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Registration number: 09242618

Premier Property Solutions (UK) Limited

Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Premier Property Solutions (UK) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Premier Property Solutions (UK) Limited

Company Information

Director

Mr P Johnson

Registered office

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

 

Premier Property Solutions (UK) Limited

(Registration number: 09242618)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

77,655

4,642

Current assets

 

Debtors

6

71,323

73,025

Cash at bank and in hand

 

70,247

65,338

 

141,570

138,363

Creditors: Amounts falling due within one year

7

(88,287)

(64,097)

Net current assets

 

53,283

74,266

Total assets less current liabilities

 

130,938

78,908

Creditors: Amounts falling due after more than one year

7

(112,198)

(77,766)

Provisions for liabilities

(17,068)

(810)

Net assets

 

1,672

332

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,572

232

Shareholders' funds

 

1,672

332

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
 

 

Premier Property Solutions (UK) Limited

(Registration number: 09242618)
Balance Sheet as at 30 September 2023


Mr P Johnson
Director

 

Premier Property Solutions (UK) 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 and Wales.

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

The principal place of business is:
Office Suite G4
Cuffley Place
Sopers Road
Cuffley
EN6 4SG

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

The financial statements have been prepared on a going concern basis.

 

Premier Property Solutions (UK) Limited

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

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, 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

Grants relating to the revenue are recognised in income on a systematic basis over the periods in which the business recognises related costs which the grant is intended to compensate.

A grant that becomes recievable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes recievable.

Finance income and costs policy

Interest relating to the Bounce Back Loan Scheme (BBLS) is charged on a monthly basis however, the first 12 months of interest are covered by the UK Government's Business Interruption Payment ("BIP").

The interest covered by the UK Government's BIP is debited to finance costs and credited to Government Grants in the profit and loss as it becomes paybale.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Premier Property Solutions (UK) Limited

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

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

Equipment

25% Straight Line

Furniture and Fittings

25% Straight Line

Motor vehicles

25% Reducing balance

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.

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.

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 the director) during the year, was 5 (2022 - 6).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

21,638

3,018

 

Premier Property Solutions (UK) Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2022

16,525

-

1,048

17,573

Additions

3,030

90,394

1,228

94,652

At 30 September 2023

19,555

90,394

2,276

112,225

Depreciation

At 1 October 2022

12,037

-

894

12,931

Charge for the year

2,486

18,832

321

21,639

At 30 September 2023

14,523

18,832

1,215

34,570

Carrying amount

At 30 September 2023

5,032

71,562

1,061

77,655

At 30 September 2022

4,488

-

154

4,642

6

Debtors

Note

2023
£

2022
£

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

12

67,451

67,354

Prepayments

 

2,372

1,837

Other debtors

 

1,500

3,834

 

71,323

73,025

 

Premier Property Solutions (UK) Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

35,865

25,092

Trade creditors

 

60

190

Taxation and social security

 

49,235

36,450

Accruals and deferred income

 

720

858

Other creditors

 

2,407

1,507

 

88,287

64,097

Creditors include loans which are secured of £35,865 (2022 - £25,092).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

112,198

77,766

The company has a loan under the Bounce Back Loan Scheme (BBLS) which is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy. The amount due less than one year is £10,000 (2022: £10,000).

The company has a further loan which is secured by way of a personal guarantee by the director. The amount due less than one year is £16,541 (2022: £15,092).

The company also has a vehicle on PCP which is secured on the asset. The amount due less than one year is £9,324 (2022: £nil).

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

112,198

77,766

 

Premier Property Solutions (UK) Limited

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

2023
£

2022
£

Current loans and borrowings

Other borrowings

35,865

25,092

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £2,045.13 (2022 - £1,657.00) per ordinary share

 

204,513

 

165,700

         

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £23,400 (2022 - £45,000). The company has a lease on the business premises. The total amount disclosed of £23,400 (2022: £45,000) is the total amount due to the expiration of the lease in October 2024.

 

Premier Property Solutions (UK) Limited

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

12

Related party transactions

Summary of transactions with parent

At the balance sheet date the company was owed £67,541 (2022: £67,354) from PJ 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.
 

13

Ultimate Controlling Party

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

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