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Registration number: 07993168

Prestige Productions Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Prestige Productions Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Prestige Productions Ltd

(Registration number: 07993168)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fiixed assets

 

Tangible assets

4

1,747

265

Current assets

 

Debtors

5

555,356

427,541

Cash at bank and in hand

 

518,368

155,604

 

1,073,724

583,145

Creditors: Amounts falling due within one year

6

(559,312)

(359,869)

Net current assets

 

514,412

223,276

Net assets

 

£516,159

£223,541

Capital and reserves

 

Called up share capital

9

10

10

Retained earnings

516,149

223,531

Shareholders' funds

 

£516,159

£223,541

For the financial year ending 31 December 2022 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 30 September 2023 and signed on its behalf by:
 


T C Payne
Director

 

Prestige Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
28 Briarwood
Bristol
BS9 3SS

The principal place of business is:
Kestrel Court
Harbour Road
Portishead
Bristol
BS20 7AN

These financial statements were authorised for issue by the Board on 30 September 2023.

The financial statements are presented in sterling, which is the functional currency of the company, and rounded to the nearest £.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received, using the accrual model.

 

Prestige Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

3 years straight-line basis

Furniture and fittings

5 years straight-line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

 

Prestige Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

 

Prestige Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2022

914

914

Additions

1,767

1,767

At 31 December 2022

2,681

2,681

Depreciation

At 1 January 2022

640

640

Charge for the year

294

294

At 31 December 2022

934

934

Carrying amount

At 31 December 2022

£1,747

£1,747

At 31 December 2021

£265

£265

5

Debtors

Current

Note

2022
£

2021
£

Trade debtors

 

417,864

321,734

Amounts owed by related parties

8

3,240

-

Prepayments

 

62,167

61,934

Other debtors

 

72,085

43,873

   

£555,356

£427,541

 

Prestige Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

-

915

Trade creditors

 

163,276

109,577

Amounts due to related parties

8

25,705

1,802

Social security and other taxes

 

85,519

28,905

Other payables

 

35,934

5,622

Accruals

 

136,949

189,437

Income tax liability

111,929

23,611

 

£559,312

£359,869

7

Dividends

Interim dividends paid

   

2022
£

 

2021
£

Interim dividend of £2,244.25 (2021 - £206.00) per each Ordinary shares

 

224,425

 

20,600

         

8

Related party transactions

Loans to related parties

2022

Parent
£

Entities with joint control or significant influence
£

Other related parties
£

Total
£

At start of period

2,165

3,390

36,368

41,923

Repaid

(2,165)

(150)

(26,446)

(28,761)

At end of period

-

£3,240

£9,922

£13,162

 

Prestige Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

2021

Parent
£

Entities with joint control or significant influence
£

Other related parties
£

Total
£

At start of period

2,165

-

25,798

27,963

Advanced

-

3,390

12,422

15,812

Repaid

-

-

(1,852)

(1,852)

At end of period

£2,165

£3,390

£36,368

£41,923

Terms of loans to related parties

The loan to the related entity is unsecured, interest free and payable on demand.
 The other related party is a director. The loan is unsecured, interest free and repayable on demand.

Loans from related parties

2022

Parent
£

Total
£

At start of period

5,192

5,192

Advanced

20,513

20,513

At end of period

£25,705

£25,705

2021

Parent
£

Total
£

Advanced

5,192

5,192

At end of period

£5,192

£5,192

Terms of loans from related parties

The loan from the parent company is unsecured, interest free and repayble on demand.
 

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £0.10 each

100

10

100

10