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REGISTERED NUMBER: 11380013 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

PRESTIGE COMPANIES LTD

PRESTIGE COMPANIES LTD (REGISTERED NUMBER: 11380013)






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


PRESTIGE COMPANIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: A Gratt





REGISTERED OFFICE: 115 Craven Park Road
Tottenham
London
N15 6BL





REGISTERED NUMBER: 11380013 (England and Wales)





ACCOUNTANTS: Venitt and Greaves
Chartered Accountants
115 Craven Park Road
South Tottenham
London
N15 6BL

PRESTIGE COMPANIES LTD (REGISTERED NUMBER: 11380013)

STATEMENT OF FINANCIAL POSITION
31 MAY 2023

31.5.23 31.5.22
Notes £    £   
FIXED ASSETS
Investment property 4 915,541 682,165

CURRENT ASSETS
Debtors 5 131,380 69,818
Cash at bank 4,148 1,402
135,528 71,220
CREDITORS
Amounts falling due within one year 6 (633,815 ) (305,798 )
NET CURRENT LIABILITIES (498,287 ) (234,578 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

417,254

447,587

CREDITORS
Amounts falling due after more than one
year

7

(383,948

)

(387,003

)

PROVISIONS FOR LIABILITIES (8,550 ) (8,550 )
NET ASSETS 24,756 52,034

CAPITAL AND RESERVES
Called up share capital 9 100 100
Fair value reserve 10 36,450 36,450
Retained earnings 10 (11,794 ) 15,484
SHAREHOLDERS' FUNDS 24,756 52,034

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.

PRESTIGE COMPANIES LTD (REGISTERED NUMBER: 11380013)

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 12 February 2024 and were signed by:





A Gratt - Director


PRESTIGE COMPANIES LTD (REGISTERED NUMBER: 11380013)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Prestige Companies Ltd 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents net rent receivable, excluding value added tax.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022 682,165
Additions 233,376
At 31 May 2023 915,541
NET BOOK VALUE
At 31 May 2023 915,541
At 31 May 2022 682,165

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2020 45,000
Cost 870,541
915,541

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Other debtors 131,380 69,818

PRESTIGE COMPANIES LTD (REGISTERED NUMBER: 11380013)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Other loans 154,000 -
Social security and other taxes 314 1,102
Other creditors 477,371 302,626
Directors' current accounts 160 160
Accrued expenses 1,970 1,910
633,815 305,798

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
£    £   
Bank loans - 2-5 years - 50,000
Bank loans more 5 yrs non-inst 337,003 337,003
Other loans more 5yrs instal 46,945 -
383,948 387,003

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 337,003 337,003

Repayable by instalments
Other loans more 5yrs instal 46,945 -

8. SECURED DEBTS

The following secured debts are included within creditors:

31.5.23 31.5.22
£    £   
Bank loans 337,003 387,003
Other loans 200,945 -
537,948 387,003

1.Long term bank loan is secured by first charge over the company's investment property and bear interest at variable rates.

2. Under the bank loan, £46,945 was received under Bounce back Loan Scheme (BBL). The loan is unsecured, interest free for the first year, then capped at 2.5% afterwards and backed by HM Government.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
100 Ordinary 1 100 100

PRESTIGE COMPANIES LTD (REGISTERED NUMBER: 11380013)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

10. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 June 2022 15,484 36,450 51,934
Deficit for the year (27,278 ) (27,278 )
At 31 May 2023 (11,794 ) 36,450 24,656

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A Gratt.