Registered number
09322239
Premium Living Limited
Filleted Accounts
30 November 2023
Premium Living Limited
Registered number: 09322239
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 17,346 17,117
Investments 4 50,000 50,000
67,346 67,117
Current assets
Debtors 5 7,850 7,600
Cash at bank and in hand 10,846 24,272
18,696 31,872
Creditors: amounts falling due within one year 6 (43,818) (49,032)
Net current liabilities (25,122) (17,160)
Total assets less current liabilities 42,224 49,957
Creditors: amounts falling due after more than one year 7 (15,000) (25,000)
Provisions for liabilities (3,469) (3,423)
Net assets 23,755 21,534
Capital and reserves
Called up share capital 1 1
Profit and loss account 23,754 21,533
Shareholder's funds 23,755 21,534
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms S. Bonab
Director
Approved by the board on 17 June 2024
Premium Living Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 28,805
At 30 November 2023 31,915
Depreciation
At 1 December 2022 11,688
Charge for the year 2,881
At 30 November 2023 14,569
Net book value
At 30 November 2023 17,346
At 30 November 2022 17,117
4 Investments
Other
investments
£
Cost
At 1 December 2022 50,000
At 30 November 2023 50,000
5 Debtors 2023 2022
£ £
Other debtors 7,850 7,600
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 8,600 17,600
Taxation and social security costs 947 1,825
Other creditors 24,271 19,607
43,818 49,032
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 15,000 25,000
8 Other information
Premium Living Limited is a private company limited by shares and incorporated in England. Its registered office is:
6 Southway
London
SW20 9JQ
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