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REGISTERED NUMBER:
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PRS DISTRIBUTION LTD |
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STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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REGISTERED NUMBER:
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PRS DISTRIBUTION LTD |
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STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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PRS DISTRIBUTION LTD (REGISTERED NUMBER: 03768774) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 September 2017 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Director | 3 |
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Report of the Independent Auditors | 4 |
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Income Statement | 6 |
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Other Comprehensive Income | 7 |
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Balance Sheet | 8 |
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Statement of Changes in Equity | 9 |
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Cash Flow Statement | 10 |
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Notes to the Cash Flow Statement | 11 |
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Notes to the Financial Statements | 12 |
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PRS DISTRIBUTION LTD |
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COMPANY INFORMATION |
for the year ended 30 September 2017 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
and Statutory Auditors |
Station House |
Connaught Road |
Brookwood |
Woking |
Surrey |
GU24 0ER |
PRS DISTRIBUTION LTD (REGISTERED NUMBER: 03768774) |
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STRATEGIC REPORT |
for the year ended 30 September 2017 |
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The director presents his strategic report for the year ended 30 September 2017. |
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REVIEW OF BUSINESS |
PRS Distribution Ltd has once again performed well and continued to achieve great growth with a 25% increase in |
turnover from 2015/16, which now exceeds £10 million for 2016/17. |
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The PRS Distributions fleet remains central to the success of the business and the delivery of future growth. The number |
of vehicles and trailers has grown from 120 to 150 and we have successfully extended our operator licence to 150 |
vehicles and 85 trailers. |
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PRS Distributions ltd is exposed to risks as a result of the internal and external environment. Labour shortages continues |
to be a risk to the industry and therefore we will focus on and continue our commitment to maintaining market |
competitive packages for drivers. |
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During the year the company successfully negotiated a new lease for a larger 45,000 sq. ft premise. This will help |
facilitate our ambition to reach £25 million turnover which is the companies' next milestone. |
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Our commitment to the environment remains strong, and is demonstrated by the director's intention to replace 5% of |
vehicles to comply with the London Emission zone 2019 requirements. |
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ON BEHALF OF THE BOARD: |
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PRS DISTRIBUTION LTD (REGISTERED NUMBER: 03768774) |
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REPORT OF THE DIRECTOR |
for the year ended 30 September 2017 |
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The director presents his report with the financial statements of the company for the year ended 30 September 2017. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of road haulage services. |
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DIVIDENDS |
An interim dividend of £ |
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The total distribution of dividends for the year ended 30 September 2017 will be £
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DIRECTORS |
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Other changes in directors holding office are as follows: |
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STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in |
accordance with applicable law and regulations. |
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Company law requires the director to prepare financial statements for each financial year. Under that law the director |
has 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 director must not approve |
the financial statements unless he is 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 director is required to: |
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- | select suitable accounting policies and then 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. |
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The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a |
director in order to make himself aware of any relevant audit information and to establish that the company's auditors are |
aware of that information. |
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AUDITORS |
The auditors, HPCA Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PRS DISTRIBUTION LTD |
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Opinion |
We have audited the financial statements of PRS Distribution Ltd (the 'company') for the year ended 30 September 2017 |
on pages six to twenty. The financial reporting framework that has been applied in their preparation is applicable law |
and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting |
Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
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In our opinion the financial statements: |
- |
give a true and fair view of the state of the company's affairs as at 30 September 2017 and of its profit for the year
then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the director's use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the director has not disclosed in the financial statements any identified material uncertainties that may cast significant
doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors |
thereon. |
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Our opinion on the financial statements does not cover the other information and we do not express any form of |
assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we |
conclude that there is a material misstatement of this other information, we are required to report that fact. We have |
nothing to report in this regard. |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Director for the financial year for which the
financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal
requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PRS DISTRIBUTION LTD |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Strategic Report or the Report of the Director. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible |
for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such |
internal control as the director determines necessary to enable the preparation of financial statements that are free from |
material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic |
