Company Registration No. 08851162 (England and Wales)
PRESTIGE QUALITY HOLDINGS LTD
ABBREVIATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2015
PRESTIGE QUALITY HOLDINGS LTD
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 4
PRESTIGE QUALITY HOLDINGS LTD
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2015
30 June 2015
- 1 -
2015
Notes
£
£
Fixed assets
Intangible assets
2
19,800
Tangible assets
2
1,479,564
Investments
2
200
1,499,564
Current assets
Cash at bank and in hand
10,988
Creditors: amounts falling due within one year
3
(65,246)
Net current liabilities
(54,258)
Total assets less current liabilities
1,445,306
Creditors: amounts falling due after more than one year
4
(1,473,134)
(27,828)
Capital and reserves
Called up share capital
5
100
Profit and loss account
(27,928)
Shareholders' funds
(27,828)
For the financial Period ended 30 June 2015 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 financial statements for the Period in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 18 October 2015
Mr D M Odedra
Director
Company Registration No. 08851162
PRESTIGE QUALITY HOLDINGS LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 30 JUNE 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Despite having net current liabilities of £54,259 the accounts have been prepared on a going concern basis and the company has the continued support of the directors and the bank.
1.2
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
2% straight line
Fixtures, fittings & equipment
15% reducing balance
1.4
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.5
Deferred taxation
Deferred taxation is recognised in respect of all timing differences which have originated but not reversed at the balance sheet date. Timing differences are differences between taxable profits and the results as stated in the financial statements which arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised for tax purposes.
A net deferred tax asset is regarded as recoverable and therefore recognised only when it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted.
Deferred tax is not recognised when fixed assets are revalued unless by the balance sheet date there is a binding agreement to sell the revalued asset and the resulting gain or loss has been recognised in the financial statements. Neither is deferred tax recognised when fixed assets are sold and it is more likely than not that the taxable gain will be rolled over, being charged to tax only if and when the replacement assets are sold.
Deferred tax is measured at the average tax rates which are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws which have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.
1.6
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
PRESTIGE QUALITY HOLDINGS LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2015
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Investments
Total
£
£
£
£
Cost
At 20 January 2014
-
-
-
-
Additions
22,000
1,518,514
200
1,540,714
At 30 June 2015
22,000
1,518,514
200
1,540,714
Depreciation
At 20 January 2014
-
-
-
-
Charge for the period
2,200
38,950
-
41,150
At 30 June 2015
2,200
38,950
-
41,150
Net book value
At 30 June 2015
19,800
1,479,564
200
1,499,564
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Crossways Residential Home Limited
England & Wales
Ordinary
100.00
Harpers Villas Care Centre Ltd
England & Wales
Ordinary
100.00
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2015
2015
Principal activity
£
£
Crossways Residential Home Limited
Residential nursing care
60,495
60,395
Harpers Villas Care Centre Ltd
Residential nursing care
83,596
83,496
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £57,264.
PRESTIGE QUALITY HOLDINGS LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2015
- 4 -
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £917,620.
5
Share capital
2015
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100