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Registration number: 10639585

Premier Residential Services Ltd
Annual Report and
Unaudited Financial Statements

24 February 2023

 

Premier Residential Services Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Premier Residential Services Ltd

Balance Sheet
24 February 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

38,825

20,464

Cash at bank and in hand

 

14,158

3,018

 

52,983

23,482

Creditors: Amounts falling due within one year

5

(40,850)

(17,705)

Net assets

 

12,133

5,777

Capital and reserves

 

Called up share capital

200

200

Retained earnings

11,933

5,577

Shareholders' funds

 

12,133

5,777

 

Premier Residential Services Ltd

Balance Sheet
24 February 2023

For the financial year ending 24 February 2023 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 October 2023 and signed on its behalf by:
 

.........................................
Mr A Broadhurst
Director

Company Registration Number: 10639585

 

Premier Residential Services Ltd

Notes to the Unaudited Financial Statements
Year Ended 24 February 2023

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:
Derwent House
Waterfold Business Park
Bury
Lancashire
BL9 7BR

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 in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

 

Premier Residential Services Ltd

Notes to the Unaudited Financial Statements
Year Ended 24 February 2023

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.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 and subsequently measured at amortised cost using the effective interest method.

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.

 

Premier Residential Services Ltd

Notes to the Unaudited Financial Statements
Year Ended 24 February 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 8 (2022 - 8).

4

Debtors

Current

2023
£

2022
£

Trade debtors

3,050

200

Prepayments

1,380

1,415

Other debtors

34,395

18,849

 

38,825

20,464

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

1,134

1,000

Taxation and social security

5,253

3,588

Accruals and deferred income

27,526

11,082

Other creditors

6,937

2,035

40,850

17,705

 

Premier Residential Services Ltd

Notes to the Unaudited Financial Statements
Year Ended 24 February 2023

6

Related party transactions

Summary of transactions with other related parties

Premier Residential Services undertakes transactions with several related parties.
 The transactions consist of management charges and services provided to/from each company.
 

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

(14,009)

(14,009)

Advanced

6,770

6,770

At end of period

(7,239)

(7,239)

2022

Other related parties
£

Total
£

At start of period

35,722

35,722

Repaid

(49,731)

(49,731)

At end of period

(14,009)

(14,009)