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COMPANY REGISTRATION NUMBER: 02051213
PREMIERSHIP LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2021
PREMIERSHIP LIMITED
FINANCIAL STATEMENTS
Year ended 31 December 2021
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
3
PREMIERSHIP LIMITED
BALANCE SHEET
31 December 2021
2021
2020
Note
£
£
FIXED ASSETS
Tangible assets
5
494,633
442,428
CURRENT ASSETS
Debtors
6
4,708,411
5,561,875
Cash at bank and in hand
2,288,001
1,615,586
------------
------------
6,996,412
7,177,461
CREDITORS: amounts falling due within one year
7
( 5,039,501)
( 5,412,387)
------------
------------
NET CURRENT ASSETS
1,956,911
1,765,074
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,451,544
2,207,502
PROVISIONS
( 2,175)
( 1,337)
------------
------------
NET ASSETS
2,449,369
2,206,165
------------
------------
CAPITAL AND RESERVES
Called up share capital
100
100
Undistributable reserve
45,310
45,310
Profit and loss account
2,403,959
2,160,755
------------
------------
SHAREHOLDERS FUNDS
2,449,369
2,206,165
------------
------------
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 profit and loss account has not been delivered.
For the year ending 31 December 2021 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 year 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 .
PREMIERSHIP LIMITED
BALANCE SHEET (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 30 August 2022 , and are signed on behalf of the board by:
Mr P A Jordan
Director
Company registration number: 02051213
PREMIERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 December 2021
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cedar House, Hazell Drive, Newport, NP10 8FY. The address of the principal place of business is The Old Custom House, 74 Lower Dock Street, Newport, South Wales, NP20 1EH.
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.
Turnover
The turnover shown in the profit and loss account is derived from ordinary activities and represents commission receivable for acting as shipping agent, net of VAT and associated costs.
Taxation
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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:
Freehold Property
-
2% straight line on buildings and nil% on land
Plant and machinery
-
5% straight line
Fixtures & Fittings
-
20% straight line
Motor Vehicles
-
25% straight line
Computer Equipment
-
20 % straight line
Investment property
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a 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 balance sheet 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
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 12 (2020: 15 ).
5. TANGIBLE ASSETS
Freehold property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Investment property
Total
£
£
£
£
£
£
Cost
At 1 Jan 2021
141,853
108,886
33,899
308,750
593,388
Additions
54,205
8,051
62,256
---------
--------
---------
--------
---------
---------
At 31 Dec 2021
141,853
54,205
116,937
33,899
308,750
655,644
---------
--------
---------
--------
---------
---------
Depreciation
At 1 Jan 2021
26,954
98,950
25,056
150,960
Charge for the year
226
3,565
6,260
10,051
---------
--------
---------
--------
---------
---------
At 31 Dec 2021
26,954
226
102,515
31,316
161,011
---------
--------
---------
--------
---------
---------
Carrying amount
At 31 Dec 2021
114,899
53,979
14,422
2,583
308,750
494,633
---------
--------
---------
--------
---------
---------
At 31 Dec 2020
114,899
9,936
8,843
308,750
442,428
---------
--------
---------
--------
---------
---------
The investment property was valued on an open market basis on 31 December 2021 by the directors.
6. DEBTORS
2021
2020
£
£
Trade debtors
2,402,855
2,992,711
Other debtors
2,305,556
2,569,164
------------
------------
4,708,411
5,561,875
------------
------------
7. CREDITORS: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
140,624
Trade creditors
3,287,006
3,529,078
Corporation tax
92,747
13,461
Social security and other taxes
13,481
16,424
Premiership Investment Holdings Limited
1,366,742
1,226,608
Premiership Town & Country Developments Limited
250,000
Other creditors
29,525
486,192
------------
------------
5,039,501
5,412,387
------------
------------
8. ULTIMATE PARENT COMPANY
The company is a wholly owned subsidiary of Premiership Holdings Limited. The company's ultimate parent undertaking is Premiership Philco Limited.