Company registration number 02968558 (England and Wales)
PREMIERLINE MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PREMIERLINE MANAGEMENT LIMITED
COMPANY INFORMATION
Director
Mr R E Budden
Secretary
Mrs Jacqueline Rogers
Company number
02968558
Registered office
2 Barnfield Crescent
Exeter
Devon
United Kingdom
EX1 1QT
Accountants
Bush & Co Limited
2 Barnfield Crescent
Exeter
EX1 1QT
PREMIERLINE MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PREMIERLINE MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,074
2,756
Investment properties
4
173,342
173,342
175,416
176,098
Current assets
Debtors
5
7,047
4,843
Investments
6
12,214
10,778
Cash at bank and in hand
4,584
1,488
23,845
17,109
Creditors: amounts falling due within one year
7
(169,649)
(170,903)
Net current liabilities
(145,804)
(153,794)
Total assets less current liabilities
29,612
22,304
Creditors: amounts falling due after more than one year
8
(2,451)
(3,553)
Provisions for liabilities
648
768
Net assets
27,809
19,519
Capital and reserves
Called up share capital
10
10
Retained earnings
27,799
19,509
Total equity
27,809
19,519
PREMIERLINE MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 29 August 2024
Mr R E Budden
Director
Company Registration No. 02968558
PREMIERLINE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Premierline Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Barnfield Crescent, Exeter, Devon, United Kingdom, EX1 1QT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rent and service charges receivable.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% Reducing balance
Computers
25% Straight line
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
PREMIERLINE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
PREMIERLINE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
8,400
Depreciation and impairment
At 1 January 2023
5,644
Depreciation charged in the year
682
At 31 December 2023
6,326
Carrying amount
At 31 December 2023
2,074
At 31 December 2022
2,756
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
173,342
Investment property was revalued on an open market basis by the director. If the investment property had not been revalued, it would have been held at its historic cost of £161,198.
PREMIERLINE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,370
175
Other debtors
5,677
4,668
7,047
4,843
6
Current asset investments
2023
2022
£
£
Other investments
12,214
10,778
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
1,236
1,251
Trade creditors
1,895
Taxation and social security
1,597
1,650
Other creditors
166,816
166,107
169,649
170,903
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,451
3,553
9
Related party transactions
Included in other creditors are amounts advanced from a company under common control of the director of £154,480. The loan is interest free and carries no fixed terms of repayment.
Included in other debtors are amounts loaned to the directors of £3,386. The loan is interest free and carries no fixed terms of repayment.