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Registration number: 07663782

Premiere Property Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Premiere Property Services Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Premiere Property Services Ltd

Company Information

Directors

Mr Liam Lloyd

Mr Aaron Smith

Mrs Hayley Louise Lloyd

Claire Louise Smith

Registered office

Unit B Sandown Court
Glenfield
Leicester
Leicestershire
LE3 8BT

Accountants

M Ball & Co Limited
Office 3B New Winnings Court
Ormonde Drive
Denby Hall Business Park
Denby
Derbyshire
DE5 8LE

 

Premiere Property Services Ltd

(Registration number: 07663782)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,309,801

1,264,282

Current assets

 

Stocks

6

-

12,500

Debtors

7

1,873,321

804,957

Cash at bank and in hand

 

386,342

1,204,219

 

2,259,663

2,021,676

Creditors: Amounts falling due within one year

8

(1,542,840)

(1,126,982)

Net current assets

 

716,823

894,694

Total assets less current liabilities

 

2,026,624

2,158,976

Creditors: Amounts falling due after more than one year

8

(65,940)

-

Provisions for liabilities

(26,604)

(12,961)

Net assets

 

1,934,080

2,146,015

Capital and reserves

 

Called up share capital

4

4

Retained earnings

1,934,076

2,146,011

Shareholders' funds

 

1,934,080

2,146,015

 

Premiere Property Services Ltd

(Registration number: 07663782)
Balance Sheet as at 30 June 2023

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

Directors' 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 directors acknowledge their 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.

Approved and authorised by the Board on 12 March 2024 and signed on its behalf by:
 

.........................................
Mr Liam Lloyd
Director

 

Premiere Property Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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 B Sandown Court
Glenfield
Leicester
Leicestershire
LE3 8BT
England

These financial statements were authorised for issue by the Board on 12 March 2024.

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.

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.

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.

 

Premiere Property Services Ltd

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

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.

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

Freehold property

1% straight line

Plant and machinery

20% straight line

Motor vehciles

20% straight line

Office equipment

33.33% straight line

Fixtures and fittings

20% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years

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.

 

Premiere Property Services Ltd

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Premiere Property Services Ltd

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

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 directors) during the year, was 13 (2022 - 19).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

450,000

450,000

At 30 June 2023

450,000

450,000

Amortisation

At 1 July 2022

450,000

450,000

At 30 June 2023

450,000

450,000

Carrying amount

At 30 June 2023

-

-

 

Premiere Property Services Ltd

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

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

1,215,952

16,377

52,783

5,942

149,210

1,440,264

Additions

-

-

5,400

-

104,964

110,364

At 30 June 2023

1,215,952

16,377

58,183

5,942

254,174

1,550,628

Depreciation

At 1 July 2022

34,011

14,485

26,642

5,633

95,211

175,982

Charge for the year

12,160

1,769

6,845

308

43,763

64,845

At 30 June 2023

46,171

16,254

33,487

5,941

138,974

240,827

Carrying amount

At 30 June 2023

1,169,781

123

24,696

1

115,200

1,309,801

At 30 June 2022

1,181,941

1,892

26,141

309

53,999

1,264,282

Included within the net book value of land and buildings above is £1,169,781 (2022 - £1,181,941) in respect of freehold land and buildings.
 

 

Premiere Property Services Ltd

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

6

Stocks

2023
£

2022
£

Other inventories

-

12,500

7

Debtors

Current

2023
£

2022
£

Trade debtors

231,652

322,564

Prepayments

56,607

48,421

Other debtors

1,585,062

433,972

 

1,873,321

804,957

 

Premiere Property Services Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

14,400

7,758

Trade creditors

 

138,102

65,222

Taxation and social security

 

56,332

231,200

Accruals and deferred income

 

93,188

358,105

Other creditors

 

1,240,818

464,697

 

1,542,840

1,126,982

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

65,940

-

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

65,940

-

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

14,400

7,758