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REGISTERED NUMBER: 03959913 (England and Wales)















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: Adrian Richard Goldsmith





REGISTERED OFFICE: 30 Macaulay Road
London
SW4 0QX





REGISTERED NUMBER: 03959913 (England and Wales)






PRESTIGIC FINANCE LIMITED (REGISTERED NUMBER: 03959913)

STATEMENT OF FINANCIAL POSITION
31 May 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 4 425,193 416,047

CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

5

23,510

82,568
NET CURRENT ASSETS 401,683 333,479
TOTAL ASSETS LESS CURRENT
LIABILITIES

401,683

333,479

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

6

-

19,137
NET ASSETS 401,683 314,342

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings 400,683 313,342
SHAREHOLDERS' FUNDS 401,683 314,342

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 9 February 2024 and were signed by:





Adrian Richard Goldsmith - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 1 (2022 - 1 ) .

4. Debtors
2023 2022
£    £   
Amounts falling due within one year:
Amounts owed by group undertakings 322,937 328,323
Amounts receivable in respect of finance
leases

30,329

66,467
Other debtors 70,799 -
Prepayments and accrued income 1,128 4,639
425,193 399,429

Amounts falling due after more than one year:
Amounts receivable in respect of finance
leases

-

16,618

Aggregate amounts 425,193 416,047

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) - 76,547
Corporation tax 21,839 3,686
Accruals and deferred income 1,671 2,335
23,510 82,568

6. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Other loans (see note 7) - 19,137

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 - 76,547

Amounts falling due between two and five years:
Other loans - 19,137

8. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Other loans - 95,684

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: £    £   
1,000 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.