2022-04-012023-03-312023-03-31false02602088Prestige International EC 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Prestige International EC Limited

Registered Number
02602088
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

Prestige International EC Limited
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

Dr Abdul Raouf Al-Sayed
Sami Ismail Al-Sayed
Duna Lateefah Ibrahim

Company Secretary

Duna Lateefah Ibrahim

Registered Address

47 Ossulton Way
London
N2 0JY

Registered Number

02602088 (England and Wales)
Prestige International EC Limited
Balance Sheet as at
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets6354,716362,644
354,716362,644
Current assets
Debtors72,59713,660
Cash at bank and on hand34,45211,481
37,04925,141
Creditors amounts falling due within one year8(95,562)(81,241)
Net current assets (liabilities)(58,513)(56,100)
Total assets less current liabilities296,203306,544
Creditors amounts falling due after one year9(118,097)(140,620)
Provisions for liabilities10(4,000)(4,228)
Net assets174,106161,696
Capital and reserves
Called up share capital100100
Profit and loss account174,006161,596
Shareholders' funds174,106161,696
The financial statements were approved and authorised for issue by the Board of Directors on 20 December 2023, and are signed on its behalf by:
Duna Lateefah Ibrahim
Director
Registered Company No. 02602088
Prestige International EC Limited
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principle activity for the period was of Home Care
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery20-
Fixtures and fittings20-
Office Equipment25-
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
5.Employee information

20232022
Average number of employees during the year2122
6.Property, plant and equipment

Land & buildings

Plant & machinery

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 April 22504,75563,79729,107-597,659
Additions-2,5942,109-4,703
Disposals-(1,200)--(1,200)
Transfers---3,8703,870
At 31 March 23504,75565,19131,2163,870605,032
Depreciation and impairment
At 01 April 22163,28049,89618,7353,104235,015
Charge for year10,0952,7572,25819115,301
At 31 March 23173,37552,65320,9933,295250,316
Net book value
At 31 March 23331,38012,53810,223575354,716
At 31 March 22341,47513,90110,372(3,104)362,644
7.Debtors

2023

2022

££
Trade debtors / trade receivables-7,989
Other debtors1,8773,870
Prepayments and accrued income7201,801
Total2,59713,660
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
8.Creditors within one year

2023

2022

££
Trade creditors / trade payables65,43749,896
Bank borrowings and overdrafts25,64521,651
Taxation and social security4,442-
Accrued liabilities and deferred income389,694
Total95,56281,241
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
9.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts118,097140,620
Total118,097140,620
10.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)4,0004,228
Total4,0004,228