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31/12/2022
2022-12-31
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No description of principal activities is disclosed
2021-12-01
Sage Accounts Production 21.0 - FRS102_2021
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03060538
2021-12-01
2022-12-31
03060538
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03060538
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2022-12-31
Company registration number:
03060538
Prestige Auto Exports Limited
Abridged filleted financial statements
31 December 2022
Prestige Auto Exports Limited
Contents
Directors and other information
Directors responsibilities statement
Abridged statement of financial position
Notes to the financial statements
Prestige Auto Exports Limited
Directors and other information
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Directors |
Hamid Ali |
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Company number |
03060538 |
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Registered office |
2nd Floor Kirkland House |
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11-15 Peterborough Road |
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Harrow |
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HA1 2AX |
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Auditor |
Krish Jermyn Auditing Limited |
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1st Floor Maruti House |
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369 Station Road |
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Harrow, Middlesex |
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HA1 2AW |
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Prestige Auto Exports Limited
Directors responsibilities statement
Period ended 31 December 2022
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:
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select suitable accounting policies and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are 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 them 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 Auto Exports Limited
Abridged statement of financial position
31 December 2022
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31/12/22 |
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30/11/21 |
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Note |
£ |
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£ |
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£ |
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£ |
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Current assets |
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Cash at bank and in hand |
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644 |
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683 |
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_______ |
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_______ |
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644 |
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683 |
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Creditors: amounts falling due |
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within one year |
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(
331,153) |
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(
327,373) |
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_______ |
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_______ |
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Net current liabilities |
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(
330,509) |
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(
326,690) |
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_______ |
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_______ |
Total assets less current liabilities |
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(
330,509) |
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(
326,690) |
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_______ |
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_______ |
Net liabilities |
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(
330,509) |
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(
326,690) |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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5 |
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100 |
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100 |
Profit and loss account |
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(
330,609) |
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(
326,790) |
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_______ |
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Shareholders deficit |
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(
330,509) |
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(
326,690) |
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_______ |
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_______ |
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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
31 August 2023
, and are signed on behalf of the board by:
Hamid Ali
Director
Company registration number:
03060538
Prestige Auto Exports 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, 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.
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.
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
1
(2021:
1
).
5.
Called up share capital
Issued, called up and fully paid
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31/12/22 |
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30/11/21 |
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No |
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£ |
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No |
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£ |
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Ordinary shares shares of £
1.00 each |
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100 |
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100 |
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100 |
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100 |
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_______ |
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6.
Summary audit opinion
The auditor's report for the period dated
30 September 2023
was unqualified.
The senior statutory auditor was
Sailesh Rameshchandra Vaghjee
for and on behalf of
Krish Jermyn Auditing Limited
7.
Related party transactions
At the period end the company owed £226,781 to various companies within the group and also £42,999 to connected companies.
8.
Controlling party
During the year the company was controlled by H Ali who is a director of the company.
9.
Charges on assets
There is a fixed and floating charge in favour of HSBC Bank Plc over the undertaking and all property and assets present and future including tangible and intangible assets and book debts.
10.
Ultimate parent undertaking
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.