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COMPANY REGISTRATION NUMBER: 09358112
PREMIERSHIP INVESTMENT HOLDINGS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
PREMIERSHIP INVESTMENT HOLDINGS LIMITED
FINANCIAL STATEMENTS
Year ended 31 December 2023
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
3
PREMIERSHIP INVESTMENT HOLDINGS LIMITED
BALANCE SHEET
31 December 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
5
1,743,414
1,416,877
Investments
6
1
1
------------
------------
1,743,415
1,416,878
CURRENT ASSETS
Debtors
7
4,184
8,119
Cash at bank and in hand
145,143
214,157
---------
---------
149,327
222,276
CREDITORS: amounts falling due within one year
8
( 4,015)
( 5,965)
---------
---------
NET CURRENT ASSETS
145,312
216,311
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,888,727
1,633,189
PROVISIONS
( 60,533)
------------
------------
NET ASSETS
1,828,194
1,633,189
------------
------------
CAPITAL AND RESERVES
Called up share capital
100
100
Share premium account
913,621
913,621
Other reserve
265,226
Profit and loss account
649,247
719,468
------------
------------
SHAREHOLDERS FUNDS
1,828,194
1,633,189
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PREMIERSHIP INVESTMENT HOLDINGS LIMITED
BALANCE SHEET (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 4 September 2024 , and are signed on behalf of the board by:
Mr M L Wilson
Director
Company registration number: 09358112
PREMIERSHIP INVESTMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 December 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cedar House, Hazell Drive, Newport, NP10 8FY. The principal place of business is The Old Custom House, 74 Lower Dock Street, Newport, NP20 1EH.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts. Turnover represents the value of fees due for rent in the financial period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. TANGIBLE ASSETS
Equipment
Investment Property
Total
£
£
£
Cost or valuation
At 1 January 2023
1,416,877
1,416,877
Additions
1,037
1,037
Revaluations
325,500
325,500
-------
------------
------------
At 31 December 2023
1,037
1,742,377
1,743,414
-------
------------
------------
Depreciation
At 1 January 2023 and 31 December 2023
-------
------------
------------
Carrying amount
At 31 December 2023
1,037
1,742,377
1,743,414
-------
------------
------------
At 31 December 2022
1,416,877
1,416,877
-------
------------
------------
Property that is held for long-term rental yields or for capital appreciation is classified as investment property. Investment property is measured initially at cost, including related transaction costs and where applicable borrowing costs. After initial recognition, investment property is carried at fair value. Fair value is based on active market prices, adjusted, if necessary for differences in nature, location or condition of the specific asset. If this information is not available, the company uses alternative valuation methods, such as recent prices on less active markets on discounted cash flow projections. Valuations are performed as of the balance sheet date by the directors on an open market basis.
6. INVESTMENTS
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
1
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 31 December 2023
1
----
At 31 December 2022
1
----
7. DEBTORS
2023
2022
£
£
Other debtors
4,184
8,119
-------
-------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Other creditors
4,015
5,965
-------
-------
9. FAIR VALUE RESERVE
The following movements on the fair value reserve are included within other reserve in the statement of changes in equity:
2023
2022
£
£
Reclassification from fair value reserve to profit and loss account
325,500
Tax relating to components of other comprehensive income
(60,274)
---------
----
At end of year
265,226
---------
----