those agreements.
11.
Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
|
2022
|
2021
|
|
£
|
£
|
Not later than 1 year
|
66,049
|
161,734
|
Later than 1 year and not later than 5 years
|
64,995
|
32,029
|
|
---------
|
---------
|
|
131,044
|
193,763
|
Less: future finance charges
|
(
7,995)
|
(
2,645)
|
|
---------
|
---------
|
Present value of minimum lease payments
|
123,049
|
191,118
|
|
---------
|
---------
|
|
|
|
12.
Reserves
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
13.
Director's advances, credits and guarantees
Included in debtors is a loan of £3,304 due from the director (2021: £65,727 due to director included in creditors) .This loan is unsecured, interest free and repayable on demand.
14.
Related party transactions
The company was under the control of
Mr M.G. Prescott
throughout the current and previous year, being the only director and major shareholder. During the year the company paid dividends to the director and his spouse amounting to £nil (2021 £50,000).