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REGISTERED NUMBER: 07440252 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Prism London Limited

Prism London Limited (Registered number: 07440252)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Prism London Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: A Laub





REGISTERED OFFICE: 213B Chevening Road
London
NW6 6DT





REGISTERED NUMBER: 07440252 (England and Wales)





ACCOUNTANTS: We`ll Mind Your Own Business LTD
39 Long Acre
London
WC2E 9LG

Prism London Limited (Registered number: 07440252)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 618 970

CURRENT ASSETS
Stocks 5 428,567 371,123
Debtors 6 36,450 126,646
Cash at bank and in hand 7,093 77,076
472,110 574,845
CREDITORS
Amounts falling due within one year 7 973,841 1,075,460
NET CURRENT LIABILITIES (501,731 ) (500,615 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(501,113

)

(499,645

)

CREDITORS
Amounts falling due after more than
one year

8

14,806

24,947
NET LIABILITIES (515,919 ) (524,592 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (515,920 ) (524,593 )
(515,919 ) (524,592 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Prism London Limited (Registered number: 07440252)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 September 2024 and were signed by:





A Laub - Director


Prism London Limited (Registered number: 07440252)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Prism London Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial assets and liabilities are recognised when the company becomes party to the contractual provision of the financial instrument.

Cash and cash equivalents
Comprises of cash at bank.

Financial Assets
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Financial Liabilities
Creditors are not interest bearing and are stated at their nominal value.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Prism London Limited (Registered number: 07440252)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023
and 31 December 2023 86,890
DEPRECIATION
At 1 January 2023 85,920
Charge for year 352
At 31 December 2023 86,272
NET BOOK VALUE
At 31 December 2023 618
At 31 December 2022 970

5. STOCKS
31.12.23 31.12.22
£    £   
Stocks 221,365 191,771
Raw materials 207,202 179,352
428,567 371,123

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 17,981 102,343
Other debtors 14,209 14,964
Tax 58 250
Prepayments and accrued income 4,202 9,089
36,450 126,646

Prism London Limited (Registered number: 07440252)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 10,140 10,648
Trade creditors 52,980 119,566
VAT 1,985 3,061
Other creditors 350 2,141
Directors' loan accounts 907,136 938,244
Accrued expenses 1,250 1,800
973,841 1,075,460

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 14,806 24,947

9. RELATED PARTY DISCLOSURES

At 1 January 2023, the company had loans of £938,244 outstanding to the company`s director. During the year, the company paid back to the director £31,108. Loans are interest-free and repayable on demand, and as such, are measured at cost. Total value of the loans at 31 December 2023 is £907,136.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A Laub.

11. GOING CONCERN

These accounts have been prepared on the going concern basis, as directors and shareholders confirm their commitment to continue to underpin and support the business.