alternative but to do so. |
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Our responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs |
(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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for and on behalf of
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Chartered Accountants |
and Statutory Auditors |
Station House |
Connaught Road |
Brookwood |
Woking |
Surrey |
GU24 0ER |
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|
PRS DISTRIBUTION LTD (REGISTERED NUMBER: 03768774) |
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INCOME STATEMENT |
for the year ended 30 September 2017 |
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2017 | 2016 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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756,073 | 613,810 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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760,049 | 614,264 |
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Interest payable and similar expenses | 5 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL YEAR |
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PRS DISTRIBUTION LTD (REGISTERED NUMBER: 03768774) |
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OTHER COMPREHENSIVE INCOME |
for the year ended 30 September 2017 |
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2017 | 2016 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME |
Cherished licence plate revaluation |
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Deferred tax on revaluation |
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( |
) |
Income tax relating to components of other
comprehensive income |
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OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX |
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TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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PRS DISTRIBUTION LTD (REGISTERED NUMBER: 03768774) |
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BALANCE SHEET |
30 September 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
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Tangible assets | 9 |
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CURRENT ASSETS |
Debtors | 10 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 11 |
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NET CURRENT LIABILITIES | ( |
) | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
12 |
( |
) |
( |
) |
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PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 17 |
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Retained earnings | 18 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the director on
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PRS DISTRIBUTION LTD (REGISTERED NUMBER: 03768774) |
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STATEMENT OF CHANGES IN EQUITY |
for the year ended 30 September 2017 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 October 2015 |
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Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
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Balance at 30 September 2016 |
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Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
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Balance at 30 September 2017 |
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PRS DISTRIBUTION LTD (REGISTERED NUMBER: 03768774) |
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CASH FLOW STATEMENT |
for the year ended 30 September 2017 |
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2017 | 2016 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments
paid |
( |
) |
( |
) |
Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
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Interest received |
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Net cash from investing activities | ( |
) | ( |
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Cash flows from financing activities |
Capital repayments in year |
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Amount introduced by directors | 711,458 | 236,542 |
Amount withdrawn by directors | (631,834 | ) | (346,425 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities |
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Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of
year |
2 |
(536 |
) |
157,113 |
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Cash and cash equivalents at end of year | 2 | ( |
) | ( |
) |
PRS DISTRIBUTION LTD (REGISTERED NUMBER: 03768774) |
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NOTES TO THE CASH FLOW STATEMENT |
for the year ended 30 September 2017 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
2017 | 2016 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Profit on disposal of fixed assets | ( |
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Bank loan | 120,000 | - |
Finance costs | 125,089 | 111,278 |
Finance income | (3,871 | ) | (385 | ) |
1,577,177 | 1,176,715 |
Decrease in stocks |
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Increase in trade and other debtors | ( |
) | ( |
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Increase in trade and other creditors |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these |
Balance Sheet amounts: |
|
Year ended 30 September 2017 |
30.9.17 | 1.10.16 |
£ | £ |
Cash and cash equivalents | 1 | 18 |
Bank overdrafts | ( |
) | ( |
) |
(16,609 | ) | (536 | ) |
Year ended 30 September 2016 |
30.9.16 | 1.10.15 |
£ | £ |
Cash and cash equivalents | 18 | 157,113 |
Bank overdrafts | ( |
) |
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(536 | ) | 157,113 |
PRS DISTRIBUTION LTD (REGISTERED NUMBER: 03768774) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 September 2017 |
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1. | STATUTORY INFORMATION |
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PRS Distribution Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents invoiced sales of services, excluding value added tax. Revenue is recognised when the |
service is considered to have been completed with the successful completion of the delivery. |
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Intangible assets |
These consist of "cherished" number plates which are included in the financial statements at their market value at |
the balance sheet date. |
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Tangible fixed assets |
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Improvements to property | - |
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Commercial Vehicles | - |
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Fixtures and fittings | - |
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Plant and Machinery | - |
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Computer equipment | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
PRS DISTRIBUTION LTD (REGISTERED NUMBER: 03768774) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Factoring |
The company discounts it sales to a financial institution. The accounting policy adopted by the company to |
reflect these transactions is as follows: (i) Trade debtors are stated in full. (ii) Sums advanced by the invoice |
