Company Registration No. 04161814 (England and Wales)
PRELUDE TO BUSINESS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
PRELUDE TO BUSINESS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 6
PRELUDE TO BUSINESS LIMITED
Company Registration No. 04161814
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,012
-
0
Current assets
Debtors
5
1,225,799
979,527
Cash at bank and in hand
156,727
83,173
1,382,526
1,062,700
Creditors: amounts falling due within one year
6
(198,891)
(185,017)
Net current assets
1,183,635
877,683
Total assets less current liabilities
1,184,647
877,683
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
1,184,547
877,583
Total equity
1,184,647
877,683

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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 by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
D Cheatle
Director
PRELUDE TO BUSINESS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
100
802,382
802,482
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
77,201
77,201
Dividends
-
(2,000)
(2,000)
Balance at 31 March 2023
100
877,583
877,683
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
307,964
307,964
Dividends
-
(1,000)
(1,000)
Balance at 31 March 2024
100
1,184,547
1,184,647
PRELUDE TO BUSINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Prelude to Business Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Rectory, Church Street, Weybridge, Surrey, KT13 8DE.

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
Going concern

The director is confident that the company has adequate resources to continue in operational existence for the foreseeable future and meet its financial obligations. Therefore he continue to adopt the going concern basis of accounting in preparing the annual financial statements.

1.3
Turnover

Turnover represents amounts receivable for membership fees, training and consultancy services provided net of VAT and trade discounts.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Website
50% straight line
1.5
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, fittings and equipment
25% straight line

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

PRELUDE TO BUSINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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 profit and loss account 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.

PRELUDE TO BUSINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
6
8
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
81,200
Additions
1,164
At 31 March 2024
82,364
Depreciation and impairment
At 1 April 2023
81,200
Depreciation charged in the year
152
At 31 March 2024
81,352
Carrying amount
At 31 March 2024
1,012
At 31 March 2023
-
0
4
Intangible fixed assets
Website
£
Cost
At 1 April 2023 and 31 March 2024
153,174
Amortisation and impairment
At 1 April 2023 and 31 March 2024
153,174
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
PRELUDE TO BUSINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
33,876
18,283
Corporation tax recoverable
235,628
196,949
Other debtors
956,295
764,295
1,225,799
979,527
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
19,898
14,233
Taxation and social security
166,787
127,881
Other creditors
12,206
42,903
198,891
185,017
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
10,000
10,000
100
100
8
Related party transactions

At the balance sheet date Rise To Ltd, a connected company, owed Prelude to Business £19,761 (2023 - £33,845).

9
Director's benefits: advances, credits and gurantees

At the beginning of the year the director, D Cheatle, owed £720,630 to the company. During the year advances totalling £153,028 were made to the director. Repayments of £10,897 were made and dividends of £1,000 were declared in the year for the Director. Interest on the balance due to the company was calculated at 2.25% and totaled £18,166. At the balance sheet date the director owed £879,927 to the company.

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