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REGISTERED NUMBER: 05225302 (England and Wales)



















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

PRESTIGE CONSTRUCTIONS LIMITED

PRESTIGE CONSTRUCTIONS LIMITED (REGISTERED NUMBER: 05225302)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 NOVEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PRESTIGE CONSTRUCTIONS LIMITED

COMPANY INFORMATION
for the Year Ended 30 NOVEMBER 2023







DIRECTOR: Mr M Hussain





SECRETARY: Mr M Hussain





REGISTERED OFFICE: 260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL





REGISTERED NUMBER: 05225302 (England and Wales)





ACCOUNTANTS: Foxley Kingham
Chartered Accountants
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

PRESTIGE CONSTRUCTIONS LIMITED (REGISTERED NUMBER: 05225302)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 164 220

CURRENT ASSETS
Stocks 2,911,406 2,794,109
Debtors 5 776,886 482,618
Cash at bank and in hand 59,798 37,943
3,748,090 3,314,670
CREDITORS
Amounts falling due within one year 6 1,128,938 1,106,029
NET CURRENT ASSETS 2,619,152 2,208,641
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,619,316

2,208,861

CREDITORS
Amounts falling due after more than one
year

7

2,520,000

1,920,000
NET ASSETS 99,316 288,861

CAPITAL AND RESERVES
Called up share capital 50 100
Retained earnings 99,266 288,761
SHAREHOLDERS' FUNDS 99,316 288,861

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

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.

PRESTIGE CONSTRUCTIONS LIMITED (REGISTERED NUMBER: 05225302)

BALANCE SHEET - continued
30 NOVEMBER 2023



The financial statements were approved by the director and authorised for issue on 28 February 2024 and were signed by:





Mr M Hussain - Director


PRESTIGE CONSTRUCTIONS LIMITED (REGISTERED NUMBER: 05225302)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Prestige Constructions 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.

Turnover
Turnover represents rents receivable and sales of properties, net of value added tax where applicable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on disposal of an asset is determined at the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss.

Stocks
Stocks being properties developed or held for sale are valued at the lower of cost and net realisable value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Joint ventures
Where the company enters into joint venture agreements for the development of a property, the full cost of the asset is recognised within the accounts with a liability recognised for amounts contributed by other parties.

Finance charges
Finance charges and associated fees on arranging bank loans are deferred and charged to the profit and loss account over the life of the loan.

3. EMPLOYEES AND DIRECTORS

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

PRESTIGE CONSTRUCTIONS LIMITED (REGISTERED NUMBER: 05225302)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 NOVEMBER 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 December 2022
and 30 November 2023 1,574 7,797 9,371
DEPRECIATION
At 1 December 2022 1,553 7,598 9,151
Charge for year 6 50 56
At 30 November 2023 1,559 7,648 9,207
NET BOOK VALUE
At 30 November 2023 15 149 164
At 30 November 2022 21 199 220

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 14,077 -
Other debtors 85,065 2,315
Due from related company 625,462 446,346
Tax - 3,891
VAT 13,883 -
Prepayments 38,399 30,066
776,886 482,618

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 663 1,797
VAT - 2,044
Other creditors 617,366 815,938
Directors' current accounts 507,570 278,473
Accruals and deferred income 3,339 7,777
1,128,938 1,106,029

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 2,520,000 1,920,000

PRESTIGE CONSTRUCTIONS LIMITED (REGISTERED NUMBER: 05225302)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 NOVEMBER 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 2,520,000 1,920,000

Loans from the bank are secured by fixed and floating charges over all the undertakings and property of the company including all the physical real estate owned by the company.

The bank have also been provided security by way of charges over property owned by Mr M Hussain, a director of the company and by Cosmopolitan Property Developments Limited, a company in which Mr M Hussain is director and shareholder.

9. ULTIMATE CONTROLLING PARTY

During the financial year ended 30 November 2023 the company was controlled by Mr M Hussain and Mr S Hussain by virtue of their shareholdings.

On 9 December 2022 the company bought back the shares held by Mr S Hussain making Mr M Hussain the sole ultimate controlling party from that date.

10. JOINT VENTURE AGREEMENTS

29/31 Guildford Street was part of a joint venture agreement with Temple Investment Limited (a company registered in England). Temple Investment Limited was entitled to a third share in the profit/loss of the joint venture properties. During the year Temple Investment Limited were bought out of their share of the joint venture with the venture now fully owned by Prestige Construction Limited.