REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30th April 2023 |
for |
Prestige Hotel Management Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30th April 2023 |
for |
Prestige Hotel Management Limited |
Prestige Hotel Management Limited (Registered number: SC417202) |
Contents of the Financial Statements |
for the Year Ended 30th April 2023 |
Page |
Company Information | 1 |
Report of the Accountants | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 4 |
Prestige Hotel Management Limited |
Company Information |
for the Year Ended 30th April 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
77/2 Hanover Street |
Edinburgh |
EH2 1EE |
Prestige Hotel Management Limited |
Report of the Accountants to the Directors of |
Prestige Hotel Management Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30th April 2023 set out on pages four to seven and you consider that the company is exempt from an audit. |
In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
77/2 Hanover Street |
Edinburgh |
EH2 1EE |
Prestige Hotel Management Limited (Registered number: SC417202) |
Balance Sheet |
30th April 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 4 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
CREDITORS |
Amounts falling due after more than one year | 5 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings | 7 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Prestige Hotel Management Limited (Registered number: SC417202) |
Notes to the Financial Statements |
for the Year Ended 30th April 2023 |
1. | STATUTORY INFORMATION |
Prestige Hotel Management Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced fees for hotel management services, excluding value added tax. |
Financial instruments |
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
i. Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances and are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a |
market rate of interest. |
ii. Financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Preference shares, which result in fixed returns to the holder or are mandatorily redeemable on a specific date, are classified as liabilities. The dividends on these preference shares are recognised in the profit and loss account as interest expense. |
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Prestige Hotel Management Limited (Registered number: SC417202) |
Notes to the Financial Statements - continued |
for the Year Ended 30th April 2023 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
On 30 April 2023 the company had net liabilities of £19,726 (2022 - £84,702). |
The directors have confirmed that they will continue to provide all necessary financial support to the company to allow it to continue trading and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements. |
On the basis of the above, the directors have prepared the accounts on a going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Tax |
Other creditors |
Accrued expenses |
5. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Preference shares | - | 45,000 |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
7. | RESERVES |
Retained |
earnings |
£ |
At 1st May 2022 | ( |
) |
Profit for the year |
At 30th April 2023 | ( |
) |