discounting institution are shown in creditors.(iii) Interest charged on advances is included in finance costs. (iv) |
Other invoice discounting costs are included in administrative expenses. |
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3. | EMPLOYEES AND DIRECTORS |
2017 | 2016 |
£ | £ |
Wages and salaries |
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Other pension costs |
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The average monthly number of employees during the year was as follows: |
2017 | 2016 |
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69 | 61 |
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2017 | 2016 |
£ | £ |
Directors' remuneration |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
|
2017 | 2016 |
£ | £ |
Hire of plant and machinery |
|
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Depreciation - owned assets |
|
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Depreciation - assets on hire purchase contracts |
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Profit on disposal of fixed assets | ( |
) |
|
Auditors' remuneration |
|
|
PRS DISTRIBUTION LTD (REGISTERED NUMBER: 03768774) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2017 |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2017 | 2016 |
£ | £ |
Bank interest |
|
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Interest on Corporation Tax |
|
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Hire purchase |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2017 | 2016 |
£ | £ |
Current tax: |
UK corporation tax |
|
|
Under/(Over) provision of CT | - | 1,517 |
Total current tax |
|
|
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Deferred tax |
|
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Tax on profit |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is |
explained below: |
|
2017 | 2016 |
£ | £ |
Profit before tax |
|
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Profit multiplied by the standard rate of corporation tax in the UK of
|
|
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Effects of: |
Expenses not deductible for tax purposes |
|
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Income not taxable for tax purposes | ( |
) |
|
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods |
|
|
Deferred Tax movement | 25,500 | 17,542 |
Total tax charge | 126,245 | 94,082 |
|
Tax effects relating to effects of other comprehensive income |
|
There were no tax effects for the year ended 30 September 2017. |
|
PRS DISTRIBUTION LTD (REGISTERED NUMBER: 03768774) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2017 |
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6. | TAXATION - continued |
2016 |
Gross | Tax | Net |
£ | £ | £ |
Cherished licence plate revaluation |
|
- | 132,793 |
Deferred tax on revaluation | ( |
) | - | (33,000 | ) |
99,793 | - | 99,793 |
|
7. | DIVIDENDS |
2017 | 2016 |
£ | £ |
Ordinary shares of £1 each |
Interim |
|
|
|
8. | INTANGIBLE FIXED ASSETS |
Cherished |
licence |
plates |
£ |
COST OR VALUATION |
At 1 October 2016 |
|
Additions |
|
At 30 September 2017 |
|
NET BOOK VALUE |
At 30 September 2017 |
|
At 30 September 2016 |
|
|
Cost or valuation at 30 September 2017 is represented by: |
|
Cherished |
licence |
plates |
£ |
Valuation in 2007 | 39,590 |
Valuation in 2016 | 59,715 |
Cost | 283,041 |
382,346 |
PRS DISTRIBUTION LTD (REGISTERED NUMBER: 03768774) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2017 |
|
9. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Commercial | and |
property | Vehicles | fittings |
£ | £ | £ |
COST |
At 1 October 2016 |
|
|
|
Additions |
|
|
|
Disposals |
|
( |
) |
|
At 30 September 2017 |
|
|
|
DEPRECIATION |
At 1 October 2016 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) |
|
At 30 September 2017 |
|
|
|
NET BOOK VALUE |
At 30 September 2017 |
|
|
|
At 30 September 2016 |
|
|
|
|
Plant and | Computer |
Machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2016 |
|
|
|
Additions |
|
|
|
Disposals |
|
|
( |
) |
At 30 September 2017 |
|
|
|
DEPRECIATION |
At 1 October 2016 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
|
( |
) |
At 30 September 2017 |
|
|
|
NET BOOK VALUE |
At 30 September 2017 |
|
|
|
At 30 September 2016 |
|
|
|
PRS DISTRIBUTION LTD (REGISTERED NUMBER: 03768774) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2017 |
|
9. | TANGIBLE FIXED ASSETS - continued |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Commercial | Plant and |
Vehicles | Machinery | Totals |
£ | £ | £ |
COST |
At 1 October 2016 |
|
|
|
Additions |
|
|
|
Transfer to ownership | (433,285 | ) | - | (433,285 | ) |
At 30 September 2017 |
|
|
|
DEPRECIATION |
At 1 October 2016 |
|
|
|
Charge for year |
|
|
|
Transfer to ownership | (156,629 | ) | - | (156,629 | ) |
At 30 September 2017 |
|
|
|
NET BOOK VALUE |
At 30 September 2017 |
|
|
|
At 30 September 2016 |
|
|
|
|
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
PRS Logistics | 101,072 | 398,412 |
Prepayments |
|
|
|
|
|
Mr P Sawdon is the director and sole shareholder of PRS Logistics |
|
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts (see note 13) |
|
|
Hire purchase contracts (see note 14) |
|
|
Trade creditors |
|
|
Tax |
|
|
Social security and other taxes |
|
|
VAT | 117,177 | 106,171 |
Other creditors |
|
|
Insurance loan | 86,757 | 35,682 |
Owed to Factors | 1,101,066 | 940,474 |
Directors' current accounts | 80,080 | 456 |
Accrued expenses |
|
|
|
|
PRS DISTRIBUTION LTD (REGISTERED NUMBER: 03768774) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2017 |
|
12. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans (see note 13) |
|
|
Hire purchase contracts (see note 14) |
|
|
|
|
|
13. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2017 | 2016 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
Bank loans |
|
|
|
|
|
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
|
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
|
14. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts |
2017 | 2016 |
£ | £ |
Gross obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Finance charges repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
PRS DISTRIBUTION LTD (REGISTERED NUMBER: 03768774) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2017 |
|
14. | LEASING AGREEMENTS - continued |
|
Non-cancellable operating |
leases |
2017 | 2016 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
15. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2017 | 2016 |
£ | £ |
Bank overdrafts |
|
|
Bank loans |
|
|
Owed to Factors | 1,101,066 | 940,474 |
|
|
|
The bank overdraft and loan are secured over the company's assets by means of the Bank's standard debenture |
dated 11 July 2005. The director has also provided a personal guarantee. |
A debenture dated 31 May 2012 was created in favour of RBS Invoice Finance Limited. The loan from the factor |
is secured by way of a fixed charge over the company assets and a floating charge over the remaining assets of |
the company. |
|
16. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 261,500 | 236,000 |
|
Deferred |
tax |
£ |
Balance at 1 October 2016 |
|
Charge to Income Statement during year |
|
Balance at 30 September 2017 |
|
|
17. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
|
Ordinary | £1 | 30,000 | 30,000 |
PRS DISTRIBUTION LTD (REGISTERED NUMBER: 03768774) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2017 |
|
18. | RESERVES |
Retained |
earnings |
£ |
|
At 1 October 2016 |
|
Profit for the year |
|
Dividends | ( |
) |
At 30 September 2017 |
|