Premier Life Holdings Limited 09486201 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of investment and letting of real estate Digita Accounts Production Advanced 6.30.9574.0 true 09486201 2022-04-01 2023-03-31 09486201 2023-03-31 09486201 bus:OrdinaryShareClass1 2023-03-31 09486201 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09486201 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09486201 bus:SmallEntities 2022-04-01 2023-03-31 09486201 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 09486201 bus:FullAccounts 2022-04-01 2023-03-31 09486201 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 09486201 bus:RegisteredOffice 2022-04-01 2023-03-31 09486201 bus:Director1 2022-04-01 2023-03-31 09486201 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 09486201 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09486201 countries:EnglandWales 2022-04-01 2023-03-31 09486201 2022-03-31 09486201 2021-04-01 2022-03-31 09486201 2022-03-31 09486201 bus:OrdinaryShareClass1 2022-03-31 09486201 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 09486201 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09486201

Premier Life Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Premier Life Holdings Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Premier Life Holdings Limited

Company Information

Director

Mr Raj Suresh Mirpuri

Registered office

186 Brent Crescent
Park Royal
London
NW10 7XR

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Premier Life Holdings Limited

(Registration number: 09486201)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

2,164,346

2,164,346

Current assets

 

Cash at bank and in hand

 

12,105

20,934

Creditors: Amounts falling due within one year

5

(924,334)

(939,856)

Net current liabilities

 

(912,229)

(918,922)

Total assets less current liabilities

 

1,252,117

1,245,424

Creditors: Amounts falling due after more than one year

5

(1,066,948)

(1,089,982)

Net assets

 

185,169

155,442

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

185,069

155,342

Shareholders' funds

 

185,169

155,442

For the financial year ending 31 March 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 and delivered 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.

These financial statements were approved and authorised for issue by the director on 10 November 2023
 

.........................................
Mr Raj Suresh Mirpuri
Director

 

Premier Life Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
186 Brent Crescent
Park Royal
London
NW10 7XR
United Kingdom

These financial statements were authorised for issue by the director on 10 November 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 functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

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.

 

Premier Life Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 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.

 

Premier Life Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Premier Life Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are
measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

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

During the year there were no staff employed by the company.

 

Premier Life Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4

Investment properties

2023
£

At 1 April

2,164,346

At 31 March

2,164,346

The investment properties were valued on 31 March 2021 by the Directors who are internal to the company. The basis of this valuation was on an open market value. The value of property was not materially different from the cost.

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

35,000

50,000

Other creditors

 

628,581

628,280

Accrued expenses

 

960

2,100

Corporation tax payable

 

6,973

11,442

Directors current account

 

252,820

248,034

 

924,334

939,856

Due after one year

 

Bank loan

1,066,948

1,089,982

The bank loan is borrowed against the Investment property.

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100