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Registration number: 10632554

Premier Commercial Lending Limited

Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Premier Commercial Lending Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Premier Commercial Lending Limited

Company Information

Director

Mr Paul Johnson

Registered office

Unit 1 The Cam Centre
Wilbury Way
Hitchin
Herts
SG4 0TW

 

Premier Commercial Lending Limited

(Registration number: 10632554)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

840

5,916

Cash at bank and in hand

 

1,103

247

 

1,943

6,163

Creditors: Amounts falling due within one year

5

(10,968)

(8,553)

Net liabilities

 

(9,025)

(2,390)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(9,125)

(2,490)

Shareholders' deficit

 

(9,025)

(2,390)

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 October 2023
 


Mr Paul Johnson
Director

 

Premier Commercial Lending Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

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

The address of its registered office is:
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Herts
SG4 0TW

These financial statements were authorised for issue by the director on 19 October 2023.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the balance sheet date, the company had net current liabilities of £9,025 (2022: £2,390). The director has pledged to financially support the business for a period of at least 12 months and therefore feel it is appropriate to prepare these accounts on the going concern basis.

 

Premier Commercial Lending Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

2

Accounting policies (continued)

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the fair value of commissions received or receivable 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.

Tax

The tax expense for the period comprises 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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Premier Commercial Lending Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Debtors

2023
£

2022
£

Prepayments

420

420

Other debtors

420

5,496

840

5,916

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

7

10,578

7,560

Taxation and social security

 

-

447

Accruals and deferred income

 

390

546

 

10,968

8,553

 

Premier Commercial Lending Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

7

Related party transactions

Summary of transactions with parent

At the balance sheet date the company owed £10,578 (2022: £7,560) to PJohnson Holdings Limited, a company controlled by Mr P Johnson. There are no terms relating to the repayment of this loan or the payment of interest.
 

8

Ultimate Controlling Party

The company's immediate parent is PJohnson Holdings Limited, incorporated in England and Wales.

 The ultimate controlling party is P Johnson by virtue of his shareholding in the parent company.