Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-3146trueNo description of principal activity2022-06-01false40trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06912229 2022-06-01 2023-05-31 06912229 2021-06-01 2022-05-31 06912229 2023-05-31 06912229 2022-05-31 06912229 c:Director1 2022-06-01 2023-05-31 06912229 c:RegisteredOffice 2022-06-01 2023-05-31 06912229 d:Buildings 2022-06-01 2023-05-31 06912229 d:Buildings d:LongLeaseholdAssets 2022-06-01 2023-05-31 06912229 d:Buildings d:LongLeaseholdAssets 2023-05-31 06912229 d:Buildings d:LongLeaseholdAssets 2022-05-31 06912229 d:MotorVehicles 2022-06-01 2023-05-31 06912229 d:MotorVehicles 2023-05-31 06912229 d:MotorVehicles 2022-05-31 06912229 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 06912229 d:FurnitureFittings 2022-06-01 2023-05-31 06912229 d:FurnitureFittings 2023-05-31 06912229 d:FurnitureFittings 2022-05-31 06912229 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 06912229 d:OfficeEquipment 2022-06-01 2023-05-31 06912229 d:OfficeEquipment 2023-05-31 06912229 d:OfficeEquipment 2022-05-31 06912229 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 06912229 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 06912229 d:CurrentFinancialInstruments 2023-05-31 06912229 d:CurrentFinancialInstruments 2022-05-31 06912229 d:Non-currentFinancialInstruments 2023-05-31 06912229 d:Non-currentFinancialInstruments 2022-05-31 06912229 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 06912229 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 06912229 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 06912229 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 06912229 d:ShareCapital 2023-05-31 06912229 d:ShareCapital 2022-05-31 06912229 d:RetainedEarningsAccumulatedLosses 2023-05-31 06912229 d:RetainedEarningsAccumulatedLosses 2022-05-31 06912229 c:FRS102 2022-06-01 2023-05-31 06912229 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 06912229 c:FullAccounts 2022-06-01 2023-05-31 06912229 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 06912229 d:WithinOneYear 2023-05-31 06912229 d:WithinOneYear 2022-05-31 06912229 d:BetweenOneFiveYears 2023-05-31 06912229 d:BetweenOneFiveYears 2022-05-31 06912229 d:MoreThanFiveYears 2023-05-31 06912229 d:MoreThanFiveYears 2022-05-31 06912229 2 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure
Company registration number: 06912229







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2023


PRESTIGE ASSET FINANCE LIMITED






































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PRESTIGE ASSET FINANCE LIMITED
 


 
COMPANY INFORMATION


Director
J Constantinou 




Registered number
06912229



Registered office
164 - 166 High Street

Guildford

Surrey

GU1 3HW




Accountants
Menzies LLP
Chartered Accountants

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


PRESTIGE ASSET FINANCE LIMITED
 



CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8


 


PRESTIGE ASSET FINANCE LIMITED
REGISTERED NUMBER:06912229



STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
692,065
771,051

  
692,065
771,051

Current assets
  

Stocks
  
2,285,735
3,136,801

Debtors: amounts falling due within one year
 5 
11,008,984
9,867,550

Cash at bank and in hand
  
1,316,667
495,036

  
14,611,386
13,499,387

Creditors: amounts falling due within one year
 6 
(7,868,913)
(3,721,680)

Net current assets
  
 
 
6,742,473
 
 
9,777,707

Total assets less current liabilities
  
7,434,538
10,548,758

Creditors: amounts falling due after more than one year
 7 
(26,698)
(3,912,766)

Provisions for liabilities
  

Deferred tax
  
(120,596)
(150,786)

  
 
 
(120,596)
 
 
(150,786)

Net assets
  
7,287,244
6,485,206


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
  
7,287,044
6,485,006

  
7,287,244
6,485,206


Page 1

 


PRESTIGE ASSET FINANCE LIMITED
REGISTERED NUMBER:06912229


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
J Constantinou
Director

Date: 16 February 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 


PRESTIGE ASSET FINANCE LIMITED
 


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

1.


General information

Prestige Asset 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.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Revenue shown in the Income Statement represents amount earnt from interest on loans and monies received for sales of goods provided during the year in the normal course of business, net of trade discounts, VAT and other sales and related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership has been transferred to the buyer (usually on sale of the goods at the till or online receipt).
Revenue generated from interest charged on loans is recognised over time to the extent that there is a right to consideration. 

 
2.4

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 


PRESTIGE ASSET FINANCE LIMITED
 


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

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 


PRESTIGE ASSET FINANCE LIMITED
 


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

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
Straight Line
Leasehold property
-
Over the term of the lease
Motor vehicles
-
25%
Reducing Balance
Fixtures and fittings
-
25%
Reducing Balance
Office equipment
-
25%
Reducing Balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 46 (2022 - 40).

Page 5


PRESTIGE ASSET FINANCE LIMITED
  
 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023



4.


Tangible fixed assets






Leasehold property
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 June 2022
10,961
12,650
1,314,279
174,430
1,512,320


Additions
4,304
-
131,403
14,590
150,297


Disposals
-
-
-
(500)
(500)



At 31 May 2023

15,265
12,650
1,445,682
188,520
1,662,117



Depreciation


At 1 June 2022
4,604
3,162
648,359
85,144
741,269


Charge for the year on owned assets
947
2,372
199,363
26,534
229,216


Disposals
-
-
-
(433)
(433)



At 31 May 2023

5,551
5,534
847,722
111,245
970,052



Net book value



At 31 May 2023
9,714
7,116
597,960
77,275
692,065



At 31 May 2022
6,357
9,488
665,920
89,286
771,051

Page 6

 


PRESTIGE ASSET FINANCE LIMITED
 


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

5.


Debtors

2023
2022
£
£


Trade debtors
9,305,212
7,858,631

Amounts owed by group undertakings
1,263,286
1,353,889

Amounts owed from related parties
56,678
35,187

Other debtors
41,050
96,366

Prepayments and accrued income
342,758
488,813

Tax recoverable
-
34,664

11,008,984
9,867,550



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
8,137
7,937

Other loans
3,876,425
607,204

Trade creditors
292,697
359,281

Amounts owed to related parties
560,898
500,898

Corporation tax
196,964
-

Other taxation and social security
87,761
32,090

Other creditors
2,721,315
2,094,592

Accruals and deferred income
124,716
119,678

7,868,913
3,721,680



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
26,698
36,544

Other loans
-
3,876,222

26,698
3,912,766


Page 7

 


PRESTIGE ASSET FINANCE LIMITED
 


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

8.


Commitments under operating leases

At 31 May 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
546,146
290,833

Later than 1 year and not later than 5 years
1,284,375
613,521

Later than 5 years
341,667
350,000

2,172,188
1,254,354


9.


Related party transactions

At 1 June 2022, the director was owed by the company £452,621. During the year further no advances were made and repayments of £125,658. At 31 May 2023, an amount of £326,964 was owed from the company. No interest has been charged on this loan.
No dividends were declared or paid during the year.
A limited guarantee is given by J Constantinou, a director, in respect of the loan facilities of £1,000,000.

 
Page 8