REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
PRESTIGE CONSTRUCTIONS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
PRESTIGE CONSTRUCTIONS LIMITED |
PRESTIGE CONSTRUCTIONS LIMITED (REGISTERED NUMBER: 05225302) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 NOVEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PRESTIGE CONSTRUCTIONS LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 NOVEMBER 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
260 - 270 Butterfield |
Great Marlings |
Luton |
Bedfordshire |
LU2 8DL |
PRESTIGE CONSTRUCTIONS LIMITED (REGISTERED NUMBER: 05225302) |
BALANCE SHEET |
30 NOVEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
PRESTIGE CONSTRUCTIONS LIMITED (REGISTERED NUMBER: 05225302) |
BALANCE SHEET - continued |
30 NOVEMBER 2023 |
The financial statements were approved by the director and authorised for issue on |
PRESTIGE CONSTRUCTIONS LIMITED (REGISTERED NUMBER: 05225302) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 NOVEMBER 2023 |
1. | STATUTORY INFORMATION |
Prestige Constructions Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rents receivable and sales of properties, net of value added tax where applicable. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
The gain or loss arising on disposal of an asset is determined at the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss. |
Stocks |
Stocks being properties developed or held for sale are valued at the lower of cost and net realisable value. |
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. |
Joint ventures |
Where the company enters into joint venture agreements for the development of a property, the full cost of the asset is recognised within the accounts with a liability recognised for amounts contributed by other parties. |
Finance charges |
Finance charges and associated fees on arranging bank loans are deferred and charged to the profit and loss account over the life of the loan. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - |
PRESTIGE CONSTRUCTIONS LIMITED (REGISTERED NUMBER: 05225302) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 NOVEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 December 2022 |
and 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Due from related company | 625,462 | 446,346 |
Tax |
VAT |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
VAT | - | 2,044 |
Other creditors |
Directors' current accounts | 507,570 | 278,473 |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 2-5 years |
PRESTIGE CONSTRUCTIONS LIMITED (REGISTERED NUMBER: 05225302) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 NOVEMBER 2023 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Loans from the bank are secured by fixed and floating charges over all the undertakings and property of the company including all the physical real estate owned by the company. |
The bank have also been provided security by way of charges over property owned by Mr M Hussain, a director of the company and by Cosmopolitan Property Developments Limited, a company in which Mr M Hussain is director and shareholder. |
9. | ULTIMATE CONTROLLING PARTY |
During the financial year ended 30 November 2023 the company was controlled by Mr M Hussain and Mr S Hussain by virtue of their shareholdings. |
On 9 December 2022 the company bought back the shares held by Mr S Hussain making Mr M Hussain the sole ultimate controlling party from that date. |
10. | JOINT VENTURE AGREEMENTS |
29/31 Guildford Street was part of a joint venture agreement with Temple Investment Limited (a company registered in England). Temple Investment Limited was entitled to a third share in the profit/loss of the joint venture properties. During the year Temple Investment Limited were bought out of their share of the joint venture with the venture now fully owned by Prestige Construction Limited. |