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COMPANY REGISTRATION NUMBER: 02051213
PREMIERSHIP LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
PREMIERSHIP LIMITED
FINANCIAL STATEMENTS
Year ended 31 December 2023
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
3
PREMIERSHIP LIMITED
BALANCE SHEET
31 December 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
5
597,595
548,469
CURRENT ASSETS
Debtors
6
8,664,934
7,431,267
Cash at bank and in hand
2,702,879
3,790,410
-------------
-------------
11,367,813
11,221,677
CREDITORS: amounts falling due within one year
7
( 7,648,194)
( 8,420,526)
-------------
-------------
NET CURRENT ASSETS
3,719,619
2,801,151
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
4,317,214
3,349,620
PROVISIONS
( 29,870)
( 16,472)
------------
------------
NET ASSETS
4,287,344
3,333,148
------------
------------
CAPITAL AND RESERVES
Called up share capital
100
100
Undistributable reserve
45,310
45,310
Profit and loss account
4,241,934
3,287,738
------------
------------
SHAREHOLDERS FUNDS
4,287,344
3,333,148
------------
------------
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 LIMITED
BALANCE SHEET (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
Mr P A Jordan
Director
Company registration number: 02051213
PREMIERSHIP 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 address of the principal place of business is The Old Custom House, 74 Lower Dock Street, Newport, South Wales, 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
The turnover shown in the profit and loss account is derived from ordinary activities and represents commission receivable for acting as shipping agent, net of VAT and associated costs.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% straight line on buildings and nil% on land
Plant and machinery
-
5% straight line
Fixtures & Fittings
-
20% straight line
Motor Vehicles
-
25% straight line
Computer Equipment
-
20 % straight line
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.
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.
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 16 (2022: 12 ).
5. TANGIBLE ASSETS
Freehold property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Investment property
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023
141,853
54,205
125,505
92,724
308,750
723,037
Additions
16,403
62,160
78,563
---------
--------
---------
---------
---------
---------
At 31 Dec 2023
141,853
54,205
141,908
154,884
308,750
801,600
---------
--------
---------
---------
---------
---------
Depreciation
At 1 Jan 2023
28,372
2,936
108,784
34,476
174,568
Charge for the year
1,419
2,710
8,661
16,647
29,437
---------
--------
---------
---------
---------
---------
At 31 Dec 2023
29,791
5,646
117,445
51,123
204,005
---------
--------
---------
---------
---------
---------
Carrying amount
At 31 Dec 2023
112,062
48,559
24,463
103,761
308,750
597,595
---------
--------
---------
---------
---------
---------
At 31 Dec 2022
113,481
51,269
16,721
58,248
308,750
548,469
---------
--------
---------
---------
---------
---------
The investment property was valued on an open market basis on 31 December 2023 by the directors.
6. DEBTORS
2023
2022
£
£
Trade debtors
4,945,083
4,526,361
Other debtors
3,719,851
2,904,906
------------
------------
8,664,934
7,431,267
------------
------------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
5,647,630
6,601,262
Corporation tax
221,520
240,443
Social security and other taxes
24,068
2,938
Premiership Investment Holdings Limited
1,725,142
1,545,942
Other creditors
29,834
29,941
------------
------------
7,648,194
8,420,526
------------
------------
8. ULTIMATE PARENT COMPANY
The company is a wholly owned subsidiary of Premiership Holdings Limited. The company's ultimate parent undertaking is Premiership Philco Limited.