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Company registration number: 03422037
Prestige Carriages Limited
Abridged filleted financial statements
31 December 2022
Prestige Carriages Limited
Contents
Directors and other information
Director's responsibilities statement
Abridged statement of financial position
Notes to the financial statements
Prestige Carriages Limited
Directors and other information
Director Hamid Ali
Company number 03422037
Registered office 2nd Floor Kirkland House
11-15 Peterborough Road
Harrow, Middlesex
HA1 2AX
Auditor Krish Jermyn Auditing Limited
1st Floor Maruti House
319 Station Road
Harrow, Middlesex
HA1 2AW
Prestige Carriages Limited
Director's responsibilities statement
Period ended 31 December 2022
The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial period. 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 is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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 to ensure that the financial statements comply with the Companies Act 2006. They are 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.
Prestige Carriages Limited
Abridged statement of financial position
31 December 2022
31/12/22 30/11/21
Note £ £ £ £
Fixed assets
Tangible assets 5 3,580,049 4,264,594
_______ _______
3,580,049 4,264,594
Current assets
Stocks - 1,347,219
Debtors 1,210,600 193,435
Cash at bank and in hand 37,479 44,888
_______ _______
1,248,079 1,585,542
Creditors: amounts falling due
within one year ( 3,160,748) ( 3,366,518)
_______ _______
Net current liabilities ( 1,912,669) ( 1,780,976)
_______ _______
Total assets less current liabilities 1,667,380 2,483,618
Creditors: amounts falling due
after more than one year ( 5,116,390) ( 4,917,467)
Provisions for liabilities 139,171 139,171
_______ _______
Net liabilities ( 3,309,839) ( 2,294,678)
_______ _______
Capital and reserves
Called up share capital 6 100 100
Profit and loss account ( 3,309,939) ( 2,294,778)
_______ _______
Shareholders deficit ( 3,309,839) ( 2,294,678)
_______ _______
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 abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current period ending 31 December 2022 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 29 September 2023 , and are signed on behalf of the board by:
Hamid Ali
Director
Company registration number: 03422037
Prestige Carriages Limited
Notes to the financial statements
Period ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2nd Floor Kirkland House, 11-15 Peterborough Road, Harrow, Middlesex, HA1 2AX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have also considered the consequences of the economic down turn and high inflation. As a result the clients have reduced their expenditure on luxury items. The directors expect the economic to be reversed soon and the high spending individuals will be hiring the cars as disposable income become available. The director has determined that there is no material uncertainty that casts doubt on the entity's ability to continue as a going concern. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 10 % reducing balance
Motor vehicles - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. 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 or 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.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2021: 2 ).
5. Tangible assets
£
Cost
At 1 December 2021 and 31 December 2022 6,335,255
_______
Depreciation
At 1 December 2021 2,070,660
Charge for the year 684,546
_______
At 31 December 2022 2,755,206
_______
Carrying amount
At 31 December 2022 3,580,049
_______
At 30 November 2021 4,264,595
_______
6. Called up share capital
Issued, called up and fully paid
31/12/22 30/11/21
No £ No £
Ordinary shares shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
7. Summary audit opinion
The auditor's report for the period dated 29 September 2023 was unqualified.
The senior statutory auditor was Sailesh Rameshchandra Vaghjee for and on behalf of Krish Jermyn Auditing Limited
8. Directors advances, credits and guarantees
At the end of the year, the company owed £5,352 (31 December 2021 - £-) to H. Ali who is a director of the company.
9. Related party transactions
At the period end the company owed £1,574,865 to companies within the group and £10,950 to connected companies.
10. Controlling party
The company is controlled by H Ali who is a director of the company.
11. Charges on assets
There is a debenture including Fixed Charge over all present freehold and leasehold property. There is also a First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future and First Floating Charge over all assets and undertaking both present and future dated 01 November 2007.
12. Ultimate parent company
The company's immediate parent company is MSHA International Limited by virtue of its 100% holding. MSHA Holding Limited is a company registered in United Kingdom whose ultimate parent company is MSHA Holdings Limited, a company registered in Seychelles.