REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
PRESTIGIC FINANCE LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
PRESTIGIC FINANCE LIMITED |
PRESTIGIC FINANCE LIMITED (REGISTERED NUMBER: 03959913) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 May 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
PRESTIGIC FINANCE LIMITED |
COMPANY INFORMATION |
for the year ended 31 May 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
PRESTIGIC FINANCE LIMITED (REGISTERED NUMBER: 03959913) |
STATEMENT OF FINANCIAL POSITION |
31 May 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
6 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
PRESTIGIC FINANCE LIMITED (REGISTERED NUMBER: 03959913) |
STATEMENT OF FINANCIAL POSITION - continued |
31 May 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
PRESTIGIC FINANCE LIMITED (REGISTERED NUMBER: 03959913) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 May 2023 |
1. | Statutory information |
Prestigic Finance Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
The director has not been required to make any material critical judgements in the process of applying the company's accounting policies. |
Turnover |
Turnover represents income earned during the year from the purchase of receivables at a discount. Income is recognised using the effective interest method. |
Financial instruments |
Financial instruments are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds only basic financial instruments which comprise other debtors, cash and cash equivalents and loans. |
Other debtors - these are initially recognised at the transaction price and are subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount expected to be receivable, net of any impairment. |
Cash and cash equivalents - these include deposits held with banks. |
Loans - these are initially measured at the transaction price and are subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount expected to be payable. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of the future payments, discounted at a market rate of interest. |
PRESTIGIC FINANCE LIMITED (REGISTERED NUMBER: 03959913) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2023 |
2. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current tax. Tax is recognised in the Income Statement. |
Current taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the statement of financial position date. |
Finance leases |
Amounts due under finance leases are included as a debtor at the amount of the net investment in the lease. Amounts receivable under finance leases are apportioned between repayments of capital and interest so as to give a constant rate of return on the net cash investment in the lease. |
Amounts payable under finance leases are apportioned between repayments of capital and interest so that the interest charge for each accounting period is a constant percentage of the remaining balance of the capital sum outstanding. |
Going concern |
The company has a secure future income stream in excess of its obligations under its loan arrangements. |
As a consequence the director believes that the company is well placed to manage its business risks successfully. The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis of accounting in preparing the annual financial statements. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Debtors |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Amounts owed by group undertakings |
Amounts receivable in respect of finance leases |
Other debtors |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Amounts receivable in respect of finance leases |
- |
16,618 |
Aggregate amounts |
PRESTIGIC FINANCE LIMITED (REGISTERED NUMBER: 03959913) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2023 |
4. | Debtors - continued |
The original cost of the finance leases was £920,000 (2022 - £920,000). |
The amounts owed by group undertakings are unsecured and have no fixed repayment terms. |
5. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Other loans (see note 7) |
Corporation tax |
Accruals and deferred income |
6. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Other loans (see note 7) |
7. | Loans |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Other loans |
Amounts falling due between two and five years: |
Other loans |
8. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Other loans |
These loans are secured by a legal assignment over the future income arising under the finance leases. |
PRESTIGIC FINANCE LIMITED (REGISTERED NUMBER: 03959913) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2023 |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
10. | Contingent liabilities |
The company is included in a group registration for VAT purposes and is therefore jointly and severally liable for all other group companies' unpaid debts in this connection, amounting to £43,852 (2022 - £36,742) at 31 May 2023. |