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Registered number: 12781442
PRESTIGE MOTORING LTD
Unaudited Financial Statements
For The Year Ended 31 July 2023
ZA LTD
FMAAT AND FFA
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Statement of Changes in Equity 4
Notes to the Financial Statements 5—6
Page 1
Accountants' Report
Report of the Accountant to the director of PRESTIGE MOTORING LTD
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 July 2023.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the Balance Sheet you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give “a true and fair view”.
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
Signed
ZA Ltd
13/04/2024
ZA LTD
FMAAT AND FFA
Page 1
Page 2
Balance Sheet
Registered number: 12781442
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,410 -
2,410 -
CURRENT ASSETS
Stocks 5 209,152 122,655
Debtors 6 2,200 -
Cash at bank and in hand 22,663 17,508
234,015 140,163
Creditors: Amounts Falling Due Within One Year 7 (111,194 ) (30,501 )
NET CURRENT ASSETS (LIABILITIES) 122,821 109,662
TOTAL ASSETS LESS CURRENT LIABILITIES 125,231 109,662
Creditors: Amounts Falling Due After More Than One Year 8 (157,000 ) (157,000 )
NET LIABILITIES (31,769 ) (47,338 )
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account (31,770 ) (47,339 )
SHAREHOLDERS' FUNDS (31,769) (47,338)
Page 2
Page 3
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Ali Ameri
Director
13/04/2024
The notes on pages 5 to 6 form part of these financial statements.
Page 3
Page 4
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 August 2021 1 (150 ) (149)
Loss for the year and total comprehensive income - (47,189 ) (47,189)
As at 31 July 2022 and 1 August 2022 1 (47,339 ) (47,338)
Profit for the year and total comprehensive income - 15,569 15,569
As at 31 July 2023 1 (31,770 ) (31,769)
Page 4
Page 5
Notes to the Financial Statements
1. General Information
PRESTIGE MOTORING LTD is a private company, limited by shares, incorporated in England & Wales, registered number 12781442 . The registered office is 114 LONDON ROAD, CRAWLEY, RH10 8LD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% on reducing balance method
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 2 2
2 2
Page 5
Page 6
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 August 2022 -
Additions 3,214
As at 31 July 2023 3,214
Depreciation
As at 1 August 2022 -
Provided during the period 804
As at 31 July 2023 804
Net Book Value
As at 31 July 2023 2,410
As at 1 August 2022 -
5. Stocks
2023 2022
£ £
Materials 209,152 122,655
6. Debtors
2023 2022
£ £
Due within one year
Other debtors 2,200 -
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 105,289 24,605
Other taxes and social security 247 364
VAT 1,639 1,102
Accruals and deferred income 4,019 4,430
111,194 30,501
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other creditors 157,000 157,000
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
Page 6